SEP-29 enables exchanges and wallets to solve the "forgotten memo" problem on Stellar. Exchanges can now require memos by setting a simple data entry flag, while wallets upgraded to the latest SDK will automatically prevent memo-less payments to those addresses.
The Stellar community has approved SEP-29, a protocol enhancement that addresses the long-standing issue of users forgetting to include memo IDs when sending payments to exchange accounts. Exchanges can implement this by adding a single data entry (config.memo_required=1) to their deposit wallet using either the Stellar Laboratory or a few lines of SDK code. Wallets that upgrade to the latest versions of the Stellar SDK (JS, Java, C#, Python, Ruby, and others) will automatically gain memo-checking functionality, refusing to send memo-less payments to addresses that have the memo-required flag set. This solves a significant pain point where missing memos caused user anxiety about lost funds and created operational headaches for exchanges trying to track and reconcile payments.
