Welcome to another monthly edition of Request Finance in Numbers, where we’ll be reviewing our app’s usage metrics since our last update.
This monthly feature article is aimed at providing transparency to our users, community, and others interested in Request.
Note: This report exclusively looks at usage data from the Request Finance product and leaves out data from Request Create and/or direct protocol integrations. Additionally, this post doesn’t consider the invoices and payments managed in fiat currency since the primary focus currently for Request is strictly on cryptocurrency.
The final month of 2021 ended strongly for Request. December saw another record-high number of transactions on the Request Network, and crypto invoices generated through the Request Finance app.
Around this time last year (January 2021), the Request Network had only recorded 603 transactions, hovering around the $1mil mark in payments processed.
December 2021 saw the total amount of transactions reach 4,352, with a total crypto payments volume of over $170mil processed throughout 2021.
As mentioned in our 2021 Year-in-Review, Request has come a long way, and we’re proud to be serving more than 1,000 businesses in managing their crypto payments and financial operations.
A key success indicator at Request is the cumulative value of crypto payments made through the app.
During 2021, over $170 million of cryptocurrency payments in total have been made through the Request Finance app. Of which, $8.5 million in crypto invoices were paid in December alone.
The chart below shows the cumulative payments amount (light blue), versus the monthly payments amount (dark blue).
Newly registered users in December: 895 with 23% avg. monthly growth for 2021
Another important metric is the growth in the number of new accounts created. They represent new companies and freelancers ready to use Request Finance to pay, and get paid in cryptocurrency.
In 2021, the total number of registered users for Request Finance was 7,980 with an average monthly growth of around 23%.
1,706 invoices issued in December, with a 65% issued-to-paid ratio
The number of invoices generated in December 2021 was up by 29% when compared to the previous month.
As illustrated in the graph below, the overall issued-to-paid invoice ratio is 65%. In other words, out of every 10 invoices that have been issued, nearly 7 of them have been paid since the launch of Request Finance. This ratio helps us to measure the user experience on Request Finance, by constantly reducing the barriers to getting paid on time.
Due to contract terms, it can take more than 20-30 days for invoices to be paid from when they are issued, sometimes longer. That means that some invoices issued in December last year are still pending for payments likely to occur in January this year.
Top cryptocurrencies: 24% in USDC and 19% in SAND
Another data point to keep track of is which cryptocurrencies are most often used on Request Finance.
Understandably, US-denominated stablecoins are a popular choice by many businesses. $DAI was the leading cryptocurrency used to pay invoices since the launch of the app. But today this is no longer the case. $USDC is now the most used crypto, accounting for 24.2% of the total invoices paid, followed by $SAND and $DAI making up 19.1% and 18.6% of the total invoices paid respectively.
The rise in the popularity of invoices being paid in $SAND on the Request Finance app reflects the growth in metaverse-related projects, and the need for blockchain gaming companies to easily manage their crypto payments to their teams and community.
$USDT, $OCEAN, $GRT, $AAVE, $REQ, $ETH, and $AKRO also made it to the list of top 10 payment currencies. The rest of the currencies listed as ‘Other’ are: $FTM, $MPH, $cUSD, $CELO, $GNO, $NEAR, $MATIC, $FUSE, and several more included. You can find the full list of currencies supported in the Request Finance app here.
Through this monthly report, we hope to provide an overview of what’s happening with Request Finance, and the data driving our product development decisions. We hope that our commitment to transparency will inspire new users to take their first steps into invoicing and payments with cryptocurrency for their business.