Request Finance in Numbers: February 2022

March 4, 2022

👋 Happy 2022 Request enthusiasts!

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, not including other protocol integrations. Additionally, this post doesn’t consider the invoices and payments settled in fiat currency. We believe the most exciting opportunities lie in the adoption of programmable money for real economy uses like business payments.

Summary

February 2022 saw the total amount of transactions for the month reach 4,289, with a total crypto payments volume of over $180 mil processed since 2021. That represents an estimated 22% increase in the number of payments processed from the previous month. 

Transaction volume on the Request Network for February picked up from the previous month, but fell just short of a new all-time-high. Nevertheless, transaction volume in January still registered ~98% of the previous all time high in December 2021.

Over the last month, our developer team continued to enable our users to transact on more Layer 1 chains like Fantom, and Layer 2 solutions like Arbitrum. These integrations will allow Web 3.0 companies to make faster, cheaper payments in crypto using Request Finance. Adding support for new chains and tokens will also help to accelerate our growth in two ways. 

Firstly, it will introduce Request Finance to projects in new ecosystems that lack a B2B payments platform that can support their preferred tokens. Secondly, our extensive support for new payment options will enable projects across different chains to transact seamlessly with each other in their preferred token.

The list of payment options available on Request Finance continues to grow every month. Freelancers, SMBs and organizations can now send and receive payments in 70+ cryptocurrencies and stablecoins, 9+ fiat currencies, and 10+ blockchains. 

Simplify crypto payments for your business today

Monthly payment amount in February: $4.9m 

A key success indicator at Request is the cumulative value of crypto payments made through the app. 

Since 2021, over $180 million of cryptocurrency payments in total have been made through the Request Finance app. Of which, around $4.9 million in crypto invoices were paid last month in February alone. 

Newly registered users in February: 605 with 16% avg. monthly growth since 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.

Since 2021, the total number of registered users for Request Finance was 9,196 with an average monthly growth of around 16%. 

862 invoices paid in February 

The number of invoices paid in February is up by about 0.15% when compared to January’s. However, this may simply be a reflection of the billing cycles of Request’s users.

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 January last month are still pending for payments likely to occur in February this month.

Top cryptocurrencies: 26% in USDC and 21% 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, for much the same reasons as most people do business in fiat, rather than settling payments in shares of tech companies listed on the NASDAQ. 

$USDC is now the most preferred crypto, accounting for 26% of the total invoices paid, followed by $SAND and $DAI making up 21% and 16% of the total invoices paid respectively. 

The rise in the popularity of invoices being paid in $SAND on the Request Finance app reflects the growing demand from metaverse-related projects, and the need for blockchain gaming companies to easily manage their crypto payments to their teams and community.

$USDT, $OCEAN, $REQ, $GRT, $AAVE, $ETH, and $cUSD also made it to the list of top 10 payment currencies. The rest of the currencies listed as ‘Other’ are: $FTM, $MPH, $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.

Want to see what's going on with Request on a daily basis? Our community has built the Request Activity Dashboard. You can also visit our Dune Analytics Dashboard for more exhaustive data on the Request Network.  

Any specific metric you'd like to see covered in the following report? Feel free to get in touch through email or by joining the Discord channel

Christophe
Co-Founder
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