Inside Request Finance

Request Finance in Numbers: January 2022

Check out this months' edition of Request Finance in Numbers, where we'll be reviewing our growth metrics on our Request Finance app.

February 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 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.

Summary

January 2022 saw the total amount of transactions for the month reach 4,211, with a total crypto payments volume of over $175 mil processed since 2021. In comparison, around this time last year (January 2021), the Request Network had only recorded 603 transactions that month, hovering around the $1m mark in payments processed. 

While transaction volume on the Request Network for January fell just short of a new all-time-high after a six-month streak last year 😢, January still registered ~97% of the previous month's (December 2021) transaction volume.

That represents an annualized growth rate of nearly 700% in monthly transaction volume, and 17,500% in value of cumulative payments made. 

Over the last few months, we have seen considerable growth in our user activity coming from users like The Sandbox, as project teams and guilds in the play-to-earn (P2E) space find themselves increasingly turning to Request to manage their payroll, developer grants, and other payments in crypto. 

The team continues to focus on growing the adoption of Request Finance among leading Web3 projects in 2022. In a recent AMA with our community, it was estimated that some 10-15% of the top 200 projects on Coinmarketcap are already users of Request Finance, suggesting considerable room for growth. 

They also discussed Request Finance’s growth plans for the year, upcoming integrations with partners like Superfluid to stream recurring invoice payments, and new product features in the pipeline that are aimed at making Request more relevant to the constantly evolving Web3 space.

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Cumulative payments made: $175m since 2021

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

Since 2021, over $175 million of cryptocurrency payments in total have been made through the Request Finance app. Of which, around $4.5 million in crypto invoices were paid last month in January alone. 

The chart below shows the cumulative payments amount (light blue), versus the monthly payments amount (dark blue). 

Newly registered users in January: 611 with 18% 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 8,591 with an average monthly growth of around 18%. 

884 invoices paid in January, with a 65% issued-to-paid ratio 

The number of invoices paid in January is down by about 25% when compared to December 2021. However, this may simply be a reflection of the billing cycles of Request’s users.

The overall issued-to-paid invoice ratio remains high at about 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 January last month are still pending for payments likely to occur in February this month.

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, 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 24% of the total invoices paid, followed by $SAND and $DAI making up 19% 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
Linkedin RequestLinkedin Request

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