Inside Request Finance

Request Finance In Numbers: July 2022

Transactions continue to grow month-on-month, albeit at a slower rate. Stablecoins continue to be the preferred payment currency, while Ethereum remains the preferred payment network of choice for Web3 teams.

August 3, 2022

👋 Happy August, Request enthusiasts!

Welcome to another monthly edition of Request Finance in Numbers, where we’ll be reviewing our app’s growth and usage metrics since our last update.

This monthly report is aimed at providing transparency to our users, community, and others interested in Request.


User & Activity Growth in July 2022

📝 New signups on Request Finance: 909 - down 23% month-on-month, bringing the total number of registered accounts to 14,931.

📋 New active users on Request Finance: 214 - down 8.94% month-on-month, bringing the total number of active users to 2,187.

📈 Number of crypto invoices paid monthly: 1,778 -  down 7.25%% month-on-month.

💸 Value of crypto invoices paid monthly: $7.74 million - down 8.16%, or about $0.69 million less than the previous month.

🧾 A total of over $219 million in crypto invoices have been paid through the Request Finance app since launching in January 2021.

💰 Top 5 cryptocurrencies used: USDC, SAND, USDT, DAI, ETH

💳 Top 5 chains used: Ethereum, Polygon, Celo, BNB Chain, Fantom 

Note: This report exclusively looks at usage data from the Request Finance product, not including other apps which may build on top of the Request Network protocol. This report excludes invoices settled in fiat currency. We believe the most exciting opportunities lie in the adoption of programmable money for real economy uses like subscriptions, salaries, billing, etc.

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New Crypto Payment Options

The number of cryptocurrencies supported on Request Finance is second to none, and continues to grow each month. Freelancers, DAOs, and crypto project teams can now send and receive payments in 150+ cryptocurrencies and stablecoins, 9+ fiat currencies, and 14+ blockchains. 

If you’d like to see a token or chain supported in Request Finance, reach out to us on our socials! 

Request Finance is a chain-agnostic B2B crypto payments platform. We can support invoicing, salary payments, and more in the preferred tokens of any new Layer 1 or Layer 2 ecosystem. Secondly, our extensive support for new payment options enables projects across different chains to transact seamlessly with each other in their preferred token.

New signups in July: 909

One 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 July, the number of users registered on Request Finance grew, but at a slower rate, down 23.1% month-on-month compared to June. The total number of registered accounts on Request Finance currently stands at 14,931 up 909 from the previous month. 

The slowdown in signup growth rate is thus far not unusual, compared to fluctuations in previous months. However, we are also mindful that this may reflect the broader slowdown in spending activity, as macroeconomic uncertainties prompt greater fiscal prudence among teams in web3.

New active users in July: 214

It is not sufficient for us to be content with having more new registered accounts, but actually users who are actively using the product on a regular basis to meet their crypto payment needs. 

The past month saw 214 new active users performing in-app activities like sending and paying invoices. This represents a 6% increase in total active users from the previous month, bringing the total number of active users to 2,187. 

However, it should be noted that the growth in active users has slowed, with a 9% dip in new active users month-on-month. This dip in active users may be in part a reflection of the impacts of the correction in crypto asset prices, and broader macroeconomic headwinds. 

As we explained in a post earlier in May, while we were unscathed from any direct exposure to the collapse of Luna and the UST stablecoin, the fallout may impact us indirectly as either enterprise spending, or the rate of new venture creation slows. 

This does not change our assessment of the fundamental value propositions of stablecoins and a global financial system running on blockchain-based rails. We will continue to push for more real world uses of crypto rails, especially as the noise surrounding purely speculative financial use cases subsides.

Number of crypto invoices paid in July: 1,778

The number of invoices paid in July saw a 7.25% drop in the number of new invoices paid per month, compared to the previous month. 

Note: Depending on contractual payment 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 last month are still pending for payments likely to occur this month.

Value of crypto invoices paid in July: $7.74m  

A key success indicator at Request Finance is the dollar value of crypto payments made through the app. Since January 2021, a total of over $219 million of cryptocurrency payments have been made through the Request Finance app. 

Of which, around $7.74 million in crypto invoices were paid last month in July alone. This represents a -8.16% dip in the monthly value of invoices paid, or about $0.64 million less in new invoices than the previous month.

Top cryptocurrencies: USDC, SAND, USDT, DAI, OCEAN

Another data point to keep track of is which cryptocurrencies are most often used on Request Finance. 

USDC once again remains the most preferred cryptocurrency being used on Request Finance, accounting for about 30% of all invoices paid on Request. The popularity of invoices being paid in USDC on the Request Finance app likely reflects a flight to safety in the stablecoin market in the wake of UST’s collapse.

USD-denominated stablecoins continue to be a popular choice for enterprise crypto payments, making up more than half, or about 55% of the invoices paid on Request Finance. 

The Sandbox’s native token, SAND accounts for nearly a quarter, or about 23% of the total invoices paid in Request Finance, followed by USDT (12.5%) and DAI (9.5%), and ETH (3.4%). 

The popularity of stablecoins can be explained with many of the same reasons why most people do business in fiat, rather than settling payments in shares of tech companies listed on the NASDAQ. Their stable prices make them ideal as a medium of exchange, and unit of account - two of the three defining features of money.

GRT, OCEAN, ETH, AAVE, and AKRO 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.

Top payment networks: Ethereum, Polygon, Celo, Fantom, and BNB Chain

The Ethereum network is clearly the preferred payment network, being used for about 88% of crypto payments processed through Request Finance. This is surprising considering the popularity of Polygon for its lower gas fees, coming in second place, accounting for about 5% of transactions made through Request Finance. Celo (3.5%) trails closely behind as the third most used chain for enterprise crypto payments

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? Visit the Request Activity 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

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