Request Finance in Numbers: June 2022
Request Finance continues to grow, albeit at a slower pace in light of the correction in crypto asset prices, and macroeconomic headwinds
👋 Happy July, 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 June 2022
📝 New signups: 1182 - up 3.68% month-on-month, bringing the total number of registered accounts to 12,840.
📋 New active users: 235 - down 31.29% month-on-month, bringing the total number of active users to 2,064 - but up 6% in the total base of active users.
📈 Number of crypto invoices paid monthly: 1,917 - up 7.33% month-on-month.
💸 Value of crypto invoices paid monthly: $8.43 million - down 19.87%, or about $2 million less than the previous month.
🧾 A total of over $211 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, GRT
💳 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, suppliers’ service fees, etc.
New Crypto Payment Options: Avalanche and BNB Chain
These integrations will allow more web3 companies to make faster, cheaper crypto payments when 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 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.
New signups in June: 1,182
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 June, the number of users registered on Request Finance grew, but at a slightly faster rate, 3.68% month-on-month compared to February. The total number of registered accounts on Request Finance currently stands at 14,022 up 1,182 from the previous month.
New active users in June: 235
It is not sufficient 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 235 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 2,064.
However, it should be noted that the growth in active users has slowed, with a 31.29% dip on 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 growth despite these trying times for the crypto space.
Number of crypto invoices paid in June: 1,917
The number of invoices paid in June saw a 7.33% rise in the number of invoices paid per month, or about 131 more new invoices when 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 June: $8.43m
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 $211 million of cryptocurrency payments have been made through the Request Finance app.
Of which, around $8.43 million in crypto invoices were paid last month in June alone. This represents a -19.87% dip in the monthly value of invoices paid, or about $2 million fewer new invoices than the previous month.
Top cryptocurrencies: USDC, SAND, USDT, DAI, and OCEAN
Another data point to keep track of is which cryptocurrencies are most often used on Request Finance.
USDC took the lead as the most preferred cryptocurrency being used on Request Finance, accounting for about 29% 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. SAND accounts for nearly a quarter, or about 24% of the total invoices paid in Request Finance, followed by USDT (13%) and DAI (11%), and cUSD (3.5%).
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 89% of crypto payments processed through Request Finance. This is surprising considering the popularity of Polygon for its lower gas fees. Despite this, Polygon comes in second place, accounting for about 5% of transactions made through Request Finance, with Celo (3.4%) trailing closely behind.
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.
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