Request Finance in Numbers: March 2022

April 6, 2022

👋 Happy April, 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.

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.

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Summary

User & Activity Growth in March 2022

- 📝 New signups on Request Finance: 1,054 - up 71% month-on-month, bringing the total number of registered accounts to 10,368.

- 📋 New active users on Request Finance: 311 - up 12% month-on-month, bringing the total number of active users to 1,662.

- 📈 Number of crypto invoices paid monthly: 1,198 - up 38% month-on-month.

- 💸 Value of crypto invoices paid monthly: $8.9 million - up 94%, or about $4.3 million more than the previous month.

- 🧾 A total of over $191 million of crypto invoices have been paid through the Request Finance app since launching in January 2021.

- 💰 Top 5 cryptocurrencies used: SAND, USDC, USDT, DAI, GRT

New Crypto Payment Options: Avalanche and BNB Chain

Over the last month, our developer team continued to enable our users to transact on more new chains including Avalanche, and BNB Chain. This also implies support for their native tokens, and tokens running on those chains.

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 140+ cryptocurrencies and stablecoins, 9+ fiat currencies, and 10+ blockchains. 

New signups in March: 1,054

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 March, the number of users registered on Request Finance grew 71% month-on-month compared to February. The total number of registered accounts on Request Finance currently stands at 10,368 up 438 from the previous month. 

New active users in March: 311

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 311 new active users performing in-app activities like sending and paying invoices. This represents a 12% increase in total active users from the previous month, bringing the total number of active users to 1,662.

Number of crypto invoices paid in March: 1,198 

The number of invoices paid in March saw a 38% rise in the number of invoices paid per month, or about 331 more 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 March: $8.9m  

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 $191 million of cryptocurrency payments have been made through the Request Finance app. 

Of which, around $8.9 million in crypto invoices were paid last month in March alone. This represents a 94% growth in the monthly value of invoices paid, or about $4.3 million more than the previous month.

The monthly payment volumes shown in previous editions of this report can paint a slightly misleading view of the growth trend, as it is distorted by outsized transactions made by a single user. If we remove these transactions, we see a consistent upward trend in the value of monthly payments made using Request Finance.

Top cryptocurrencies: USDC, SAND, USDT, DAI, and GRT

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

SAND is now tied with USDC as the most preferred cryptocurrency being used on Request Finance, accounting for about 25% of invoices paid on Request. 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.

But 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. USDC accounts for 25% of the total invoices paid in Request Finance, followed by DAI and USDT, each making up 14% of the total invoices paid. 

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 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? 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

Christophe
Co-Founder
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