Inside Request Finance

Request Finance in Numbers: May 2022

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

June 3, 2022

👋 Happy June, 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 May 2022

- 📝 New signups on Request Finance: 1,140 - down 14.41% month-on-month, bringing the total number of registered accounts to 11,508.

- 📋 New active users on Request Finance: 342 - down 25% month-on-month, bringing the total number of active users to 1,946.

- 📈 Number of crypto invoices paid monthly: 1,786 - up 81% month-on-month.

- 💸 Value of crypto invoices paid monthly: $10.5 million - up 91%, or about $5 million more than the previous month.

- 🧾 A total of over $203 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, OCEAN

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

In previous editions of this report, we had already excluded reporting transactions made on fiat payment rails like Stripe and bank transfers. Starting from May 2022, we will also apply this more conservative criteria in reporting who we consider to be active users on Request Finance. 

These revisions portray a more accurate picture of the value we bring to the enterprise crypto payments space. Despite applying this more restrictive definition of our active users, we continue to register strong growth across the board.

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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New Crypto Payment Options: Avalanche and BNB Chain

Over the last month, our developer team continued to enable our users to transact with more tokens on chains like 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 10+ blockchains. 

New signups in May: 1,140

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 May, the number of users registered on Request Finance grew, but at a slower rate, -14.41% month-on-month compared to February. The total number of registered accounts on Request Finance currently stands at 12,840 up 1,140 from the previous month. 

New active users in May: 342

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 342 new active users performing in-app activities like sending and paying invoices. This represents a 11% increase in total active users from the previous month, bringing the total number of active users to 1,946.

Number of crypto invoices paid in May: 1,786 

The number of invoices paid in May saw a 81% rise in the number of invoices paid per month, or about 799 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 May: $10.5m  

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 $203 million of cryptocurrency payments have been made through the Request Finance app. 

Of which, around $10.5 million in crypto invoices were paid last month in May alone. This represents a 91% growth in the monthly value of invoices paid, or about $5 million more new invoices 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, 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 27% 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 (12%), and cUSD (3%). 

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.

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.  

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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