👋 Good day Request enthusiasts,
Welcome to another monthly edition of Request Invoicing in Numbers, where we’ll be reviewing our app’s usage metrics since our last update in July 2021.
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 Invoicing 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.
August has been an exciting month for the team at Request. Cumulative payments of crypto invoices through the Request Invoicing app surpassed $122m since our launch 12 months ago. It’s also the month that generated the highest number of transactions on the Request Network protocol.
Secondly, three major payment networks (Fuse, Fantom, and Polygon) have been added to Request Invoicing along with their native tokens, providing users with more payment options, and making crypto invoices easier to new segments of the larger crypto community.
Thirdly, since the REQ token was listed on Coinbase, we saw a spike in the number of new users signed up to Request Invoicing, making August the month with the highest number of newly registered users so far.
Lastly, the Request team recently announced the development of the Fiat-to-Crypto payment feature, which will enable an invoice to be paid in fiat by the payer, while the payee receives the payment in crypto. A wait list has been opened for those interested in using this feature once it becomes available.
Cumulative payments made: $122m by end August, up 32% from last month
A key success indicator at Request is the cumulative value of crypto payments made through the Request Invoicing app.
Since September 2020, over $122 million of cryptocurrency payments in total have been made through the Request Invoicing app. Of which, around $29 million of crypto invoices were paid in the past month alone.
The chart below shows the cumulative payments amount (light blue), versus the monthly payments amount (dark blue).
Newly registered users: 30% avg. monthly growth this year
Another important metric is the growth in the number of new accounts signed up. They represent new companies and freelancers ready to use Request Invoicing to pay, and get paid in cryptocurrency.
Since the beginning of this year, the average monthly increase in signups is around 30%.
As seen in the chart below, the total number of signups in August increased sharply compared to previous months. The recent announcement of the REQ token being listed on Coinbase, and the integration of new payment networks such as Fuse, Fantom, and Polygon saw a spike in interest from potential users in the crypto space.
738 invoices issued in August, with a 65% issued-to-paid ratio
Getting invoices and bills paid on time is a priority for companies and freelancers. The invoicing experience between the payers and issuers must be smooth, the invoice data must be accurate, and the payment status updates must be promptly reflected.
As illustrated in the graph below, the overall issued-to-paid invoice ratio is 65% since Request Invoicing launched in August 2020.
This ratio helps us to measure the user experience on Request Invoicing, and constantly improve by reducing the barriers to payment.
It can take more than 20-30 days for invoices to be paid, sometimes longer. That means that some invoices issued in August are still pending for payments likely to occur only in September.
Preferred cryptocurrencies: 35% in DAI and 22% in USDC
Another data point to keep track of is knowing which cryptocurrencies are widely used on Request Invoicing.
Understandably, US-denominated stablecoins are a popular choice by many businesses. $DAI has been the leading cryptocurrency to pay invoices with, accounting for 35% of the total invoices paid. Next in line are $USDC and $USDT with 22% and 12% of the total invoices paid respectively.
$GRT and $OCEAN are also on the list of top currencies. The rest of the cryptocurrencies listed as ‘Other’ are: $ETH, $AAVE, $MPH, $BTC, $INDA, $cUSD, $REQ, $CUSD, $AKRO and several more included. You can find the list of currencies supported in the Request Invoicing app here.
Through this monthly report, we hope to provide an overview of what’s happening with Request Invoicing 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 a Twitter bot that reports all network activity over the past 24 hours. You can also check the Request Activity Dashboard
Any specific metric missing you'd like to see covered in the following report? Feel free to get in touch through email or by joining the Discord channel!