Request Invoicing in Numbers: May 2021
Check out this months' edition of Request Invoicing in Numbers, where we'll be reviewing our growth metrics on our Request Invoicing app.
👋 Good day Request Enthusiasts!
In this months’ edition of Request Invoicing in Numbers, we’ll be reviewing the usage metrics since our last update in April 2021.
This format is intended to bring the highest amount of transparency to our users, community and others with an interest 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.
Cumulative payments amount reached $56m at the end of May (versus $17m at the end of April)
We’ve reached another record high with more than $40 million cryptocurrency payments processed in the month of May. This sets the accumulated payment amount since September 2020 to more than $56 million.
It’s also important to note that this amount doesn’t take into account the transactions made in fiat currencies, such as USD and EUR. While Request Invoicing does process a decent amount of invoices paid in traditional currencies, this report will be focusing only on invoices issued and paid in cryptocurrencies.
New registered accounts increased by +32% in May
New accounts represent new businesses and freelancers onboarding to Request Invoicing. As shown in the chart below, our number of users has significantly increased by 32% in the month of May.
This growth can be attributed to our ongoing business developments with top crypto companies and particularly our digital marketing campaigns that started in April to boost brand awareness and user acquisition.
52% of created invoices have been paid
Another important set of metrics is to compare the amount of invoices paid against the amount of invoices issued through Request Invoicing on a monthly basis.
This metric provides insights that we can use to improve user experience, aiming to increase the paid versus issued invoice ratio and reduce the barriers to payment. To date, this ratio has slightly increased to around 52% throughout the year.
It’s important to note that the time it takes for an issued invoice to get paid can be around 20-30 days, and even much later. Therefore, some invoices issued in May are still pending for payments likely to occur during the month of June.
Currency breakdown: 55% in DAI and 12% in USDC (versus 65% and 11% at the end of April 2021, respectively)
As we continuously roll out support for additional currencies, understanding how often they are used is key.
$DAI continues to lead as the most highly used currency with Request Invoicing, accounting for 52% of the total invoices issued and paid. This can be attributed to MakerDAO’s continued usage as well as $DAI’s tremendous utility as a decentralized stable token. Also, $USDC has been gaining traction as the 2nd most popular cryptocurrency payment, comprising 12% of the total invoices issued and paid.
It’s also important to note that $USDT, $GRT and $OCEAN remain in the list of top invoice currencies since April. The rest of the cryptocurrencies that are used as payment and labelled in the chart as Other are: $ETH, $AAVE, $MPH, $BTC, $INDA, $cUSD, $REQ, including several more. You can find the list of currencies supported in the Request Invoicing app here.
With this monthly report, we hope that it gives you an overview on what’s happening with Request Invoicing and what data is driving our product decisions. By increasing transparency, we aim to inspire potential users to take their first steps into cryptocurrency invoicing and payments.
We’re excited to see the notable growth in the number of users for and cryptocurrency transactions with Request Invoicing in the last few months. During times of market volatility with cryptocurrency, the adoption and use case for Request Invoicing continue to demonstrate strong signs of increase. We’re looking for new members to join us on this exciting journey building the future of finance. Check out our job vacancies here: https://request.network/career
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 developed by one of our astounding community members.
Any specific metric missing you’d like to see covered in the following report? Feel free to get in touch with us through mail or by joining our Discord channel!
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