Welcome to another monthly edition of Request Invoicing in Numbers, where we review our app’s usage metrics since our last update for September 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.
October has resulted in another all-time high for transaction volume on the Request Network protocol.
The number of invoices issued in October also rose by 10% from the previous month.
The cumulative value of crypto invoices made through Request Invoicing has now reached more than $144m since its launch in August 2020.
In addition, 11 new currencies have been added to Request Invoicing in the last 6 weeks:
The list of payment options with different currencies and networks continues to grow every month. Freelancers, SMBs and organizations can send and receive payments in 40+ cryptocurrencies and stablecoins, 9+ fiat currencies, and 10+ blockchains.
Payments can be settled in cryptocurrency, while being denominated in a fiat currency like USD or EUR, to simplify the accounting for crypto assets. Users can also track, verify, and organize all their payment requests in one dashboard.
Cumulative payments made: $144m by end of October, up 7% from previous month
A key success indicator at Request is the cumulative value of crypto payments made through the Request Invoicing app.
Since September 2020, over $144 million of cryptocurrency payments in total have been made through the Request Invoicing app. Of which, around $10.4 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: 19% avg. monthly growth this year.
There was an error in last month's edition of Request in Numbers. The total payment amount for September was $10.4 million and not $19 million. This has been rectified in this month’s report. We apologize for the error.
Newly registered users: 19% avg. monthly growth this year
Another important metric is the growth in the number of new accounts created. 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 newly registered users is around 19%.
1028 invoices issued in October, with a 64% 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 payment status updates must be promptly reflected.
As illustrated in the graph below, the overall issued-to-paid invoice ratio is 64% 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 October are still pending for payments likely to occur only in November.
Preferred cryptocurrencies: 27% in DAI and 23% in USDC
Another data point to keep track of is which cryptocurrencies are most-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 27% of the total invoices paid. Next in line are $USDC and $USDT with 23% and 12% of the total invoices paid respectively.
$SAND, $OCEAN and $GRT are also on the list of top currencies. The rest of the cryptocurrencies listed as ‘Other’ are: $BTC, $INDA, $cUSD, $CUSD, $AKRO and several more included. You can find the full 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 you'd like to see covered in the following report? Feel free to get in touch through email or by joining the Discord channel!
New to Request? Send, receive, and manage your crypto invoices, payroll, and expenses in an easy, secured, and compliant way.