👋 Good day Request enthusiasts,
Welcome to another monthly edition of Request Invoicing in Numbers, where we review our app’s usage metrics since our last update for August 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.
September saw the transaction volume on the Request Network protocol reach a new all-time high. The number of invoices issued in September rose by 28% from the previous month. The cumulative value of crypto invoices made through Request Invoicing has now reached more than $141m since its launch in August 2020.
In addition, Request Invoicing has added two new payment networks that are Layer 1 blockchain protocols: NEAR and Celo. Businesses and individuals running on these two ecosystems can finally create, manage, and pay crypto invoices in the most compliant, simple and secure way. The list of payment options with different currencies and networks continues to grow every month, allowing users to request and pay invoices in their preferred currency of choice.
Finally, there has been a steady increase in the number of registered users throughout the year. The team at Request continues to focus on fostering new partnerships with crypto-native companies looking to pay salaries, grants, expenses & invoices in their native tokens.
Cumulative payments made: $141m by end September, up 15% 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 $141 million of cryptocurrency payments in total have been made through the Request Invoicing app. Of which, around $19 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: 24% 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 24%.
930 invoices issued in September, with a 67% 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 67% 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 September are still pending for payments likely to occur only in October.
Preferred cryptocurrencies: 30% in DAI and 22% 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 30% of the total invoices paid. Next in line are $USDC and $USDT with 22% and 11% 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 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!