Ecosystem Update - April 2024
Alex Stoicescu
May 8, 2024
4 min.
Greetings, Request Network community!
Welcome to the Request Network ecosystem update for April 2024.
The Ecosystem Update focuses on protocol usage and our vision to build an ecosystem of decentralized apps for payment requests. Here, you will find our ecosystem updates, major news and announcements, and anything else that interests the community.
The current ecosystem built around the Request Network protocol includes the following builders: Huma Finance (lending and borrowing), Joba Network and TalentLayer (future-of-work platforms), BSOS (supply chain financing), Copra Finance (lending and borrowing), FLock (machine-learning credit scoring), intrXn (payments and invoicing) and Request Finance (invoicing and payroll). If you’re interested in what we are building together with the previously mentioned companies and want to share your vision with us, don’t hesitate to apply to our grants program.
Tech update
Increased development velocity
The Request Network engineering team is implementing new features and fixes faster than in previous months due to the new hires, Aimen and Stefan.
“Request Payment” invoicing template
After a couple of feedback sessions with the Request Network ecosystem builders, we realized that it takes too long to integrate with our infrastructure because too much front-end UI needs to be built around it. To alleviate this pain, we developed an invoicing application template, tentatively named “Request Payment” that provides reusable web components for quickly adding invoicing features to an existing application.
Pay before Persist
Another feedback from the builders in the Request Network ecosystem is that waiting for confirmation after a request is created can be slow. They’ve asked for two capabilities to help speed up the process:
To persist a request from an intermediate backend instead of from the frontend.
Pay a request before or in parallel with the request persisting.
The “Pay before Persist” feature will allow these capabilities. We’re developing the ability for an ecosystem builder to create and sign a request in memory on the front end without persisting it in the protocol. This will enable the two desired capabilities.
This feature will allow builders to shorten the critical path of accepting payments in payment applications, such as a checkout page built using Request Network. This feature will be showcased in our upcoming payment app templates, tentatively named “Request Checkout”.
React Native investigation
We’re investigating how to create a request from a React Native application.
Development workflow improvements
We deployed a staging environment for our Request Node Gateways to reduce the risk that development tasks would affect the production deployments.
We added Github notifications in Slack to help keep the engineering team aligned on current work and alert the communications, marketing, and business development teams when releases happen.
We created a Telegram bot that sends alerts to Slack whenever one of our builders asks a technical question in one of our private Telegram groups. This should reduce the need for engineering team members to monitor Telegram and help us focus on technical tasks.
Documentation update: smart contract addresses
Builders have requested we add a list of smart contract addresses to the docs. A few addresses are still missing, but they’ll be added soon. Browse the page here.
Highlights from April
ETHBucharest hackathon winners
While the ETHBucharest hackathon occurred in the last week of March, the judging and awards took place in early April. We’re excited to let everyone know that the first prize worth 3000€ was won by Team Espresso, who created a unique tablet-first web3 payment experience. The second prize, worth 1000€, was won by Team Audience Hub, who developed a content creator platform that uses our infrastructure to issue receipts. Congrats to the winners and to everyone who contributed to this wonderful hackathon!
X space with intrXn
The X space with our newest ecosystem builder, intrXn, was recorded in early April and is now available for everyone to listen to on our YouTube channel. Check out our discussion with the two founders, with topics ranging from their backstory to the ways one can improve user experience and create a great product.
Road to Devcon event
Alexandru, the Request Network marketing lead, had the opportunity to attend a local event in Kuala Lumpur and connect with the Devcon organizing crew. Devcon 2024 is one of the key events of the crypto ecosystem and will take place later this year in Bangkok.
REQ token burn
We performed a token burn worth $2226, with 13,561 REQ tokens sent to the burn address.
This brings the total number of tokens burned to 360,516, according to the community-run dashboard.
Protocol usage in April
Request Network transactions (i.e., creation, approvals, and/or rejections of invoices) are illustrated in the above visual.
The most recent numbers showed that the March predictions were very generous regarding optimism. April’s transaction counts are lower across the board and could be attributed to a general market pullback.
Note: a batched transaction can contain multiple individual transactions (such as in the case of a company’s payroll process). The token burn occurs once per batch transaction.
ABOUT REQUEST NETWORK
The Request Network Foundation’s mission is to re-invent accounting and finance by creating a decentralized network of interoperable apps that promotes transparency and real-time reporting.
We inspire and educate developers, partners, and authorities to use Request Network and build an open-source, seamless, and interoperable.
We’re building a network that connects businesses worldwide, giving them ways to do business at the speed of the internet.
Be a part of tomorrow’s financial revolution.
