Request Invoicing in Numbers: February 2021
👋 Good day Request Enthusiasts!
In this months’ edition of Request Invoicing in Numbers, we will be looking at the usage metrics since our last update in November 2020.
This format is intended to bring the highest amount of transparency to our user base, community and others with an interest in Request.
Note: This post exclusively looks at usage data from the Invoicing product and leaves out data from Request Create and/or direct protocol integrations in third party apps such as Multis & Gnosis Safe.
New registered accounts
The first metric we’re looking at is the growth of new accounts signed up to the product. Signed up accounts represent new businesses and freelancers onboarding to the product. The main use case is to get paid in cryptocurrency, but with the recent launch of our Stripe integration, users can now get paid through traditional banking rails as well.
Over the last 3 months user growth has remained consistent, illustrated in the chart below. This growth can be attributed to network effects, where those who are receiving Request invoices go on to issue invoices themselves.
A continued source of new users is from our relationships from within the industry. MakerDAO has been one of our earliest supporters, and continues to rely on Request Invoicing to power their grants program in addition to paying their contractors. The Celo Foundation has also adopted the tool to manage their grant distributions.
Monthly invoices created & paid
What’s an invoice worth if it doesn’t get paid? An important set of metrics to compare is the number of invoices paid against the number of invoices issued through Request Invoicing on a monthly basis.
Looking at these numbers paints a picture of how the product is being used. It also provides us with insights that we can use to improve the user experience, aiming at increasing the paid v.s. issued invoice ratio by reducing barriers to payment.
Cumulative payments amount
As mentioned in our previous update, another key indicator for success at Request is the cumulative value of payments made through Request Invoicing.
We are ecstatic to announce that we have now transacted over $1,000,000.00 through the app. As you can see from the chart below, this amount has been growing month over month consistently.
We believe this growth will continue to accelerate as we add more features and new partnerships are forged.
Currency breakdown on payments
As we continuously roll out support for additional currencies, understanding how often they are used is key.
Coming as no surprise, DAI continues to reign supreme as the preferred method of payment. This can be attributed to MakerDAO’s continued usage as well as $DAI’s tremendous utility as a decentralized stable token.
Lastly, USDC has emerged as a popular choice amongst freelancers for its consistent peg and high liquidity.
That’s it for this first edition of Request Invoicing in Numbers.
We hope it gives you an overview of what’s happening with Request Invoicing and what data is driving our product decisions. By increasing transparency, we hope to inspire potential users to take their first steps into cryptocurrency invoicing and payments.
Want to see what’s going on with Request on a daily basis? Our community has built a Twitter bot which reports all network activity over the past 24 hours.