Request Ecosystem Update February 2022

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Hey Request community,

Your first Request Network ecosystem update of the year is here, complementary to the ‘Request Finance in numbers’.

Request Network 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 update, major news and announcements, network usage, and community events.

On the other hand, ‘Request Finance in numbers’ focuses on reviewing the Request Finance application’s usage metrics, an example being the cumulative value of crypto payments made through the app. Request Finance is the first successful app/company of the Request Network ecosystem used to generate, track and pay invoices, serving more than +1400 companies, DAOs, freelancers, and web3 native projects such as The Sandbox, Aave, and The Graph.

Ecosystem Update

Onboard new builders

Since 2017, the Request community of users, entrepreneurs, partners, and team members have been laying the groundwork to build the core layer, an open-source technology for payment requests. The double-digit monthly growth of Request Finance in 2021 was a landmark moment in the protocol’s history and a testimony that the technology is ripe for adoption.

The strategy for the next few years is to onboard new builders to build impactful products on top of Request Network and emulate the success of Request Finance.

REQ token economics 2.0

The new REQ token economics 2.0 study is currently underway and being worked on with the following goals in mind;

  • To incentivize users to use apps like Request Finance or Request Create,
  • To incentivize new builders to build on top of Request Network, as outlined above,
  • To incentivize community contributors, with the intention in due course to have the Request Foundation become a DAO

More importantly, the new tokenomics is being designed to encourage our community of investors and builders to be good actors in the ecosystem.

Major News and Announcements

REQ on Polygon

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The REQ token is now available on Polygon, and you can now save on transaction costs. You can trade REQ on QuickSwap, ApeSwap, and Uniswap through the Polygon network. See the detailed step-by-step tutorial on how to bridge REQ to the polygon network and swap MATIC, USDT, and wETH for REQ.

New Community Manager

Umar Mallam Hassam joined during the month of February as our new Community Manager and has been tasked to act as the voice, tone, and internal moderator of the Request ecosystem through community support, content circulation, and digital engagement to build trust and awareness to Request Network’s overall mission of building a decentralized interoperable payments solution.

Success will mean having an educated Request community around web3 in general and new players building on top of Request protocol. Umar hosted the first Twitter Spaces session on ‘Working in Web3’, and you can find the takeaways of the session below.

ETH Denver

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Request Network was represented at ETHDenver 2022 by Request Finance. The Head of Partnerships and Business Development at Request Finance Christophe Fonteneau and CTO Yoann Marion attended the main event weekend on February 17th-20th.

Did you know: ‘Payment Request Interoperability’?

Request Network is the solution to bring interoperability to banking apps, at the payment request level.

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Under a centralized siloed payment process, the parties of a transaction are not speaking to one another. For instance, as illustrated above when Client A creates an invoice (or a payment request) for Client B, Bank B does not detect that a payment is due. This means that upon payment, both parties have to independently verify in their respective bank accounts whether the funds were paid/received.

Over and above the fact that the invoice might have been mistakenly omitted from their accounting books, both parties spend an inordinate amount of time reconciling these bank movements.

Using a decentralized payment solution like Request Network, when the invoice is created by Client A, Bank B would automatically detect that a payment is due. Upon payment, Bank A can detect that a payment has been made and both banks and clients can reconcile their records in synchrony.

Network Usage

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The above chart illustrates the number of transactions with Request Network smart contracts (i.e creation of invoices, approvals, rejections) and February saw a monthly increase of 2%. On the other hand, the total number of REQ wallets grew to 40,181, representing an increase of 0.5% from January 2022.

Also worth mentioning is the amount of adoption that Request Finance is bringing onto the blockchain. The app has registered cumulative payments of $180m, of which $4.9m in crypto invoices were paid last month in February alone.
Check out the app here, if you’re interested in having an all-in-one platform to generate, track and pay crypto invoices.

Community events

Twitter Spaces

As part of Request Foundation’s commitment to have more people embrace Web3 and build an educated community, we launched our bi-monthly Twitter Spaces sessions in February.

These sessions will focus on general Web3 topics, and the first session focused on ‘Working in Web3’. Our panel of guests included Zachary Fleischmann, the Co-founder and Guild Facilitator from Creator Cabins, David Hunt-Mateo ,Web3 developer from Ocean Protocol, and Cokie Hasiotis, the founder of Twali.

Key takeaways;

  • Working for a DAO: A decentralized autonomous organization (DAO for short) provides easy and open access to earn while contributing, offers fluid membership, and grants agency as well as ownership in what the DAO is building.
  • Considerations for future DAO contractors: Finding the right DAO to contribute means finding the intersection between what the DAO needs, work you find enjoyable and that aligns with your skills set. Also, commit to one (or a few) DAOs, in the beginning, to build trust by showing proof of work.
  • In demand non-technical skills: The in-demand nontech skills at the moment in the DAO space is;
    Community management: Onboard new members, foster engagement, make connections.
    Content: Using storytelling to refine web3 narrative and engage readers.

The topic for the next session on Twitter Spaces will be ‘How to get started in the Metaverse’, to be held on 10th March at 5 pm GMT. (Stay tuned to our Twitter announcement for the featured guests’ panel)

About Request Network

The Request Foundation’s mission is to re-invent how we experience payments, rebuild trust and integrity in the financial industry and be at the forefront of financial inclusion. We inspire and educate developers, partners, and authorities to use the Request Network and build an ecosystem of financial applications together that is open source, seamless and interoperable.

We’re building a network that connects businesses around the world, giving them ways to make business at the speed of the internet.

Website | Blog | Twitter | Linkedin | Discord | Github

 

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Umar
Community at Request