Request Ecosystem Update March 2022

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Hey Request community,

The Request Network ecosystem update for March 2022 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 +1600 companies, DAOs, freelancers, and web3 native projects such as The Sandbox, Aave, and The Graph.

Ecosystem Update

Integration with 14 blockchain payment networks

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In March, Request continued its progress of being blockchain agnostic, adding 2 more blockchains to its network, Avalanche and BNB Chain. Being open source for decentralized payments, Request allows anyone to build apps for accounting, invoicing, payment processing amongst others using the technology and easily integrate with these 14 blockchains.

Following the success and continued adoption of Request Finance, we are currently looking to accompany new builders using Request Network. You can reach out to us here.

Major News and Announcements

REQ on Binance US

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REQ has been listed on Binance US in March, and you can now trade REQ on the REQ/USD and REQ/USDT pairs. REQ is available for trade also on Coinbase, Binance, Crypto.com, Bancor, Uniswap. Check out the full list on where to get REQ here.

Did you know: ‘Request Network decentralizes accounting’?

The Request 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.

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So far, Request’s proposal to decentralize payments has been successfully deployed on the invoicing app, Request Finance. Similar to having immutable invoices, the technology can also be extended to create immutable journal entries on the blockchain. Companies today still retain the practice of transferring historical transaction data from the blockchain, back to traditional accounting software (e.g. Xero, Quickbooks, etc.), which rely on centralized cloud servers. Hence even if DAOs or other native web3 entities hold their treasury on-chain, they are still unable to have 100% of their financial position on-chain and preparation of their financial statements cannot be done in real-time.

If you want to learn more about how Request Network proposes to create an on-chain journal entry, please read the full article.

Network Usage – New ATH in March 2022

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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 March saw a monthly increase of 35%, and reached an all-time high with 5,789 transactions. On the other hand, the total number of REQ wallets grew to 40,279, representing an increase of 0.2% from February 2022.

Also worth mentioning is the amount of adoption that Request Finance is bringing onto the blockchain. The app has registered cumulative payments of $191m, of which $8.9m in crypto invoices were paid last month in March alone (an increase of 94% from the previous month)

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

In March, we continued with our Twitter Spaces session where we discussed;

(i) How to get started for the Metaverse with RMRK and Enjin

(ii) Building Decentralized Teams with Aragon and Backdrop

The aim of these sessions for the Request Foundation is to have more people understand and embrace Web3, and build an educated community.

A word of advice from Joey DeBruin during the session for everyone to start contributing to a DAO was “To find a DAO that you know you’re really excited about and just focus on that one to the point where you really understand it and are really contributing”

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The topic for the next session on Twitter Spaces will be on ‘DeFi for Institutions’, to be held on 7th April at 5pm GMT, with guest speakers from Cronos Chain and Qredo.

About Request Network

The Request 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 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

 

🖖
Umar
Community at Request