Request Ecosystem Update June 2022
Hey Request community,
Welcome to the Request Network ecosystem update for June 2022.
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.
Request Finance is the first successful app/company of the Request Network ecosystem used to generate, track and pay invoices, serving more than +2,050 companies, DAOs, freelancers, and web3 native projects such as The Sandbox, Aave, and The Graph.
For a glance at how integrating with the protocol looks like, check out ‘Request Finance in numbers’, which focuses on reviewing the Request Finance application’s usage metrics, an example being the cumulative value of crypto payments made through the app.
Request Fund Applications so far
Since launching the Request Fund in May 22, we have received many applications and are actively processing applications based on scope and prioritizations rather than just chronological order.
Based on the 20 applications received, we have shortlisted 10 high quality submissions for which we are currently conducting interviews with project teams and conducting their due diligence. This process is still ongoing, pending any final approval.
The categorical breakdown of the 10 applications so far are as follows:
- Accounting: 5
- Payments: 3
- Payroll: 1
The 1st round of application is still open, and we do foresee other application rounds in the future.
The projects that qualify for funding will be announced in the coming weeks/months, and we are looking forward to disclosing the projects that will help to build the future of the protocol.
With applications still in the running for their due diligence process and funding, if you haven’t heard back yet, don’t worry.
Our mission will always be to empower the community with the resources needed to support activities and advance tooling and solutions to improve the experience for all Request users, builders, and overall community members.
Major News and Announcements
REQ on Bancor v3
In early June, Bancor announced that REQ is available on Bancor v3. Trading in liquidity pools remains active though the impermanent loss protection has been temporarily paused.
New Product Manager
Omar Sebouai joined during the month of June as the new Product Manager, and has been tasked to make the Request protocol more accessible, add new capabilities and help a broader range of new projects and builders seamlessly integrate with Request Network.
Omar has been working in the blockchain space since 2016 and is passionate about DeFi, tokenomics and token standards. As a Blockchain Architect, he has helped projects to devise their crypto payment applications, on chain escrow contracts, NFT marketplaces, amongst others. Moreover Omar also worked with European banks to safely issue tokenized bonds and handle on-chain interests and redemption.
Omar spends his free time participating in associations that promote diversity and women’s access to the tech industry, and supporting projects that use blockchain technology for social and environmental impact.
He is also the co-founder of The Greenblock DAO, a progressive think tank aiming to support the paradigm shift of blockchain technology, in how individuals and organizations can fund and creatively solve the transition to a post-carbon world.
Are you interested in building an open, inclusive and interoperable financial future?
A Full Stack developer role, with a back end focus, has opened up for the protocol. If you’re passionate about blockchain, DeFi and want to be part of a global team that places a high emphasis on diversity and inclusion, this role might be right for you.
Network Usage – June 2022
The above chart illustrates the number of transactions with Request Network smart contracts (i.e creation of invoices, approvals, rejections) and June saw a monthly decline of 23%, totalling 8,755 transactions. The dip may be attributable to the overall crypto asset market sentiment, and broader macroeconomic circumstances. On the other hand, the total number of REQ wallets grew to 40,843, representing an increase of 0.55% from May 2022.
Also worth mentioning is the amount of adoption that Request Finance is bringing onto the blockchain. The app has registered cumulative payments of $211m, of which $8.4m in crypto invoices were paid last month in June alone (19.9% decline from 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.
In June, we continued with our Twitter Spaces session where we discussed;
The aim of these sessions for the Request Foundation is to have more people understand and embrace Web3, and build an educated community.
Our next Twitter Spaces will be on ‘Euro Backed Stablecoins’,to be held on 7th July at 5pm GMT, and we’re thrilled to be speaking to Circle following the launch of their Euro Coin (EUROC). Circle, the company behind the stablecoin USDC, the 4th largest crypto asset by market cap (as at 30 June 2022), wants to take a pro regulation approach and make the Euro Coin a conforming digital currency within EU law.
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.
Community at Request