Request Ecosystem Update July 2022

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Hey Request community,

Welcome to the Request Network ecosystem update for July 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 +2,180 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.

Ecosystem Update

Request Fund Closed

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The Request Fund in its current form has now been closed. Based on what was communicated in our previous Ecosystem Update for June 2022, we had shortlisted 10 high quality submissions. Based on the due diligence and initial assessment on the potential of those projects to integrate with the protocol, most of the projects fell short.

Whilst the closure of Request Fund temporarily suspends applications via our website, projects can still be eligible for grants that would benefit Request and its ecosystem. We invite everyone currently contemplating or already building on the Request protocol, to first approach the team via Slack or Discord, to validate their proposal and determine their eligibility for a grant.

We shall be providing more information on the framework of the pilot grants program in the coming weeks.

Major News and Announcements

Request at ETHcc Paris and Team Meet Up

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As a fully remote team, it was with sheer joy and excitement that we got to meet up IRL in Paris for an eventful week in July. With the size of the team rapidly growing in 2022, it was the perfect opportunity to have many of us meet for the first time and get to know each other personally.

We also got to meet the growing Request community of users, partners and potential builders of the protocol. In addition, we also co hosted a Happy Hour with Superfluid to bring both our communities together.

Open Roles

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.

Please feel free to apply here or reach out to us directly via Discord if you have any questions.

Network Usage – July 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 July saw a monthly decline of 14%, totalling 7,503 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 41,137, representing an increase of 0.72% from June 2022.

Also worth mentioning is the amount of adoption that Request Finance is bringing onto the blockchain. The app has registered cumulative payments of $219m, of which $7.74m in crypto invoices were paid last month in July alone (8.16% 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.

Community events

Twitter Spaces

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In July we continued with our Twitter Spaces session where we discussed Euro Backed Stablecoins with 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 31 July 2022), wants to take a pro regulation approach and make the Euro Coin a conforming digital currency within EU law.

Whilst the aim of the Twitter Spaces sessions was to speak about general web3 topics and have more people embrace web3, we have decided to discontinue the series and instead opt for a podcasting format around the theme of ‘invoicing interoperability’ and its use cases. We will be speaking with builders and other protocols, advocating for web3 use cases around invoicing, ranging from invoice factoring, invoicing dapps, credit scoring protocols, and much more. Stay tuned for the release of our 1st episode.

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

 

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Umar
Community at Request