Request Ecosystem Update October 2022
Hey Request community,
Welcome to the Request Network ecosystem update for October 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 +2,300 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.
Major News and Announcements
Request Network Connector
In October 22, we launched the Request Network Connector, where our objective is to showcase use cases of the protocol and allow high potential projects to incorporate decentralized payment flows.
Some of the financial services and applications will include invoice factoring, on-chain credit reputation, DAO tools, e-commerce, payments processor and many more
The foundation has budgeted an amount of $750k, payable in REQ tokens over the upcoming months, to be allocated to the community of builders and content creators.
To celebrate each campaign use case within our ecosystem, we shall also be running community contests to enable anyone to use their knowledge and opinions of DeFi to win REQ tokens.
Request Network Connector – Invoice Factoring
Under Request Network Connector, we announced the first use case for Invoice Factoring.
As of October 2022, the protocol has processed more than $254million in on-chain invoices. To expand its utility for invoice factoring, the protocol is currently being upgraded to allow for NFT invoicing (official announcements will follow).
Under an NFT, an invoice can be programmed to automatically transfer ownership from the issuer to the finance provider or factoring company. The on-chain invoice becomes tradable and the verifiable proof for credit relationships, with an on-chain credit score.
Projects building around this use case can apply for a grant here.
(Note: A campaign on a specific use case does not restrict application from other builders working on different ideas for the protocol)
The foundation’s team attended ETH Lisbon in October, whereby we focused on tackling the NFT invoicing capability on the protocol. Moreover our presence at the event also served as a learning experiment to prepare for future sponsorships at hackathons. These learnings were around builder resources and communication required that maximizes chances for having project submissions on the protocol.
We validated the idea that building a native web3 ecosystem means being close to our builders at such hackathons , and we are looking forward to increasing our presence in the near future.
2nd ATH of the Network Usage in October 2022
The above chart illustrates the number of transactions with Request Network smart contracts (i.e creation of invoices, approvals, rejections) and October saw a monthly increase of 15.6%, totalling 9,619 transactions. The network activity is the second all-time high and reaffirms our previous communication that the drop in last months was never a cause for concern. On the other hand, the total number of REQ wallets grew to 41,488.
Also worth mentioning is the amount of adoption that Request Finance is bringing onto the blockchain. The app has registered cumulative payments of $254m, of which $8.1m in crypto invoices were paid last month in October.
Check out the app here, if you’re interested in having an all-in-one platform to generate, track and pay crypto invoices.
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