Request Ecosystem Update November 2022

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Hey Request community,

Welcome to the Request Network ecosystem update for November 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 +2,000 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 Network Connector Update

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In October, we launched Request Network Connector, an initiative to connect siloed financial systems under web3 principles. During the same month, we launched the 1st campaign on Invoice Factoring to promote awareness of the protocol’s ability to tokenize an invoice as a RequestNFT.

From all the builders who approached us, we have been making substantial progress with one specific builder pioneering web3 invoice factoring. We shall be making an announcement on the new partnership and the upgrade of the protocol very soon. Stay tuned.

As a reminder, the Foundation has put forth a budget of $600k in the form of grants to support projects building on use cases around interoperable payments, such as invoice factoring. (Reach out to us on Discord to determine whether your project is eligible)

Major News and Announcements

Request Connector Content Contest – Invoice Factoring

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Under the Request Connector initiative, we launched a content contest for our community.

The contest’s objective is to build top-of-mind awareness about the protocol, by explaining the financial service ‘Invoice Factoring’ under the web3 principles. All types of content are accepted – articles, animated videos, diagrams, infographics, presentations, etc.

The total campaign reward for Invoice Factoring will be 10,000 REQ for the top 5 submissions (see article for prize breakdown). The deadline to submit your content is 20-Dec-22.

We also announced the content contest on Dework , a platform for decentralized work.

New Recruit – Senior Blockchain Engineer

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November marked the arrival of David Hunt-Mateo (aka MantisClone), the new Senior Blockchain Engineer of the Request Foundation. We are so excited to have David join the Request family that we started the first article series on the Request team’s key members.

Check out Meet the team – David Hunt-Mateo to learn more about David’s journey transitioning to web3, his mental model of finding his Ikigai or “reason for being,” and why he joined Request.

We are convinced David’s story could help anyone to kickstart their journey into web3 and be in the game for the long haul.

2nd All-Time High of the Network Usage in November 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 November saw a monthly increase of 2%, totalling 9,809 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 42,263, representing a 1.9% from previous month.

Also worth mentioning is the amount of adoption Request Finance is bringing onto the blockchain. The app has registered cumulative payments of $263m, of which $8.86m in crypto invoices were paid last month in November.

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.

Website | Blog | Twitter | Linkedin | Discord | Github

 

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Umar
Community at Request