Request Ecosystem Update December 2022
Hey Request community,
Welcome to the Request Network ecosystem update for December 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.
Request and Huma to make web3 invoice factoring a reality
In line with building an ecosystem of interoperable financial apps on top of a payment requests technology, the Request Foundation invested in and onboarded the second builder, Huma Finance. Huma Finance is an income backed DeFi protocol that enables the first invoicing factoring experience. This advances our goal of creating an ecosystem of open financial apps.
Using Huma Finance’s platform, anyone can factor their Request on-chain invoices and get an upfront financing right away. To allow transferability of payment requests to a finance provider, Huma Finance has upgraded the protocol to allow for a RequestNFT (i.e transferable requests). A RequestNFT is a receivable credit primitive, designed to be a tradable cash flow.
Alternatively, you can also check out the recent podcast with Huma Finance CEO, & Co-Founder Erbil Karaman.
Major News and Announcements
Winners for the Content Contest on Invoice Factoring
Under the Request Connector initiative, we had launched a content contest on ‘Invoice Factoring’ and announced the winners
The campaign was set to compensate the best 5 submissions with a reward pool of 10,000 REQ. We received a total of 6 submissions, but after careful consideration, we determined that only 3 could earn rewards.
The top 3 submissions were;
- Invoice factoring through NFT invoices by pijidev & James
- Convert your invoices into cash instantly, whenever you want with NFT technology by Tokenalex
- How NFTs will revolutionize financing for invoices by CryptoToby3
Thanks to all community members who participated in our 1st content contest, and congratulations to the winners.
For the continued motivation and incentivization of our community, we created bounties on Dework (a platform for decentralized work) that promotes participation and allows community members to improve the protocol with their skills and capabilities.
We currently have some bounties available to everyone, including:
1. Develop a smart contract on NEAR that enables users to pay a request denominated in fiat with fungible tokens for (Price), for USDC 10,000. This will be equivalent to the ERC20 conversion Proxy (EVM)
Full detail and description on this bounty can be found here.
We are looking for a Protocol Lead, with an entrepreneurial flair, to lead the Request Ecosystem towards success as an inclusive and decentralized organization.
We want to work with people who can bring different perspectives rooted in their unique cultures, experiences, lifestyles, and challenges.
Network Usage in December 2022
The number of transactions involving Request Network smart contracts is illustrated in the above chart (i.e creation of invoices, approvals, rejections). December saw a monthly decrease of 2.30%, totalling 9,583 transactions. The dip and fluctuation in transaction volume are to be expected given the present bear market. However they are nonetheless promising because they show that our ecosystem is becoming stronger even though growth has slowed. As opposed to that, the total number of REQ wallets grew to 42,603.
Also worth mentioning is the amount of adoption Request Finance is bringing onto the blockchain. The app has registered cumulative payments of $273million, of which $10.3million in crypto invoices were paid last month in December.
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