Request Ecosystem Update January 2023

Hey Request community,

Welcome to the Request Network ecosystem update for January 2023.

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

New Payment Chain – Tomb Chain

Tomb Chain is the first layer 2 Optimistic Rollup for the Fantom Opera Network. In January, Tomb Chain has been added to the protocol, with payment detection. Currently it’s only for ETH and ERC20 payments & with no payment conversion.

Builders using Request to build dapps now have access to a total of 21 payment chains. With Fantom already available on the protocol, we’re excited to welcome its Layer 2 roll-ups on the protocol

Users of Request Finance can now get paid in $TOMB, the native currency of Tomb Chain.

Major News and Announcements

Interview with the CEO of Huma Finance

In January, we spoke to Erbil Karaman, the co-founder & CEO of Huma Finance on how to use on-chain future payments (or receivables) as collateral to obtain financing, and how using a RequestNFT (or transferable requests) allows the future cash flow to be tradable to any willing finance provider.

This is exciting times as Request & Huma are pioneering the invoice factoring use case in web3. It’s important to reiterate the mission of the foundation to create an ecosystem of financial dapps, and that Huma Finance is now the 2nd builder after Request Finance.

That means tomorrow someone could issue an invoice in Request Finance and secure immediate financing through Huma.

Huma will be officially launching at ETH Denver in a few weeks.

ETH Denver

After months working together, Request will be attending ETH Denver to support the official launch of Huma Finance. This will also be an opportunity for the Request Foundation team to promote and increase visibility of the invoice factoring use case for future builders.

Moreover, Request Finance team will also be present at ETH Denver to help and onboard web3 businesses for their crypto invoicing, payroll and expenses.

We’re excited to join the world’s largest and longest running ETH event, and we can’t wait to connect with fellow BUIDLers in the Web3 industry. See you there!

Open Roles

Are you interested in building an open, inclusive and interoperable financial future?

A Communications and Community Manager role has opened up to deliver a world-class experience to the communities around Request. This role will require you to be the bridge between the core team and the community, and be able to communicate to a wider public on the use cases possible using Request.

If you believe this role is for you, apply here or reach out to us directly on Discord.

Network Usage in January 2023

The number of transactions involving Request Network smart contracts is illustrated in the above chart (i.e creation of invoices, approvals, rejections). January saw a monthly drop of 19%, totaling 7,090 transactions. Such fluctuations are expected with the current state of the market, & while the ecosystem isn’t growing at the desired rate, it’s getting stronger. As opposed to that, the total number of REQ wallets grew to 42,684.
Also worth mentioning is the amount of adoption Request Finance is bringing onto the blockchain. The app has registered cumulative payments of $286million, of which $12.8million in crypto invoices were paid last month in January.

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.

🖖
Umar
Community at Request