Request Invoicing in Numbers: March 2021

👋 Good day Request Enthusiasts!

In this months’ edition of Request Invoicing in Numbers, we’ll be reviewing the usage metrics since our last update in February 2021.

This format is intended to bring the highest amount of transparency to our user base, community and others with an interest in Request.

Note:This post exclusively looks at usage data from the Invoicing product and leaves out data from Request Create and/or direct protocol integrations in third party apps such as Multis & Gnosis Safe. Additionally, this post doesn’t take into account the invoices and payments managed in fiat as the main focus currently for Request is strictly on cryptocurrency.

New registered accounts

The first metric we’re going to look at is the number of new accounts registered for the product. New accounts represent new businesses and freelancers onboarding to the product. Although most users are issuing invoices and making payments in cryptocurrency, there’s also a decent number of use cases where traditional currencies like USD and EUR are being declared by businesses using the app. However, in this report we’ll be covering only invoices managed in cryptocurrencies.

At Request, one of our main objectives is to simplify payments and invoicing, be it in crypto or fiat. That’s why we’re focused on building an open network system that can be compatible with traditional banking and other payment rails (with the help of our Stripe integration), and also to be interoperable with other blockchains in order to accept cryptocurrencies like our recent partnership with $NEAR, for example.

In March, our user growth continues to increase as illustrated in the chart below. This growth can be attributed to our ongoing partnerships that the Request team has developed with top crypto organizations such as MakerDAO, Celo, Ocean, Gnosis and several other prominent companies in the blockchain space. Our development team has been working hard to deliver a list of features that provide a better experience for our users and partners with the Request Invoicing app.

Monthly invoices created & paid

Another important set of metrics is to compare the amount of invoices paid against the amount of invoices issued through Request Invoicing on a monthly basis.

Looking at these numbers paints a picture on how the product is being used. It also provides us with insights that we can use to improve the user experience, aiming at increasing the paid v.s. issued invoice ratio by reducing barriers to payment.

It’s important to note that the time it takes for an issued invoice to get paid can be around 20-30 days, and even much later. Therefore, the last month shown on this chart has invoices still pending for payment which is likely to occur in the following month (i.e. April). This is why the figures will differ slightly as they get updated every month.

Cumulative payments amount

Another key indicator for success at Request is the cumulative value of payments made through Request Invoicing.

We’re thrilled to announce that we have now transacted over $1.6 million (in cryptocurrency only, not taking into account transactions in fiat) through the app. As you can see from the chart below, this amount has been growing month over month consistently.

We believe this growth will continue to accelerate as we add more features and new partnerships are forged.

Currency breakdown on payments

As we continuously roll out support for additional currencies, understanding how often they are used is key.

DAI continues to reign supreme as the preferred method of payment. This can be attributed to MakerDAO’s continued usage as well as $DAI’s tremendous utility as a decentralized stable token. Nevertheless, USDC has been gaining grounds over the last few months and becoming the 2nd most popular cryptocurrency payment as illustrated below.

Lastly, it’s also important to note that OCEAN and USDT are in the list of top invoice currency used with each at around 5% of the total payment amount in USD. You can find the list of currencies supported in the Request Invoicing app here.

With this monthly report, we hope that it gives you an overview on what’s happening with Request Invoicing and what data is driving our product decisions. By increasing transparency we hope to inspire potential users to take their first steps into cryptocurrency invoicing and payments.

We ended the first quarter of 2021 with positive signs of growth in newly registered accounts, number of invoices issued and paid, total amount of payments accumulated over the period, and adding new currencies as well as partnerships to the Request ecosystem. While we’ve just started executing the marketing strategy in early April, we’re already seeing a notable impact at the top of the funnel and expecting more results from our marketing efforts in Q2 of 2021.

Want to see what’s going on with Request on a daily basis? Our community has built a Twitter bot which reports all network activity over the past 24 hours. You can also check the Request Activity Dashboard developed by one of our astounding community members @cryptoclem.

Any specific metric missing you’d like to see covered in the next episode? Feel free to get in touch with us through mail or by joining our Discord channel!