Request Invoicing in Numbers: November 2020

Good day Request Enthusiasts!

In this months’ edition of Request Invoicing in Numbers, we will be looking at the past months’ usage metrics.

This format is intended to bring the highest amount of transparency to our user base, community and others with an interest in Request. As this is the first edition of its kind, we’re starting off by looking at the last 4 months – starting August 2020.

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.

New registered accounts

The first metric we’re looking at is the growth of new accounts signed up to the product. Signed up accounts represent new businesses and freelancers onboarding to the product, to get paid in cryptocurrency.

Over the last four months, we’ve seen healthy growth in new users, illustrated in the chart below. This growth is mainly caused by the product moving out of closed beta early September, as well as our early business development efforts onboarding crypto-oriented organizations.

Monthly invoices created & paid

What’s an invoice worth if it doesn’t get paid? An important set of metrics to compare is the number of invoices paid against the number of invoices issued through Request Invoicing on a monthly basis.

Looking at these numbers paints a picture of 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.

Cumulative payments amount

Another key indicator for success at Request is the cumulative value of payments made through Request Invoicing. As we’ve celebrated the first million dollars transacted through Request earlier this year, this metric really was the signal for the foundation team to double down on end-user products. Request Invoicing was born from that.

Over the last four months, we see the cumulative amount (blue) grow as the product moved out of closed beta and was adopted by early users to facilitate their in and outbound financial flows. The light blue on the chart represents monthly payment volumes.

Currency breakdown on payments

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

Invoices, where the issuer wants to receive payment in DAI, have reigned supreme since the launch of our closed beta This can be mainly attributed to MakerDAO’s early adoption of the platform. We will soon launch a case study which goes in-depth on the value Request Invoicing brings to their organization.

That’s it for this first edition of Request Invoicing in Numbers.

We hope it gives you an overview of 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.

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.

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!