Request Network creates a decentralized open source layer for payment requests — immutable on-chain records that encode “who is owed what, by whom, when, and in which currency” — enabling smart contract automation of payment flows, a verifiable audit trail for accounting, and seamless multi-currency (crypto or fiat) invoicing without requiring both parties to use the same payment system. Originally launched by Y Combinator alumni in 2017 during the ICO era, Request Network has evolved significantly from its early scope into a focused B2B payments and decentralized finance tool. The “Request Suite” includes invoice creation (Request Finance — used by 2,000+ companies for paying crypto contractors), donation pages, and a DeFi payment rails product used by protocols to manage treasury payments. REQ is required to create payment requests on the network (burned as a fee) and enables governance.
| Stat | Value |
|---|---|
| Ticker | REQ |
| Price | $0.07 |
| Market Cap | $50.61M |
| 24h Change | +1.0% |
| Circulating Supply | 744.29M REQ |
| Max Supply | 1.00B REQ |
| All-Time High | $1.06 |
| Contract (Ethereum) | 0x8f82...938a |
| Contract (Polygon Pos) | 0xb25e...4762 |
How It Works
Payment request lifecycle:
- Create — Payee creates a Request specifying: payer address, currency, amount, due date, tax info, custom data
- Store — Request stored on decentralized storage (IPFS); a hash goes on-chain; REQ is burned as fee
- Paid — Payer executes payment through any supported currency/chain; transaction linked to Request
- Reconciled — Accounting software reads the Request record; automatically reconciles payment
Multi-currency:
A Request can denominate in any currency while accepting payment in any other — e.g., invoice in EUR, pay in USDC on Arbitrum. On-chain oracle prices handle conversion.
Request Finance:
The consumer-facing product built on Request Network. Companies and DAOs use it to:
- Pay contractor invoices in crypto
- Manage batch payroll (many recipients in one click)
- Generate accountant-readable CSV exports
- Automate recurring payments
REQ burn:
A small amount of REQ is burned each time a payment request is created on-chain, creating token deflation tied to network usage growth.
Tokenomics
| Metric | Value |
|---|---|
| Max Supply | 999,983,984 REQ |
| ICO allocation | 50% sold in 2017 ICO |
| Foundation reserve | Used for grants and development |
| Burn mechanism | REQ burned per request created; deflationary |
| No staking | Pure utility burn token + governance |
Use Cases
- Invoice creation — REQ burned to create on-chain payment requests
- B2B crypto payments — Companies use Request Finance to pay contractors, investors, team members
- DAO treasury management — Protocol treasuries use Request Finance for transparent payroll
- Accounting automation — On-chain Request records integrate with accounting tools
History
- Oct 2017 — REQ ICO raises $33M; $217M hard cap; one of 2017’s major ICOs
- 2017–2019 — Protocol development; initial mainnet contracts
- 2020–2021 — Request Finance product launches; B2B crypto payments focus
- 2021 — Request Finance processes $100M+ in crypto payments; 2,000+ companies onboarded
- 2022 — Multi-chain expansion; Gnosis Safe and DAO integration
- 2023 — Request Finance adds fiat on-ramp and off-ramp; crosses $1B in processed payments
- 2024 — Request Finance positions as on-chain accounts payable/receivable tool for crypto-native companies
Common Misconceptions
“REQ is just another payment token like Ripple.” Request Network doesn’t process payments itself — it creates an open, standardized payment request format that any payment processor or user can fulfill. It’s closer to an invoice standard than a payment processor.
“REQ needs to be high value for the protocol to function.” The REQ burned per request is a very small USD-fixed amount worth of REQ regardless of price. High REQ price means fewer tokens burned per request; low price means more. The economic burn is calibrated in USD terms, not absolute REQ terms.