Request Network (REQ) is a decentralized, open-source payment request protocol built on Ethereum, launched in October 2017 by French co-founders Christophe Lassuyt and Etienne Tatur (alumni of YCombinator batch W18 via Request Finance), that functions as an immutable, third-party-agnostic layer for invoice creation and payment settlement — allowing anyone to generate a cryptographically signed payment request (essentially a portable, blockchain-anchored invoice) that any payer can fulfill in any currency through integrated on-chain conversion, with the protocol storing the payment request data on IPFS (content-addressed so it is permanent) and recording acceptance on-chain — creating an auditable, tamper-proof accounting trail suitable for business crypto payments, payroll, expense reimbursements, and DAO treasury disbursements.
| Stat | Value |
|---|---|
| Ticker | REQ |
| Price | $0.07 |
| Market Cap | $50.20M |
| 24h Change | -0.2% |
| 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
- Request creation — A payee (e.g., a freelancer or vendor) creates a Request: a signed JSON document containing the expected amount, currency, payee address, payer address, memo/purpose, and payment due date. This document is stored on IPFS and referenced on-chain.
- On-chain storage — Request Network v2 (Gnosis Chain + IPFS) stores the request data off-chain (IPFS) with the hash anchored on-chain for immutability. Gnosis Chain provides low-cost transaction fees for high-volume business invoicing.
- Payment URL — The payee shares a payment URL. When the payer opens it, they see the invoice and can pay directly from MetaMask or any Web3 wallet.
- Multi-currency conversion — If the invoice is in EUR, USD, or a specific token, the payer can pay in a different cryptocurrency; the Request protocol integrates DEX routes (via 0x, Uniswap) to convert on-chain during the transaction.
- Batch payments — DAO treasuries can process multiple REQ payment requests in a single on-chain batch transaction, significantly reducing gas costs for payroll.
- Request Finance platform — Built on top of Request Network, Request Finance (the commercial entity) provides an invoicing dashboard, payroll tools, expense reimbursement, and integrations with Web3 accounting software like Parcel and Safe.
Tokenomics
| Parameter | Value |
|---|---|
| Ticker | REQ |
| Chain | Ethereum ERC-20 |
| Contract | 0x8f8221aFbB33998d8584A2B05749bA73c37a938a |
| Max Supply | ~999,983,984 REQ |
| REQ burning | Fees collected in REQ are burned, creating mild deflationary pressure |
| ICO | October 13, 2017; raised ~33,000 ETH (~$30M at the time) |
Use Cases
- B2B crypto invoicing — Companies invoice clients in crypto with audit trails. Payment is made directly to the wallet, not through intermediaries.
- DAO payroll — Many Web3 DAOs use Request Finance to pay contributors in USDC/ETH via on-chain requests.
- Expense management — Team members submit expense requests on-chain for reimbursement.
- NFT minting and payment gates — Applications can request payment before minting or granting access.
- Accounting integration — Request Finance integrates with crypto accounting tools (e.g., Xero integration, tax software) using the immutable on-chain payment trail.
History
- 2017-10-13 — Request Network ICO raises 33,000 ETH (~$30M) in under 24 hours. Backed by ICONIQ Capital and Y Combinator seed investments (Lassuyt and Tatur are YC alumni). REQ is distributed.
- 2018 — Request Network v1 mainnet launches on Ethereum. The initial version is relatively simple and allows basic on-chain payment requests in ETH, ERC-20 tokens, and fiat-pegged currencies.
- 2018–2020 — Bear market significantly impacts REQ token price (fell ~99% from 2018 peaks). The team continues building infrastructure while the commercial product remains nascent. Extensive v2 architecture redesign using IPFS for storage and other EVM chains for execution costs.
- 2020 — Request Finance Beta launches as the commercial-facing product targeting crypto-native businesses and DAOs.
- 2021 — DeFi summer brings increased attention. Request Finance gains adoption among DAOs for payroll (noted users include Maker, Decentraland teams, and many smaller DAOs). The protocol migrates request storage to Gnosis Chain (xDai) for much lower fees.
- 2022 — Request Finance raises $5.1M in venture funding. The platform processes millions of dollars in crypto invoices. Request reports serving 100+ DAOs and Web3 companies for payroll and invoicing.
- 2023 — Request Finance introduces multi-chain support (Polygon, BNB Chain, Arbitrum). The product now includes expense management and cross-border payment features. Accounting integrations added.
- 2024 — Request Finance among the most widely used tools for Web3-native business financial management. REQ token fee burn mechanism operates to offset new token creation for protocol operations.
Common Misconceptions
“REQ is a payment coin for everyday transactions.”
REQ is not a payment currency. It is a utility and governance token for the Request Network protocol. Actual payments are made in ETH, USDC, DAI, or other currencies. REQ is burned as a fee when the protocol is used.
“Request Network and Request Finance are the same thing.”
Request Network is the open, permissionless on-chain protocol. Request Finance is the commercial, venture-funded product built on top of it offering a UI and business tools. They are related but separate entities.
Social Media Sentiment
REQ is regarded with nostalgia by long-term holders — the ICO was considered one of the standout 2017 fundraises, and early believers expected rapid adoption. The team has been praised for resilience through multiple bear markets and for eventually delivering a genuinely useful product (Request Finance) rather than abandoning the project. Criticism focuses on the slow path from 2017 ICO to meaningful commercial traction, and on REQ’s price, which remains far below 2018 highs due to dilution of the original vision by competing payment solutions. Request Finance earns positive marks from its B2B users and DAO operators who cite it as one of the best-designed crypto payment tools available.
Last updated: 2026-04