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What is Request Network (REQ)?
Quick Facts
- Token symbol: REQ (ERC-20 token on Ethereum)
- Protocol type: Decentralized payment and invoicing protocol
- Blockchain: Built on Ethereum; supports Polygon, Celo, and others
- Token supply: Capped at approximately 1 billion REQ
- Token model: Deflationary — fees are used to buy and burn REQ
- Backed by: Y Combinator (seed stage)
- Use cases: Invoicing, payroll, accounting, B2B payments
Introduction
Request Network is an open-source, decentralized payment protocol built on Ethereum. It enables anyone to create, share, and settle payment requests directly on the blockchain — without relying on traditional financial intermediaries.
At its core, Request aims to make financial transactions cheaper, faster, and fully auditable by moving invoicing and payments onto an immutable ledger.
History & Background
Request Network launched its token sale in 2017 and was backed by Y Combinator, one of the world's most respected startup accelerators. The project set out to address the inefficiencies of legacy payment infrastructure — high fees, slow settlement, and lack of transparency.
Over time, the protocol expanded its multi-chain support and grew its ecosystem to serve freelancers, enterprises, and DeFi projects alike.
How Request Network Works
Request Network operates as a decentralized ledger for payment requests. Users can generate invoices, track payment status, and settle transactions on-chain. Payments are processed peer-to-peer, removing the need for banks or payment processors.
The protocol leverages Ethereum and IPFS for security, privacy, and data ownership. A small fee in REQ is required for each transaction, which discourages spam and keeps the network performant.
Fees collected across the network are periodically swapped into REQ tokens and burned, creating a deflationary supply mechanism tied directly to protocol adoption.
Tokenomics
REQ has a total supply capped at approximately 1 billion tokens. The token distribution was structured to support the Request Foundation (22.4%), exchange liquidity (21.4%), and community holders.
As network usage grows, more REQ is burned through the fee mechanism — making the token increasingly deflationary over time. This links token value directly to protocol adoption.
|
Circulating supply
| 626.22 million REQ |
|---|---|
| |
|
Total supply
| 999.42 million REQ |
|
Max supply
| 0 REQ |
Ecosystem & Use Cases
Request Network provides Web3 infrastructure for a broad range of financial operations:
- Crypto invoicing for businesses and freelancers
- Payroll automation in cryptocurrency
- On-chain accounting and audit trails
- B2B payments and cross-border settlements
- Budget transparency for nonprofits and governments
The network supports multiple currencies and blockchains, including Ethereum, Polygon, Celo, Fantom, and Near.
Team, Governance & Community
The Request Foundation oversees decentralized management and maintenance of the protocol. Token holders can participate in governance by voting on protocol upgrades and development priorities, ensuring the network evolves through community consensus.
The project has an active community across Reddit, Telegram, and Twitter, and maintains open-source development on GitHub.
Advantages
- Removes intermediaries — peer-to-peer payments lower costs and speed up settlement
- Deflationary token model — burn mechanism aligns token supply with network growth
- Multi-chain support — operates across Ethereum, Polygon, and other networks
- Broad use cases — covers invoicing, payroll, accounting, and B2B payments
- Open-source and auditable — all transactions recorded on an immutable ledger
Risks & Challenges
- Competitive landscape — faces competition from both traditional payment processors and other crypto payment protocols
- Adoption hurdles — mainstream business adoption of crypto invoicing remains gradual
- Smart contract risk — as with all DeFi protocols, vulnerabilities could impact funds
- Regulatory uncertainty — evolving global crypto regulations may affect cross-border payment use cases
Long-Term Vision
Request Network aims to become the global standard for decentralized financial transactions — a blockchain-native alternative to traditional payment processors. By continuously expanding multi-chain support, deepening enterprise integrations, and strengthening its deflationary token model, the project is working toward a future where any payment, invoice, or audit can be conducted transparently and without intermediaries.
Frequently Asked Questions
- What is Request Network?
Request Network is an open-source, decentralized payment protocol built on Ethereum. It allows users to create, share, and settle payment requests directly on the blockchain without relying on banks or payment processors.
- What is the REQ token used for?
REQ is the native utility token of the Request Network. It is used to pay transaction fees, participate in governance, and stake to operate nodes or receive discounts on network services.
- How does the REQ burn mechanism work?
Transaction fees collected on the network are periodically converted into REQ tokens and burned, permanently reducing the total supply. This creates a deflationary dynamic where growing network usage puts downward pressure on supply.
- Which blockchains does Request Network support?
Request Network is built on Ethereum and extends support to Polygon, Celo, Fantom, and Near. This multi-chain approach allows it to serve a broader range of users and use cases.
- What are the main use cases for Request Network?
Request Network supports crypto invoicing, payroll in cryptocurrency, on-chain accounting, B2B payments, and budget transparency for organizations. It targets freelancers, enterprises, and DeFi projects.
- What is the total supply of REQ?
The total supply of REQ is capped at approximately 1 billion tokens. Nearly all tokens are already in circulation, and the burn mechanism gradually reduces this supply over time.
- Who backed Request Network?
Request Network was backed by Y Combinator, one of the world's leading startup accelerators, as well as Plasma Capital during its seed funding rounds.
- How does governance work on Request Network?
REQ token holders can vote on protocol upgrades and development priorities through the governance mechanism. The Request Foundation manages the protocol's decentralized maintenance, while the community guides its evolution.