The price of Request’s native token REQ surged over 25% yesterday during a session that saw trading volumes explode. It is unclear why the price of the token surged so much and, even more surprisingly, the uptick occurred on a red day for the crypto market as a whole.

Request is a decentralized finance (DeFi) project that enables companies to receive payments in cryptocurrency via an integration with WooCommerce – the popular e-commerce platform – while also allowing users to administer and organize their web 3 finances with features such as invoice payment requests, payroll management, and accounting.

request transaction volumes

According to the network’s stats, the number of monthly transactions processed by the Request blockchain has been surging lately, moving from 4,352 transactions processed in December last year to 9,552 as of last month.

This surge in the network’s usage and adoption may explain why the token has been surging lately. So far this morning, REQ is shedding 7% of its value in early crypto trading action at $0.1323 per coin.

Since 2022 started, the token has lost more than 64% as macroeconomic conditions around the globe have deteriorated, prompting a risk-off move in the markets that heavily affected the valuation of risky assets like cryptocurrencies.

What is Request and How Does It Work?

Request is a blockchain-based payments solution that supports multiple cryptocurrencies including those powered by the Ethereum, Polygon, Celo, Fantom, and Near networks.

The project currently offers three different products – Request Finance, Request Create, and WooReq.

Request Finance is a solution that allows companies, independent contractors, and other organizations to manage their crypto finances. Through this solution, invoices can be created and payment requests can be sent out to customers who can connect their wallets to complete the transaction.

Request claims to power transactions for over 1,400 organizations including blockchain projects such as The Sandbox and The Graph. Request Finance enables payments with over 70 different digital assets and 10 fiat currencies and supports over 10 networks including the ones mentioned above.

Meanwhile, WooReq is a plugin that can be installed in any WooCommerce-powered online store to start accepting payments in cryptocurrencies. Transaction fees are quite low at around 0.1% and some of the benefits of this solution include no risk of fraud, real-time accounting, and no hidden costs.

More About This Project’s Native Token – REQ Crypto Price Prediction for 2022

request req price chart
REQ/BUSD price chart (Binance) – Source: TradingView

The native token of the Request blockchain is called REQ and it is used primarily to pay the transaction fees required to process the payments made within the network.

Since Request is a layer-two protocol that relies on other networks such as Ethereum and Polygon, the project uses a scheme in which transaction costs are collected in a synthetic asset called xDAI on the Gnosis blockchain.

This asset is later on swapped for REQ tokens after being converted into DAI and they are burned to reduce the circulating supply of REQ. This scheme makes REQ a deflationary asset as supply will decrease over time as more and more users and companies adopt the protocol to make payments.

According to the stats provided by Request, network usage has been increasing and, therefore, the available supply of the token should be decreasing lately. This may explain why the token surged yesterday as market participants may have realized that adoption is accelerating.

According to estimates from Wallet Investor, the price of REQ is expected to decline to around $0.024 per coin in the next 14 days based on an assessment of the token’s historical trend.

In contrast, predictions from Gov.Capital, another algorithm-based forecasting service, see the price of the REQ token rising to $0.394 per coin a year from now. This implies a 200% upside potential if that target is hit.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

What Is the Best Crypto to Buy Right Now?

Lucky Block has emerged as an attractive blockchain-based gaming project that proposes the decentralization of one of the world’s oldest gambling activities – the lottery.

Lottery tickets on Lucky Block are distributed among token holders and the jackpot is raised via the collection of a 12% levy on short-term transactions that also serves to discourage speculative trading with the project’s native crypto asset – LBLOCK.

Lucky Block can be bought via PancakeSwap and the first jackpot winners are expected to be announced on 31 May. Some of the top features of Lucky Block that make it stand out from other similar projects in the decentralized gaming ecosystem include instant payouts, no transaction fees, and the fact that token holders are compensated in many ways aside from just lottery proceeds.

In addition, Lucky Block has created non-fungible tokens (NFTs) that give buyers the chance to participate in a daily NFT draw. Once the project’s 10,000 limited-edition NFTs are sold, there will be a one time giveaway of a brand new Lamborghini.

Cryptoassets are a highly volatile unregulated investment product.