Request Network lets users send, receive and fulfill invoices on decentralized networks. Businesses that accept crypto can invoice their clients through the automated platform, just like corporations do in the non-crypto world. Payments platform Request Network's token Request (REQ) is up 314 % in 2021. In this article, we will talk about "What happened to Request Network?".
What happened to Request Network?
Some of REQ's sudden surge follows its listing on popular cryptocurrency exchange Coinbase. Once a coin is lined up for listing on Coinbase, its price often goes skyward; the recurring phenomenon is known as the "Coinbase Effect".
The effect was first observed in 2017 after the prices of Bitcoin hard-forks Bitcoin Cash and Litecoin doubled following their listings on Coinbase. The result is a dud when Coinbase lists a coin during bearish markets, as Dogecoin experienced when its price barely moved upon its listing.
Launched in October 2017, REQ has a maximum supply of 999,983,984 and burns tokens whenever it's used for e-invoicing. The network charges up to 10 cents for payment requests and burns an equivalent amount of REQ to lower the total supply in circulation.
Coinbase listed other tokens
Coinbase also listed Defi protocol QuickSwap's governance token, QUICK. QuickSwap was once one of billionaire investor Mark Cuban's favorite protocols, though he hasn't said much about it since he got rug-pulled by a liquidity pool on the protocol (through no fault of QuickSwap). Coinbase also added the Pokémon-inspired NFT game Axie Infinity's governance token, AXS.
I think now you have a clue for "What happened to Request Network?".
