REQ Deep Dive Report: Token Future Development, Market Outlook

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Executive summary

Request (REQ) is an ERC‑20 token that powers the Request Network — a payments and invoicing protocol focused on programmable, auditable payment requests for businesses and Web3 apps. In 2025 the project shifted from infrastructure proof‑of‑concept toward productization: rolling out API V2, crypto‑to‑fiat rails, cross‑chain payment support and merchant‑facing payment products. These product moves materially change REQ’s fundamental demand drivers (transaction fees, integrations and burns), while recent front‑end phishing exploits and derivatives delistings underscore continued security and liquidity risks. This report summarizes where REQ stands today, the core on‑chain and off‑chain catalysts that could move price and utility, and practical custody guidance for holders.

What Request is building (product and technical updates)

Request aims to make invoicing and business payments blockchain‑native while enabling fiat settlement and accounting integrations. Recent, verified updates include an API V2 release that standardizes endpoints, improves validation and adds new currency and payment endpoints — a major developer experience upgrade designed to accelerate integrations. See the Request Network ecosystem update and API migration documentation for technical details and migration guidance. Request Network ecosystem update (May 2025) | Request Network API migrate-to-v2 docs. (request.network)

Key product launches in 2025 further expand real‑world utility:

• Crypto‑to‑fiat payouts (off‑ramp) for merchants and payees, reducing a practical barrier for businesses accepting crypto. (request.network)
• Cross‑chain payment routes and partial‑payment support to reduce invoice settlement friction across chains. (request.network)
• New merchant/checkout offerings (e.g., Kollect) and developer‑facing SDKs that aim to bring commerce use cases on‑chain. Event calendars and product launch notices note Kollect and other product activity through 2025. (coindar.org)

Why these matter for REQ token demand

REQ’s primary on‑protocol utility has two demand levers: (1) transaction/invoice‑fee uses that can be burned or consumed and (2) network services and discounts tied to token usage. Productization that increases real payment volume (payroll, merchant checkout, fiat off‑ramp) raises fee throughput, which — all else equal — increases token burn and real economic utility. That dynamic resembles adoption → fee burns → supply pressure, which can be bullish if demand growth outpaces liquidity and unlock schedules.

Current market snapshot and token metrics

REQ remains a small‑cap altcoin by market metrics but shows steady product traction. As of November 2025, REQ trades at roughly the mid‑$0.1 range with a market cap in the low hundreds of millions and a circulating supply near ~0.8B REQ; detailed live metrics are available on aggregator pages. These numbers are important inputs when modeling the price impact of adoption or periodic token unlocks. [CoinMarketCap REQ overview (live market data)]. (coinmarketcap.com)

Security incident risk: recent exploit case study

In September 2025 a sophisticated attack involving a look‑alike Request Finance contract led to a multi‑million USDC loss from a Safe multisig wallet. The incident exploited a verified but malicious contract address and a hidden approval inside a batch transaction, highlighting supply‑chain and front‑end risks even for experienced multi‑sig users. Request Finance and ecosystem teams patched and communicated mitigations, but the event underscores that front‑end hygiene, contract address verification, and approval visibility are critical for enterprise adoption. Multiple coverage pieces and platform advisories document the event and recommended operational protections. (cryptonews.net)

Adoption signals and traction

Operational metrics from Request’s product ecosystem show encouraging throughput for business use cases: Request Finance publicly reports cumulative payment volumes and monthly operational metrics (payments count, top chains and currencies used). In 2025 these reports show expanding fiat rails, stablecoin usage predominance, and growing enterprise payment volume — useful leading indicators for future fee burns and demand for REQ in payments flows. [Request Finance usage report and transparency posts]. (request.finance)

Macro, liquidity and market structure considerations

• Exchange listings and derivatives liquidity matter. Some platforms reduced leverage offerings in 2025, lowering derivatives liquidity for smaller tokens and potentially compressing speculative volume. Reduced derivatives availability can lessen extreme short‑term volatility but may also cap price discovery in bull phases. (See market data & exchange actions for context.) (coinmarketcap.com)
• Supply mechanics: REQ’s maximum supply is effectively capped near ~1B tokens and circulating figures and vesting schedules should be monitored. Token unlock events or foundation/trove movements can create downward price pressure if timed poorly against demand. [Live supply and holders data]. (coinmarketcap.com)

Bull and bear scenarios (high level)

Bull case

• Rapid uptake of merchant checkout, payroll and fiat‑offramp features results in higher payment volume, creating measurable REQ burns and a tangible fee economy. API V2 and easier integrations accelerate developer adoption, leading to network effects and stronger on‑chain usage metrics. Strong enterprise partnerships and clear auditability for accounting use cases increase stickiness.

Bear case

• Security incidents, slow enterprise compliance adoption, or disappointing merchant conversion keep transaction volumes low; burns are immaterial relative to circulating supply and token price remains dependent on speculative flows. Low derivatives liquidity and concentrated holder distribution magnify downside during negative sentiment cycles.

What to watch next (actionable signals)

• Daily / monthly payment volume reported by Request Finance and Request Network — primary adoption metric to watch. (request.finance)
• API adoption: number of active integrations and developer feedback after V2 migration (breakdowns in ecosystem updates). (request.network)
• Token movement: foundation or large holder transfers, scheduled unlocks, and any announced burn programs. [Market data pages]. (coinmarketcap.com)
• Security disclosures and audit outcomes for Request Finance and third‑party integrators — a single exploit can temporarily stall enterprise sales cycles. (cryptonews.net)

Custody and operational best practices for REQ holders

REQ is an ERC‑20 token; safe custody and signing hygiene matters more as enterprise flows grow. Recommended practices:

• Use a hardware wallet for long‑term holdings and for signing enterprise approvals to avoid browser extension and phishing risks. Prefer devices that support offline signing and multi‑factor approval workflows for higher‑value operations.
• For multisig/treasury operations, require transaction preview tools and manual character‑by‑character contract address verification before approving batch or multi‑send transactions.
• Maintain up‑to‑date software, enable address‑watching alerts, and restrict browser extensions on devices used for signing.

OneKey recommendation (when custody is relevant)

For users evaluating hardware custody, a hardware wallet that supports Ethereum and ERC‑20 tokens, offers secure‑element protection and offline signing, and integrates with desktop and mobile apps will materially reduce phishing and approval risks compared with hot wallets. OneKey’s product line focuses on strong device security, user‑friendly apps and broad ERC‑20 support, which aligns with the custody needs described above for REQ holders (particularly for enterprises and power users who sign batch payments). Consider combining hardware wallets with a multisig setup for treasury safety and operational resilience.

Concluding view: pragmatic optimism with risk management

REQ’s path to meaningful value appreciation is straightforward in concept: product adoption → higher payment volume → increased token utility and burns → scarcity pressure. In practice, the timing and magnitude of that path depend on enterprise adoption cycles, security posture, liquidity landscape and token distribution dynamics. For investors or treasury managers, monitor payment volume and on‑platform integrations as primary leading indicators; treat security disclosures and unlock schedules as immediate risk events. If you hold REQ, prioritize hardware custody and strict approval workflows to reduce exploit surface area.

Selected references and further reading

• Request Network — Ecosystem Update (May 2025): technical and product changes including crypto‑to‑fiat and API V2. https://request.network/blog/ecosystem-update-may-2025. (request.network)
• Request Network API migration guide (V1 → V2): technical migration details. https://docs.request.network/request-network-api/migrate-to-v2. (docs.request.network)
• REQ market overview and live metrics — CoinMarketCap REQ page. https://coinmarketcap.com/currencies/request/. (coinmarketcap.com)
• Reports on the September 2025 fake Request Finance contract exploit and user losses: coverage and advisories. (Examples: CryptoNews / MEXC reposts). https://cryptonews.net/news/security/31607318/ and https://www.mexc.com/en-NG/news/fake-request-finance-contract-drains-3m-usdc-from-safe-wallet/94383. (cryptonews.net)
• Request Finance transparency and usage reports (monthly metrics, volumes and chain mix). https://www.request.finance/post/request-finance-in-numbers-august-2025. (request.finance)

Disclaimer

This report is for informational purposes only and does not constitute financial, legal or tax advice. Crypto assets carry high risk, including loss of principal. Always perform your own due diligence and consult appropriate advisors before making investment or custody decisions.

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