Blackbird Launches Flynet Mainnet for Restaurant Payments
Blackbird, a pioneering restaurant loyalty platform co-founded by Ben Leventhal, who also played a key role in Resy and Eater, announced the launch of its Flynet mainnet on Thursday. This innovative platform facilitates restaurant payments directly on the blockchain.
Flynet operates as a layer-3 blockchain built on Coinbase’s Base chain, a layer-2 network that allows users to execute transactions on Ethereum with enhanced speed and reduced costs. The team asserts that adopting a layer-3 solution is particularly advantageous for the restaurant sector, stating, “By managing payments and loyalty programs entirely on Flynet, Blackbird eradicates traditional intermediaries, minimizes transaction costs, and introduces a revolutionary model for incentivizing both diners and partners.”
Previously, Blackbird had rolled out a payments system enabling users to settle their bills using $FLY, the platform’s native cryptocurrency. Users could accumulate $FLY through participation in the loyalty program by dining at affiliated restaurants or by purchasing it within the Blackbird app using the USDC stablecoin.
With the introduction of Flynet, the utilization of $FLY remains consistent, but restaurants can now also use this token to cover platform fees. Additionally, the Blackbird team is set to unveil a new token, $F2, designated specifically for gas fees on the Flynet network.
In an exciting move, the team revealed plans to airdrop 13% of the $F2 token supply to early adopters and participating restaurants, with distribution based on specific activity metrics. The remaining 87% of the $F2 supply will be allocated to insiders, the treasury, and will be distributed over the next six seasons to participants, as explained by Leventhal in a recent interview with CoinDesk.
Blackbird has successfully raised $85 million in funding, with notable backers including Andreessen Horowitz (a16z), Coinbase, Spark Capital, and American Express. In 2023, a16z contributed over $24 million during a Series A funding round aimed at propelling the platform’s growth.
Currently, Blackbird is operational in key cities such as New York, San Francisco, and Charleston, offering diners the opportunity to earn rewards at a selection of their favorite restaurants. Leventhal shared with CoinDesk that approximately 500 establishments are now part of their loyalty program.
Leventhal elaborated on the vision behind Blackbird, stating, “What we aspire to achieve is to create a system where transactions become significantly more cost-effective, thus providing restaurants with extensive tools to attract and retain customers. These two factors, more than anything else, are the driving forces behind our decision to build on-chain.”
