Blackbird, the innovative restaurant loyalty platform created by Ben Leventhal, co-founder of Resy and Eater, has officially launched its Flynet mainnet. This exciting development marks a significant step towards integrating restaurant payments into the blockchain ecosystem.
The Power of Flynet: A Layer-3 Solution
Flynet operates as a layer-3 blockchain built on Coinbase’s Base chain, which itself is a layer-2 network. This architecture allows users to conduct transactions on Ethereum more efficiently, offering faster processing times and lower costs. By leveraging this advanced technology, Blackbird aims to revolutionize the restaurant industry.
Eliminating Middlemen for Cost Efficiency
One of the key advantages of using Flynet is the elimination of traditional middlemen in the restaurant payment process. According to Blackbird’s team, this streamlined approach reduces transaction costs and introduces a novel model for rewarding diners and restaurant partners alike. By managing payments and loyalty programs entirely on Flynet, Blackbird is setting a new standard in the industry.
$FLY Token: A Seamless Payment Solution
Previously, Blackbird introduced a payments platform that allowed users to pay for their meals using $FLY, the platform’s native token. Diners could earn $FLY through participation in loyalty programs at selected restaurants or purchase it directly within the Blackbird app using USDC stablecoins. With the launch of Flynet, the use of $FLY expands; restaurants can now utilize the token to cover platform fees, enhancing its utility within the ecosystem.
Introducing $F2: New Token for Gas Fees
In addition to $FLY, Blackbird is launching a new token called $F2, designed specifically for gas fees on the network. The team has announced an airdrop of 13% of the total $F2 supply to early users and participating restaurants, with distribution based on certain activity metrics. The remaining 87% of the tokens will be allocated to insiders, the treasury, and through six subsequent seasons for other participants, as explained by Leventhal in an interview.
Strong Backing and Ambitious Goals
Blackbird has secured an impressive $85 million in funding from notable backers, including Andreessen Horowitz (a16z), Coinbase, Spark Capital, and American Express. In 2023, a16z led a successful Series A funding round, raising over $24 million for the platform’s growth.
Current Availability and Future Plans
Currently, Blackbird operates in major cities such as New York, San Francisco, and Charleston, allowing diners to earn rewards at approximately 500 participating restaurants. Leventhal envisions a future where blockchain technology significantly enhances the restaurant industry’s ability to attract and retain customers, stating, “What we think we can do is build something where transactions become much more cost-effective, and the levers that restaurants have to attract and retain customers will become vast. And those two things, more than anything else, is the reason why we’re building on-chain.”
In conclusion, Blackbird is poised to redefine the dining experience through blockchain technology, creating a more efficient, rewarding, and engaging environment for both diners and restaurants.
