Blackbird Launches Flynet Mainnet for On-Chain Restaurant Payments
Blackbird, a restaurant loyalty platform founded by Ben Leventhal, has launched its Flynet mainnet, facilitating on-chain restaurant payments.
- Flynet is a layer-3 blockchain built on Coinbase's Base chain.
- This allows faster and cheaper transactions than operating solely on Ethereum.
- The platform eliminates middlemen, reducing transaction costs while rewarding diners and partners.
- $FLY, the native token, can be used for meal payments and now for platform fees.
- A new token, $F2, will be introduced for gas fees on the network.
- 13% of the $F2 supply will be airdropped to early users and restaurants; 87% will go to insiders and the treasury.
- Blackbird has raised $85 million in funding, backed by firms such as Andreessen Horowitz, Coinbase, and American Express.
- Currently operational in New York, San Francisco, and Charleston with around 500 participating restaurants.
- The goal is to enhance cost-effectiveness of transactions and improve customer retention strategies for restaurants.