Blackbird, the restaurant loyalty platform co-founded by Resy and Eater's Ben Leventhal, announced on Thursday that its Flynet mainnet is now operational, facilitating restaurant payments on-chain. Flynet is a layer-3 blockchain built on Coinbase's Base chain. Base itself is a layer-2 network that enables users to transact on Ethereum more quickly and affordably. The Blackbird team asserts that a layer-3 solution is advantageous for the restaurant sector because it “manages payments and loyalty programs wholly on Flynet, eliminating traditional intermediaries, lowering transaction expenses, and creating a new framework for rewarding both diners and partners. ” Previously, Blackbird introduced a payments platform allowing users to settle their bills using the platform's native token, $FLY, which they could earn through the loyalty program by dining at affiliated restaurants or by buying it within the Blackbird app using USDC stablecoin. With the launch of Flynet, $FLY will be utilized similarly, but restaurants can also use the token to cover platform fees. Furthermore, the team plans to introduce a new token, $F2, designated for gas fees on the network. The team revealed plans to airdrop 13% of the $F2 token supply to early adopters and restaurants, with distribution tied to specific activity metrics.

The remaining 87% of $F2 will be allocated to “insiders, the treasury, and over the next six seasons, we will distribute tokens to participants, ” Leventhal mentioned in an interview with CoinDesk. As for funding, Blackbird has secured $85 million from notable investors including Andreessen Horowitz (a16z), Coinbase, Spark Capital, and American Express. In 2023, a16z raised over $24 million for the platform during its Series A round. Currently, Blackbird operates in New York, San Francisco, and Charleston, allowing diners to earn rewards at various participating restaurants. Leventhal shared with CoinDesk that there are approximately 500 restaurants involved in their loyalty program. Leventhal explained, “Our goal is to create a system where transactions are far more cost-effective, giving restaurants extensive tools to attract and retain customers. ” He emphasized that this vision is central to why they are integrating blockchain technology into the restaurant industry.