Blackbird, the restaurant loyalty platform founded by the co -founder of Resy and Eater Ben Leventhal, shared on Thursday that his Flynet Mainnet is live, which brings restaurant payments in the chain.
Flynet is a 3 layer block chain based on the top of the coinbase base chain. Base, a layer 2 network, allows users to make transactions on Ethereum for faster and cheaper.
The team states that having a layer 3 benefits the restaurant industry, because “when handling payments and loyalty programs completely in Flynet, Blackbird eliminates traditional intermediaries, reduces transaction costs and introduces a new model to reward both diners and partners.”
Blackbird had previously published a payment platform, allowing users to pay their meals with $ FLY, the native token of the platform, which users could win through the program loyalty program CENING in participating restaurants, or buy it in the Blackbird application using the USDC Stablecoin.
With Flynet Live, $ FLY will be used in the same way, but now the restaurants can also use the token to pay the platform rates. In addition, the equipment is launching a new token, $ F2, which will be used for gas rates on the network.
The team said they will transmit 13% of the $ F2 tokens supply to the first users and restaurants, with distribution depending on certain activity metrics. The remaining 87% of $ F2 will go to “Insiders, the Treasury, and we have six other seasons after this we will assign tokens to the participants,” Leventhal told Coindesk in an interview.
According to the team, Blackbird has $ 85 million in funds with sponsors of Andreessen Horowitz (A16Z), Coinbase, Spark Capital and American Express. In 2023, A16z raised more than $ 24 million for the platform in a round of series A.
Blackbird is currently available in New York, San Francisco and Charleston, and allows diners to obtain rewards in some of their favorite restaurants. Leventhal told Coindesk that there are approximately 500 restaurants as part of his loyalty program.
“What we believe we can do is build something where transactions become much more profitable, and the levers that restaurants have to attract and retain customers will become huge,” Leventhal told Coindesk about how he sees the restaurant industry and the block chain that cross. “And those two things, more than anything else, is the reason we are building in the chain.”
Read more: Blackbird, start of web3 of the resy co -founder, wants diners to pay the meals in Crypto
