NYC based Blackbird just served up Flynet—an Ethereum L3 that cuts out middlemen, puts restaurants back in control of their data, and turns every transaction into a step toward co-ownership.

$F2 airdrop season is coming, so if you’ve stacked $FLY, it’s time to order up some grub.

Blackbird, a New York–based onchain restaurant loyalty and payments platform, has launched Flynet, a purpose-built Ethereum layer‑3 network that runs on top of Coinbase’s Base layer‑2. Flynet’s mainnet went live on February 27 and is designed to process and record all transactions and actions across Blackbird’s restaurant network, including interactions between restaurants, staff, and guests. The goal is to replace traditional payment and loyalty infrastructure with a decentralized network that is ultimately governed by its users via a new token, $F2. For restaurants, Flynet is pitched as new financial “rails” that cut out expensive intermediaries, offering a flat 2% network fee and routing 1.5% of topline revenue back to restaurants for customer acquisition and retention, compared with credit card fees that can approach or exceed 3.75%. By moving payments and loyalty on-chain, Flynet is intended to return data control to restaurants, since customer interactions and histories live in an open, user-permissioned environment instead of being locked inside banks or payment processors. On the consumer side, Blackbird users check in and pay via the app, earning and spending $FLY tokens for real-world meals; $FLY functions as a platform rewards and payments currency, while $F2 is used for gas and governance on Flynet. The launch also introduces an $F2 airdrop program: Blackbird states that anyone who has used the app and earned $FLY will be able to claim an allocation of $F2, with this initial distribution being the first of seven “claim seasons” tied to growth milestones. Over time, holders of $F2 are expected to gain meaningful control over the network, aligning Flynet’s economics with restaurants, workers, and diners instead of legacy payment providers. The move comes as Blackbird reports over 10,000 daily transactions in 2024, more than 100,000 wallets holding $FLY, and substantial venture backing from firms such as a16z, Coinbase, Spark Capital, and American Express, positioning Flynet as an attempt to demonstrate a scaled, real-world onchain application in the restaurant industry.

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• Blackbird - Not Boring by Packy McCormick (notboring.co)
• Blackbird Flynet Explained: Onchain Restaurant Loyalty - Conduit XYZ (conduit.xyz)
• [PDF] Introducing $FLY, $F2, and the Blackbird Flynet, powering the ... (flynet.org)
• Blackbird: Revolutionizing Restaurant Loyalty with Blockchain ... (solanacompass.com)
• Introducing Flynet: Blackbird's Onchain Transaction Network (thesupersonic.blackbird.xyz)

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