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Following my series of content on token models. Today it’s the turn of Blackbird Early last year, the $FLY token model was being praised as the epitetome of consumer focused token models. Since then, they have learned a lot (after being sybil attacked), and late last year, they released an updated token model flypaper. Lot's to learn from them. Let’s break it down
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BLACKBIRD @benleventhal is the cofounder of Resy, who got convinced by @fredwilson.eth to build his next endeavor onchain. Blackbird is just that As a user/diner, Blackbird is the only app you need. You can manage reservations, check-in when you get to the restaurant, and even split the bill and pay. Just pay and leave. Also, you will earn $FLY rewards for going to the restaurants. Users can pay with $FLY or regular credit cards. The more $FLY you use, the better LTV you have for restaurants Restaurants receive users, and get rewarded with $FLY proportional the users who check-in with them. The key unlock is that restaurants can They doing ~1M in user check-ins every month!!! Right now all transactions offchain, but soon, they will launch a L3 on base which will use the $F2 token as the gas token for transactions, abstracting crypto away from users Check out their TikTok account to learn more
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$FLY - Blackbird labs controls emissions of $FLY, with an uncapped supply and emissions meant to keep the price stable - Restaurants receive $FLY to distribute to users as rewards, they may also sell back $FLY or buy $FLY at a set rate managed by Blackbird Labs - Users receive $FLY for rewards for checking in and using Blackbird Pay, they can buy $FLY at the set rate, and use their earn $FLY to pay - The token emissions are inflationary and managed by Blackbird Labs - As of Aug 2024, the emissions where 126M, and the original whitepaper scheduled emissions for the first three years at 500M - As of late, the current $FLY price is $0.01 USD, meaning 1.2M in rewards have been granted to network participants
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