Founders

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

Product builder and investor — @socialgraphvc

kindness, compassion, forgiveness

$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

$F2

- It’s the gas token for the Flynet L3, where all $FLY transactions happen, launching on 
@base
 

- It has a 1B fixed supply

- 50% will be airdropped to users and restaurants, the treasury will be 15%, and investors and the labs team will get 35%

- Developers will be able to build on top of the $FLY ecosystem, and get grants from the treasury

$FLY or $F2?

$F2 is the answer. It has a fixed supply. Investors and the team are on vesting schedules for $F2. The main demand lever is from future developers that will want to build using $FLY. It will probably also have a rev-share or buyback-burn mechanism.

*They will adjust their token model as they learn along the way

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

Here's Ben, showing a bit of the product experience