Client Overview
The client operates a Layer-1 blockchain that combines the scalability of the Cosmos SDK with Ethereum’s developer tooling. At the time of writing (April 15, 2025), it has a market capitalization of approximately $450 million.
Objectives
The client aimed to achieve operational excellence within a legally sound structure. The core goals were to:
- Standardize and optimize recurring processes (e.g., board meetings, billing, agreements).
- Enable focus on protocol development and ecosystem growth, instead of being bogged down by administrative responsibilities.
The Challenge
The client operated through a three-entity setup:
- Holding company – A Cayman Islands foundation.
- General Operations – A British Virgin Island entity.
- Token Operations – A British Virgin Island entity.
This structure required significant administrative coordination. Kava also needed to manage the complexities of Web3-specific activities like:
- Token operations (market making, LP provision, OTC trading).
- Regular funding of liquidity pools across DEXs.
- Coordinating with multiple market makers, ensuring legal and financial alignment.
Our Solution
We addressed Kava’s challenges through a comprehensive operational support setup, tailored to the unique needs of Web3 protocols:
- Financial Infrastructure:
- Dedicated wallets for each entity to maintain clear financial boundaries.
- Fireblocks accounts for secure custody and transfer of assets.
- Accounting tools like Tres and Xero for real-time financial tracking.
- Traditional bank accounts for fiat payments and investment activities (e.g., bonds, ETFs).
- Operational Efficiency:
- Engaged payroll management platforms to unify and streamline contractor and employee payments.
- Collaborated with KYC providers to manage compliance.
- Opened and managed accounts with payment providers and banks.
- Administrative Support:
- Drafting and executing agreements and board resolutions.
- Invoicing handling, transaction execution, and financial reporting.
- Supporting HR tasks such as onboarding and compliance documentation.
- Customized Process Design:
- Built custom workflows from scratch due to the niche nature of the protocol.
- Integrated fragmented infrastructure to create a cohesive operational environment.
- Automated processes related to monthly payment runs and board resolutions.
Impact
Operational Improvements:
- Significantly reduced onboarding times for new staff and vendors.
- Faster and more accurate agreement execution.
- Shared Google Drives for enhanced transparency, easy access and collaboration on documents.
Financial Visibility and Control:
- Real-time dashboards showing asset distribution across chains, wallets, and entities.
- Streamlined monthly payment runs and board consent processes, minimizing delays and errors.
Client Feedback:
“👍” — Anonymous
(Insider joke, as client always reacts to messages with thumbs up)
Why It Matters
This case highlights Lemma’s ability to manage and streamline complex operational setups for Web3 projects. The client’s structure was unique, with no off-the-shelf solutions available. We delivered custom-built systems and processes to bring clarity, efficiency, and compliance.
Takeaway for Similar Projects
If your Web3 project is feeling weighed down by operational demands, Lemma can step in to enhance efficiency and handle the day-to-day so you can focus on building.