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Case Studies
+40 mandates  ·  2021–2026

Receipts fromevery season ofthe last cycle.

+40 mandates. Same Monday brief. Real receipts — TVL, mindshare, holders — across every season of the last cycle, in four regions, in ten locales.

Projects
40+
Travala revenue '25
$113M+
Black Mirror pre-reg
500K+
Markets
25+
01 / Flagship mandates

Four mandates. One Monday brief each.

The four flagship runs that show the operating room at full tempo. Travala compounding into year three, Black Mirror taking AAA IP onchain, Seedify rebuilt around six languages, FAR Labs anchored out of Abu Dhabi.

02 / Featured · Long-form
AVA / Travala featured case cover
FEATURED CASELIVE · Q3 / 26
AVA / TRAVALA·2023 → · APAC / GLOBAL

An OTA that proved Web3 utility was already here.

Eighteen-month run beside Travala’s two founders. We rebuilt the Smart Program ambassador architecture, sequenced KOL waves across APAC and LATAM around six major partnership drops, and ran four quest seasons against the AVA Smart Program tiers.

SECTORTRAVEL · RWA
WINDOW2023 → NOW
REGIONSAPAC · GLOBAL
BUNDLE6 SERVICES
STATUSLIVE · Q3 / 26
Gross Revenue · 2024
+$103.3M

Up from $61M in 2023.

Annual Gross Revenue · 2025
+$113M

Annualised across 12 months.

Crypto-paid bookings
78%

Peak 83% in June 2024.

Properties live
+2.2M

Across 230 countries.

Real-world utility doesn't market itself.

The Travala team came to us in 2023 with the strongest real-world utility story in Web3 and the quietest growth engine. The platform was processing crypto travel bookings at scale — Booking.com, Expedia, Agoda already integrated — but the crypto-native audience that should have been their natural distribution was treating Web3 RWA as a future narrative, not a live product.

We did two weeks of onramp with Juan Otero and the Hanoi operations team. The catalysts were obvious once mapped: Skyscanner, KAYAK, Trivago, Solana, Binance Pay deepening, and a planned Bitcoin treasury reserve announcement.

  • MOVE / 01Anchor on APAC and LATAM, where crypto travel demand already existed and Binance distribution was strongest.
  • MOVE / 02Rebuild the Smart Program tiers as an ambassador architecture, not a loyalty program.
  • MOVE / 03Sequence KOL waves against partnership announcements, not against price.

One Monday brief through six partnership drops.

Every Monday brief landed in Buenos Aires, Barcelona, Dubai and Singapore before lunch. Martín ran the EU/MENA KOL track around the Booking Holdings group integrations. Kevin ran APAC KOL sequencing across Solana Breakpoint, TOKEN2049 Singapore, and Binance Blockchain Week Dubai. Camila ran the LATAM ambassador track for the Binance Card cashback corridor. Daichi anchored PR around the Bitcoin treasury reserve narrative.

Four consecutive quest seasons rolled month-on-month across Galxe, TaskOn, Zealy and Intract. Gated by AVA Smart Program tier, anti-sybil layered, designed to convert quest completions into Smart member locks. By Q4 2024 the platform crossed its first $10M month. By the end of 2025 it was running at $113M annualised. We didn’t try to compete with Otero’s own voice; we amplified it across every region that wasn’t on his calendar that week.

“Surpassing $100 million in gross revenue is a huge milestone, but for us, it’s just the beginning.”

JOJuan Otero· Co-founder & CEO, Travala · December 2024

The Diamond cohort wrote the brief themselves.

By the time Travala announced its Bitcoin and AVA Treasury Reserve Plan in December 2024, the Diamond-tier ambassador cohort was already running the narrative without us. 42,549 Smart members. 8.9 million AVA locked. 78% of all 2024 bookings paid in crypto, peaking at 83% in June. The crypto-traveler LTV story — 2.5x the per-trip spend of fiat customers, 3.5x more likely to book 3+ nights, 57% more likely to repeat — became the press hook for the next eighteen months.

We’re still running the mandate. The Monday brief still lands. Next quarter’s focus is the agentic-commerce pivot: same ops, new surface.

03 / Be the next case
Q3 / 26

Your case study begins on a Monday.

+40 mandates. Same shape. Same Monday brief. One of next quarter’s four slots could be yours.We’ll know by reply on the brief whether we’re the right shop.

LEDGERQ2 / 26
Mandates40+
TVL · peak$2.3B+
Quests4.6M+
Reply~12hrs
EU · BarcelonaAPAC · SingaporeLATAM · Buenos Aires
info@eldmarketing.comDIRECT · READ BY THE FOUNDERS