In-network computing accelerates applications natively running on the host by executing them within network devices. While in-network computing offers significant performance improvements, its limitations and design trade-offs have not been explored. To usefully and efficiently run applications within the network, we first need to understand the implications of their design. In this work we introduce LaKe, a Layered Key-Value Store design, running as an in-network application. LaKe is a scalable design, enabling the exploration of design decisions and their effect on throughput, latency and power efficiency. LaKe achieves full line rate throughput, while maintaining a latency of 1.1μs and better power efficiency than existing hardware based memcached designs.