Gro, the “protected” stablecoin yield farming protocol, is pleased to confirm that Jake Chervinsky, General Counsel at Compound Labs, will be joining the Gro team as a “strategic” advisor.
As mentioned in a release shared with CI, Jake brings “a wealth of experience in the decentralized finance and broader cryptocurrency market, strengthening the Gro team after the successful implementation of the Gro decentralized autonomous organization and the associated governance token launch.”
While Jake has been involved in establishing the Gro DAO for several months, the advisory appointment “formalizes his position in the project,” the announcement noted.
Hannes Graah, Founder at Gro, stated:
“We couldn’t be more thrilled to formally welcome Jake to the Gro team at such a critical point in our development roadmap. His deep expertise in DeFi and particularly the evolving regulatory landscape will position Gro to ensure it can mount an agile response to any future legislation and provide a stable and compliant service to Gro users.”
Jake Chervinsky graduated with a BS degree in psychology and criminal justice prior to completing his doctorate at the George Washington University Law School back in 2013. He then went on to hold different positions both in public and private practice, along with working as an adjunct professor at the Georgetown University Law Center back in 2019.
In the same year, he joined Compound Labs, which has quickly emerged as one of DeFi’s leading lending platforms, as General Counsel. In addition to his role at Compound and his advisory role at Gro, Chervinsky also “serves as a strategic adviser to Variant, a cryptocurrency-focused investment fund.”
As noted in the update, Chervinsky is also “an active contributor to the ongoing discourse regarding cryptocurrency and decentralized financial regulation.”
He is credited with playing an important role in “shaping the DeFi taxation discussion around the US Infrastructure Bill and has published many highly regarded thought leadership pieces covering digital asset regulation and its implications on the sector.”
Recently, Gro announced its launch of “a unique on-chain governance mechanism to determine the launch of its DAO token, its liquidity bootstrapping pool (LBP) and its liquidity mining program set to distribute 2 Million tokens in the first month of operation.”
The LBP “launched on the Balancer protocol using Copper Launch on September 28,” the announcement confirmed.
As mentioned in a release, Gro is a decentralized finance (DeFi) protocol providing leveraged and protected stablecoin yields via “risk tranching.” It operates two key products: PWRD and Vault. The protocol uses “an automated portfolio of stablecoin yield strategies to balance yield against risk. PWRD users are protected from loss by Vault users.”
In return for the increased risk, Vault “takes a leveraged share of protocol returns from PWRD.” As Gro only uses stablecoins there is “no market price volatility, even in the higher risk product.”
Gro is reportedly backed by investors such as Galaxy Digital, Framework Ventures, Three Arrows Capital, among others.
