Credit · Fixed Income · SPECTRA
Spectra (formerly APWine) is a permissionless interest-rate derivatives protocol: any yield-bearing asset can be split into principal and yield tokens to trade fixed and variable rates.
Permissionless yield tokenization (ex-APWine).
Protocol TVL
Latest data
Market cap
Latest data
Coins under Spectra
Member products
On-chain + off-chain aggregates across member coins
Protocol TVLDeFi Llama
$11.0K
Member mcap totalCoinGecko
$1.5M
Weighted 24h moveMcap-weighted
+11.4%
+$152.5K implied
Fees · 24hDeFi Llama
$17
Revenue · 24hDeFi Llama
$10
Protocol TVL · 30ddefillama
Click a row for live on-chain + market data
| Symbol | Category | Price | 24h | Mkt cap | |
|---|---|---|---|---|---|
| SPECTRA | Token | $0.0031 | +11.4% | $1.5M |
Showing 1 of 1 coins
Consistent cross-network snapshot · synced 14h ago
Price
Token market (secondary)
TVL by chain
Spectra is a permissionless yield tokenisation protocol, formerly APWine, that splits any ERC-4626 interest bearing token (IBT) into a Principal Token and a Yield Token with a specific expiry (Spectra dev docs). Anyone can deploy a market through the Factory and Registry contracts without permission, which is the main structural difference from curated venues (Spectra docs, Immunefi audit competition scope). PT redeems 1:1 for the underlying at maturity and the protocol runs a dedicated AMM for interest rates (Spectra site). Spectra is AMM-agnostic but "initially leverages battle-tested Curve AMM", and the Curve DAO receives 20 percent of all swap fees (Spectra risk documentation, Curve news). The token migrated from APW to SPECTRA under SIP-3, moving to a ve(3,3) model that routes 80 percent of pool revenue to voters (SIP-3).
