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).
SPECTRA price
$0.0031
+11.1% 24h
Latest data · 15 min delay
Curated asset listings joined to their typed risks, with oracles and parameters.
Spectra is the permissionless end of the yield tokenization spectrum. Any ERC-4626 interest-bearing token can be wrapped into a and pair with no listing gate, and the protocol runs on nine networks: Ethereum mainnet, Base, Arbitrum, Optimism, BNB Chain, Avalanche, HyperEVM, Katana and Sonic, per the pool API endpoints that returned data at `https://app.spectra.finance/api/v1/{network}/pools`. Liquidity sits in Curve StableSwap-NG and twocrypto-NG pools, with a `RateAdjustmentOracle` feeding the expected PT price into the AMM so the bonding curve only has to price the deviation of the realized implied rate from the expected rate (Spectra rate adjusted StableSwap docs). The trade-off versus Pendle is stark on scale: the entire Spectra pool set returned 25 pools, and the largest, PT-yvvbUSDC on Katana, holds $380,545.80 TVL, roughly 1/130th of Pendle's largest market. The asset mix skews toward long-tail and new-chain assets (Katana vault bridge USDC and USDT, Jarvis synthetic euro, YieldNest RWA baskets, Avant avUSD on Avalanche) rather than blue chip LSDs. Spectra also formalizes negative-yield handling through a `ptRate` variable that writes down the PT's par value if the underlying IBT ever registers negative interest (Spectra rate adjusted StableSwap docs).
Share of curated asset listings by chain (count, not value).
| Asset | Role | Maturity | Implied APY | Oracle | ||
|---|---|---|---|---|---|---|
PT-yvvbUSDC(vbUSDC)-2026/08/02 Katana (chain 747474) | Principal token, IBT is yvvbUSDC | 2026-08-02 | 7.01% implied vs 6.33% IBT APR | Curve pool with `RateAdjustmentOracle`; Spectra deterministic, TWAP or hybrid oracles available for external integrators | MTCG | |
PT-sjEUR(jEURx)-2026/10/13 Base | Principal token, IBT is sjEUR | 2026-10-13 | 5.72% implied vs 4.14% IBT APR | Curve pool rate oracle | MTCG | |
PT-STAK(yn-RWA/USD)-2026/10/15 Ethereum | Principal token, IBT is STAK | 2026-10-15 | 19.75% implied vs 1.81% IBT APR | Curve pool rate oracle | MTCG | |
PT-avKAT(KAT)-2026/11/19Flagged Katana | Principal token, IBT is avKAT | 2026-11-19 | 25.24% implied; IBT APR reported as 0 | Curve pool rate oracle | MTCG | |
PT-ynRWAx(USDC)-2026/10/15 Ethereum | Principal token, IBT is ynRWAx | 2026-10-15 | 11.31% implied vs 11.58% IBT APR | Curve pool rate oracle | MTCG | |
PT-sw-syUSD(vbUSDC)-2026/08/02 Katana | Principal token, IBT is sw-syUSD | 2026-08-02 | 9.63% implied; IBT APR reported as 0 | Curve pool rate oracle | MTCG | |
PT-sw-WUSDN(USDN)-2027/01/12Flagged Ethereum | Principal token, IBT is sw-WUSDN | 2027-01-12 | 20.53% implied vs 12.35% IBT APR | Curve pool rate oracle | MTCG | |
PT-sUSDp(USDp)-2026/07/31Flagged Avalanche | Principal token, IBT is sUSDp | 2026-07-31 | 6.33% implied vs 10.00% IBT APR | Curve pool rate oracle | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: 110 USD, 539 USD, All Principal Tokens, All Spectra pools, All Spectra pools on Hemi, Avalanche 1.15 million USD, Base 588, ETH held in user wallets that approved the router, Ethereum 966, Flare, Flare 11.23 million USD, Hemi 13.1 million USD, Katana 1.23 million USD, MetaVaults V1, PT, PT-wstUSR, Principal Tokens, Spectra core contracts, USR, YT pools on Curve, YT tokens, app.spectra.finance, other AMMs, other listed ERC-4626 assets, sFLR, scUSD, stS, stXRP, their ERC-4626 underlyings, user wallet approvals, wstUSR. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
Spectra Deterministic Oracles
Semi-deterministic pricing that matches the PT's redemption value at maturity, one unit of underlying adjusted by `ptRate`. Deployed via `SpectraPriceOracleFactory.createOracle(pt, discountModel, initialImpliedAPY, initOwner)` with `LinearDiscountModel`, `LinearAPRModel` or `ZeroCouponDiscountModel`; `initialImpliedAPY` in 18 decimals where 1e18 is 100%
Spectra TWAP Oracles
Exponential moving average of Curve AMM prices, read via `price_oracle()` on twocrypto-ng and stableswap-ng pools through `CurveOracleLib`; 12 Chainlink-interface feeds cover 3 base assets by 2 quote assets by 2 AMM types; deployed via `TwapOracleFactoryNG` and `TwapOracleFactorySNG`
Spectra Hybrid Oracles
TWAP price lower bounded by a deterministic oracle, for manipulation resistance while still tracking the market
Spectra `RateAdjustmentOracle.sol`
Internal AMM rate oracle read before every state change; flags the PT as an asset whose price depends on an oracle and the IBT as ERC-4626 type so the pair behaves as a pegged pair, leaving the bonding curve to price only the deviation from the expected implied rate
Chainlink AggregatorV3Interface (standard, not Chainlink feeds)
Spectra oracles are fully on-chain but expose `latestRoundData()`; integrators should ignore `roundId`, `startedAt`, `updatedAt` and `answeredInRound`
n.a. (permissionless, no lending caps)
The API returns an implied APY of roughly 2.17e14 percent and $0 pool liquidity against $308.60 TVL
API returns 3866.54% implied APY on $581.40 TVL
API returns -99.87% implied APY; maturity is 2026-07-30, four days after the collection date
TVL and liquidity both returned null; 339.52% implied APY; matures 2026-07-31
$0.03 TVL and $0.05 pool liquidity, while a second sUSG pool with a 2026-09-25 maturity holds $5,246.50
$25,291.50 TVL but only $59.10 of pool liquidity, producing a 39.59% implied APY that cannot be transacted in size
$54,340.40 TVL against $8,541.50 pool liquidity
$127.20 TVL and $7.40 pool liquidity
$6.00 TVL and $12.00 pool liquidity
Matures 2026-07-31, five days after the collection date, with $30,141.60 TVL
Both are denominated in Spectra's own SPECTRA or sdSPECTRA token, so the fixed rate and the collateral value share a single failure point
The API reports the IBT APR as 0 while quoting 25.24% implied APY, so the discount is not explained by any measured underlying yield
The `ptRate` mechanism reduces the PT's par value proportionally if the underlying IBT registers negative interest, so 1:1 redemption at maturity is conditional, not guaranteed
Pool API requests for linea, mantle, polygon, gnosis and bnb returned no valid data; only mainnet, base, arbitrum, optimism, bsc, avalanche, hyperevm, katana and sonic resolved, and optimism and sonic returned no pools
Curated list ranked by size and strategic importance; not the exhaustive on-chain asset universe. Data as of 2026-07-26.
