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).
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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). 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).
Permissionless market creation for yield tokenization: anyone can list a new PT/YT market for an interest-bearing asset.
Users deposit an ERC-4626 interest-bearing token (IBT) or its underlying asset and receive two tokens: a Principal Token (PT), redeemable 1:1 for the underlying at maturity, and a Yield Token (YT), which captures all future yield until maturity. This 'yield tokenization' splits a yield-bearing position into a fixed-rate component (PT) and a variable-yield component (YT), enabling fixed rates, yield speculation, and hedging.
PTs trade against their underlying IBT in dedicated automated market maker pools. The price of the PT relative to the underlying implies a fixed yield-to-maturity. Spectra's pools are built on a Curve cryptoswap AMM design, letting users buy PTs at a discount (locking in a fixed rate) or provide liquidity to earn swap fees and incentives.
Anyone can create a new yield-tokenization market for any ERC-4626 vault at will, without protocol-team approval. This permissionless design lets the protocol list new yield-bearing assets (from lending markets, liquid staking, and stablecoin issuers) faster than curated competitors.
SPECTRA is the ecosystem and governance token (migrated from APW). Holders can lock SPECTRA as vote-escrowed veSPECTRA to participate in weekly gauge votes directing incentive emissions, earn a share of protocol fees plus a rebase. Governance, gauge voting, and reward claims run on the Base network.
Project started August 2020 as APWine; mainnet 28 Dec 2021; rebranded to Spectra on 10 July 2023
IQ.wiki APWineSpectra core with PT and YT on ERC-4626 IBTs, plus MetaVaults (Sherlock audited the perspectivefi/metavaults-V1 repository in September 2025)
Spectra auditsPerspective SAS, a French société par actions simplifiée, RCS Paris 801 407 453
Spectra Terms of Use, version dated 12 February 2026France. Governing law is the law of the French Republic, exclusive jurisdiction of the competent courts of Paris
Spectra Terms of UseSPECTRA, migrated from APW (max supply 50,000,000) under SIP-3, with veSPECTRA vote escrow
Spectra tokenomics docsGovernance forum at https://gov.spectra.finance (named in the Terms of Use as the gov URL). Snapshot or Tally space: `n.a.`
Spectra Terms of UseFlare, Hemi, Avalanche, Ethereum, Katana, Base, Polygon, Hyperliquid L1, Sonic, BSC, Arbitrum, OP Mainnet, Monad
DefiLlama Spectra$54.28m total as of 26 Jul 2026, of which Flare $21.29m, Hemi $17.41m, Avalanche $9m, Ethereum $3.77m
DefiLlama SpectraCode4rena (42 auditors, March to April 2024, 0 high, 2 medium, 11 low), Pashov Audit Group (March 2024, 0 high, 3 medium, 15 low), Sherlock (MetaVaults V1, September 2025, 0 high, 2 medium, 9 low/info)
Spectra auditsImmunefi audit competition with a $40,000 reward pool, run 3 to 17 April 2025, now finished. Standing bug bounty max payout: `n.a.`
Immunefi audit competitionhttps://docs.spectra.finance and https://dev.spectra.finance
Spectra Terms of Usehttps://github.com/spectra-finance
GitHub SpectraFees annualised $117,291, revenue annualised $93,818, cumulative DEX volume $801.59m, market cap $1.9m, FDV $2.95m
DefiLlama SpectraClosest analogue
the zero-coupon bond stripped from a floating rate note, issued through what is effectively a self-service issuance platform.
Instrument shape
Spectra
and are created per IBT with a specific expiry; one PT redeems for one unit of the underlying at maturity, and at a 5 percent rate a one-year YT trades for about $0.05
TradFi analogue
Principal strip and interest strip from a floating rate note
Underwriting
Spectra
None whatsoever. "Anyone can create new markets at will, swap yield derivatives, or become a liquidity provider"
TradFi analogue
Closer to a self-listing exchange than to a dealer or an underwriter
Collateral
Spectra
The ERC-4626 IBT itself. Spectra explicitly warns IBT share value can fall and that backing then decreases proportionally to maintain protocol solvency
TradFi analogue
A strip whose recovery depends entirely on the collateral pool, with no issuer credit support
Rate setting
Spectra
Market pricing on a Curve-based AMM, with a migration to Curve NG and Curve Stableswap NG pools audited in April 2025
TradFi analogue
Secondary market price discovery for strips on a dealer platform
Settlement
Spectra
Expiry driven. On 4 June 2026 the largest stXRP pool expired and roughly $4.88m rolled automatically into the newly launched fixed term instrument
TradFi analogue
Maturity roll from an expiring note into a new issue
Recourse on default
Spectra
None from Spectra. The docs state Spectra "does not have control over the types of tokens that users decide to contribute to its pools" and place due diligence on the user
TradFi analogue
Caveat emptor listing venue, unlike a rated bond with issuer recourse
Regulation
Spectra
A named regulated-jurisdiction operator, Perspective SAS in Paris, under French law, with Gaspard Peduzzi as director of publication
TradFi analogue
An EU-domiciled operating company rather than an offshore foundation
Seed
Mar 2021 (RootData dates it 25 Mar 2021)$1m
Seed extension
Nov 2022 (DefiLlama dates it 14 Nov 2022, RootData 11 Nov 2022)$2.6m
Key milestones: launches, upgrades, exploits and governance events.
$1m seed led by Delphi Ventures
StatedFirst institutional backing for the yield tokenisation thesis
Source$2.6m seed extension led by Greenfield Capital; the AMM at the time was a Balancer fork
StatedFunding plus a record of the pre-Curve architecture
SourceCode4rena contest with 42 auditors returns 0 high and 2 medium findings; Pashov Audit Group review in March 2024 returns 0 high and 3 medium
StatedIndependent security validation of the core
SourceRouter exploit drains approximately $73,000 from four wallets through an arbitrary call vulnerability; the core protocol contract was unaffected and the app was restored
StatedThe only realised exploit on record, contained to the router
SourceAPW migrates to SPECTRA with a ve(3,3) model routing 80 percent of pool revenue to voters and liquidity on Base via Aerodrome
StatedValue accrual shifts to veSPECTRA voters
SourceImmunefi audit competition with a $40,000 pool, covering the migration to Curve NG and Curve Stableswap NG pools across Ethereum, Optimism, Arbitrum, Sonic and Base
StatedAMM architecture upgrade reviewed publicly
SourceCurve reports Spectra TVL rising from around $20m to $100m, a 5x increase in 12 months
StatedPeak growth phase off Curve integration
SourceSherlock audits the MetaVaults V1 private repository, returning 0 high and 2 medium findings
StatedNew product line audited
SourceApproximately $4.88m of XRP liquidity rolls automatically from the expiring largest stXRP pool into the Monarq XRP Yield Vault launched on 15 May
StatedDemonstrates working maturity rolls on a non-EVM-native asset via Flare
SourcePermissionlessness and asset standard. Spectra tokenises any ERC-4626 interest bearing token through a Factory and Registry, and "anyone can create new markets at will", whereas Pendle wraps assets into its own SY standard and curates which markets appear in the UI (Spectra dev docs, Immunefi audit competition scope, Pendle docs, Introduction).
It became Spectra. The tokenomics documentation states plainly that "On July 10th, 2023, APWine rebranded to Spectra", and the APW token was later migrated to SPECTRA under SIP-3 with a ve(3,3) model (Spectra tokenomics docs, SIP-3).
Yes, once and in a contained way. On 24 July 2024 an arbitrary call vulnerability in the router allowed an attacker to drain about $73,000 in tokens approved to that contract from four individual wallets, while "the core protocol contract of Spectra remained unaffected" and the app was restored (SolidityScan analysis).
Perspective SAS, a French société par actions simplifiée registered with the Paris Trade and Companies Register under number 801 407 453, governed by French law with exclusive jurisdiction in the courts of Paris (Spectra Terms of Use). That is a materially more identifiable counterparty than the offshore structures used by most peers.
Not on Ethereum. As of 26 July 2026 the largest chains are Flare at $21.29m and Hemi at $17.41m, with Ethereum only $3.77m of a $54.28m total (DefiLlama Spectra). The Flare weighting reflects XRP yield markets such as the stXRP pools (Bitcoin.com News).
Spectra is AMM-agnostic but initially uses Curve, and the Curve DAO receives 20 percent of all swap fees in return (Spectra risk documentation, Curve news). The April 2025 audit competition covered migrating from Cryptoswap to Curve NG and Curve Stableswap NG pools (Immunefi audit competition).
Underlying asset risk, not protocol credit risk. Spectra's own risk documentation warns that ERC-4626 IBTs "may experience a decrease in their underlying share value", in which case "the underlying backing of Principal Tokens (PTs) will decrease proportionally to maintain the protocol's solvency" (Spectra risk documentation).
Bull case
Genuine growth in the Curve era: TVL rose from around $20m to $100m, a 5x increase in 12 months, with the Curve DAO taking 20 percent of swap fees as an aligned distribution partner (Curve news).
Curve newsClean audit record across three independent reviews, with 0 high-risk findings each from Code4rena (42 auditors, March to April 2024), Pashov Audit Group (March 2024) and Sherlock on MetaVaults V1 (September 2025) (Spectra audits).
Spectra auditsDistribution into markets Pendle does not reach: Flare at $21.29m and Hemi at $17.41m are its two largest chains as of 26 July 2026, and the June 2026 stXRP roll moved $4.88m automatically into a new fixed term instrument (DefiLlama Spectra, Bitcoin.com News).
DefiLlama SpectraA named, EU-domiciled operator, Perspective SAS with RCS Paris 801 407 453 under French law, which is an advantage for counterparties with jurisdiction requirements (Spectra Terms of Use).
Spectra Terms of UseBear case
The economics are tiny. Annualised fees are $117,291 and annualised revenue $93,818, with cumulative revenue since inception of only $417,565 (DefiLlama Spectra).
DefiLlama SpectraThe token market has de-rated hard: SPECTRA trades at $0.004 against an all-time high of $0.24, giving a $1.9m market cap and $2.95m FDV as of 26 July 2026 (DefiLlama Spectra).
DefiLlama SpectraTVL has retraced from the roughly $100m Curve reported in August 2025 to $54.28m as of 26 July 2026, and is concentrated in two long-tail chains rather than Ethereum (Curve news, DefiLlama Spectra).
Curve newsPermissionless listing shifts diligence entirely to the user, and the protocol states it "does not have control over the types of tokens that users decide to contribute to its pools"; the 24 July 2024 router exploit that cost four wallets about $73,000 shows the peripheral attack surface is real (Spectra risk documentation, SolidityScan analysis).
Spectra risk documentationExternal publications on this protocol: risk assessments, analyst reports, audits and post mortems.
TVL up from around $20m to $100m in 12 months with 20 percent of swap fees flowing to the Curve DAO
24 July 2024 router arbitrary call vulnerability drained about $73,000 from four wallets, core contracts unaffected
Three reviews, all with 0 high-risk findings, most recently Sherlock on MetaVaults V1
$40,000 competition over 2,395 lines covering the Curve NG pool migration across five chains
Investment thesis at the $2.6m seed extension, when the AMM was still a Balancer fork (older source)
Formalises APW to SPECTRA migration, ve(3,3) and 80 percent of pool revenue to voters
Documents a live maturity roll of $4.88m of XRP liquidity on 3 to 4 June 2026
$54.28m TVL across 13 chains, $117,291 annualised fees, $1.9m market cap
