{"id":"apwine-finance","version":1,"language":"en","title":"Spectra (prev. APWine Finance)","hidden":false,"content":"**Spectra Finance** (formerly known as APWine) is a protocol to trade future yield where [DeFi](https://iq.wiki/wiki/defi) users can deposit their interest-bearing tokens of other protocols during defined future periods and trade in advance the future yield that their funds will generate[\\[1\\]](#cite-id-olzkhw53pne)[\\[2\\]](#cite-id-awy4rp4wl1v).   \n  \nThe protocol rebranded from APWine Finance to Spectra Finance on July 10, 2023. [\\[20\\]](#cite-id-v9l6dopnsdr)  \n$$widget0 [YOUTUBE@VID](zyaVhOeyhBw)$$  \n  \n# Overview  \n  \nSpectra Finance was founded by Antoine Mouran[\\[12\\]](#cite-id-q53x6ym591) and Gaspard Peduzzi[\\[13\\]](#cite-id-mv2o30vlet) and it is headquartered in Île-de-France, Paris.[\\[10\\]](#cite-id-16u5flvye97) The project was started in August 2020, during the DeFi summer craze, when [yield farming](https://iq.wiki/wiki/yield-farming) was still being introduced to the ecosystem.[\\[3\\]](#cite-id-q25e6wsu6i)  \n  \nSpectra differs from fixed-rate lending protocols (e.g. 88mph, Yield) in that its primary purpose is not to offer fixed interest rates but to allow the trade of future yield[\\[3\\]](#cite-id-q25e6wsu6i).  \n  \nThe Spectra Protocol lets anyone create a pool for any interest-bearing token compatible with ERC-4626, and this will be the leading feature where users or [DAOs](https://iq.wiki/wiki/dao) can create interest rate derivatives environments tailored to their needs. [\\[21\\]](#cite-id-mhpmfnoz94)  \n  \n## Funding Round  \n  \nIn March 2021, Spectra Finance (fka APWine Finance) raised $1 million in seed funding with a round led by Delphi Ventures that was also backed by The Spartan Group, DeFi Alliance, Rarestone Capital, and many prominent builders and angels in the [DeFi](https://iq.wiki/wiki/defi) space including Julien Bouteloup and Marc Zeller from [Aave](https://iq.wiki/wiki/aave). [\\[11\\]](#cite-id-p65tnubq4u)  \n  \n> “We are very excited to be moving forward with a new round of investors that will help us bootstrap the technical components and products that we have been building for a year now, and that will bring APWine to the next stage” said Gaspard Peduzzi, CEO and Co-Founder of Spectra Finance.  \n  \nIn November 2022, Spectra Finance raised $2.6 million in a seed extension round led by Greenfield Capital, a European [crypto](https://iq.wiki/wiki/cryptocurrency) investment firm. [\\[11\\]](#cite-id-p65tnubq4u)[\\[14\\]](#cite-id-hr3e80z9h3c)  \n  \n# Tech  \n  \nSpectra works by placing Interest Bearing Tokens (IBT) or any yield-bearing asset for a fixed duration of time in a smart contract and issuing Future Yield Tokens (FYT) in return. [\\[2\\]](#cite-id-awy4rp4wl1v)  \n  \nThe yield generated by these assets is directly received by the [smart contract](https://iq.wiki/wiki/smart-contract), and only the holder of the FYTs can redeem the corresponding underlying yield at the end of the period. [\\[2\\]](#cite-id-awy4rp4wl1v)  \n  \nAs FYTs are regular [ERC20](https://iq.wiki/wiki/erc-20) tokens, they can be traded, opening up a new market for future yield. For instance, users can deposit their aDAI on APWine for one month, receive their FYTs, and directly sell them through the AMM to get their yield upfront. [\\[1\\]](#cite-id-olzkhw53pne)[\\[2\\]](#cite-id-awy4rp4wl1v)  \n  \n## Primary Tokens (PTs) & Yield Tokens (YT)  \n  \nPrincipal Tokens (PT) and Yield Tokens (YT) are the core components of the Spectra protocol. Principal Token represents the initial deposit (also known as the principal) while Yield Token represents the right to future yield. [\\[17\\]](#cite-id-p2fl3b0v0bq)  \n  \nPrincipal Tokens and Yield Tokens are financial derivatives on top of interest-bearing tokens. [\\[17\\]](#cite-id-p2fl3b0v0bq)  \n  \n## Future Yield Tokens (FYTs)  \n  \nFuture Yield Tokens (FYT) allow users to break down Yield Tokens (YT) into smaller, more precise time chunks. Yield Token has a predetermined maturity date whereby holders of these tokens are exposed to and entitled to yield accruals, which can vary in volatility. [\\[19\\]](#cite-id-37xtla1hywd)  \n  \nFuture Yield Tokens encapsulate a specific time segment of a Yield Token. Depending on a user's needs, the duration of an FYT can vary from months to a single day. [\\[19\\]](#cite-id-37xtla1hywd)  \n  \n# APW Token  \n  \nThe APW token is an [ERC-20](https://iq.wiki/wiki/erc-20) token, with a primary focus on protocol governance through the APWine Finance [DAO](https://iq.wiki/wiki/dao). The $APW token was first distributed through a Liquidity Bootstrapping Event. It is now deployed at the following addresses and available to trade on [SushiSwap](https://iq.wiki/wiki/sushiswap) on [mainnet](https://iq.wiki/wiki/mainnet) and Comethswap on [Polygon](https://iq.wiki/wiki/polygon). [\\[4\\]](#cite-id-no31zlr1n2q)  \n  \n| Network | $APW Address |  \n| ------- | ------------ |  \n| Mainnet | 0x4104b135DBC9609Fc1A9490E61369036497660c8 |  \n| Polygon (PoS) | 0x6C0AB120dBd11BA701AFF6748568311668F63FE0 |  \n  \nThe token follows a [Curve](https://iq.wiki/wiki/curve-finance)-like form of voting escrow (veAPW) with a Lock capability. Locking APW for up to 2 years will yield an increased voting weight and share of protocol rewards. [\\[4\\]](#cite-id-no31zlr1n2q)  \n  \n## Tokenomics  \n  \n$APW has a maximum supply of 50,000,000 APW. 56% of the supply was allocated to the Community which is a combination of Liquidity Incentives, Ecosystem funds, and [Airdrops](https://iq.wiki/wiki/airdrop). 28.06% was allocated to the Team, 8.94% to Investors and Advisors, and 7% to Initial Bootstrapping. [\\[4\\]](#cite-id-no31zlr1n2q)  \n![image](https://ipfs.everipedia.org/ipfs/QmYATovKbG5ygNM53TrbyqZZdS9QCU1yr1pvHaMNyS5CcL)  \nThese tokens are distributed through a liquidity mining program on $APW pairs, along with incentives for liquidity providers on the APWine AMM. The team and the DAO reserve the right for these tokens to be dynamically allocated to specific incentives, depending on the current needs of the project. [\\[4\\]](#cite-id-no31zlr1n2q)  \n  \n## veAPW  \n  \nveAPW means voting escrow APW. They are APW locked for voting. veAPW weight gradually decreases as escrowed tokens approach their lock expiry. The veAPW has a lock capability of up to 2 years. The [liquidity mining](https://iq.wiki/wiki/liquidity-mining) rewards emission is controlled by veAPW holders, which can redirect more rewards to their favorite pools by voting on the gauges. [\\[18\\]](#cite-id-fazm52wbmk5)  \n  \nLocking APW for veAPW gives access to Boosted proposal power, Gauge weight power (liquidity mining redirection), Yield, and Reward boosting power which is yet to be implemented. [\\[18\\]](#cite-id-fazm52wbmk5)  \n  \n# APWine Finance 2.0  \n  \nOn October 31, 2022, APWine introduced the next iteration of the protocol code-named 2.0 which is a comprehensive redesign that takes key learnings from previous versions, making it a modular and inertial protocol for interest derivatives. [\\[15\\]](#cite-id-broxng8jvlc)  \n  \nCore advancements on the 2.0 version of the protocol & the flagship app:  \n  \n* Yield Token  \n* L2 P2P Yield Market  \n* Supercharged Liquidity Provision  \n* Built-in Zaps & Bridges  \n* ERC-4626, 2616 & EIP-5095  \n* Revenue models  \n* UI Revamp. [\\[15\\]](#cite-id-broxng8jvlc)  \n  \n## Rebrand to Spectra Finance  \n  \nOn July 10, 2023, APWine Finance announced its rebrand to Spectra Finance and opened the Spectra homepage & Beta to all users. [\\[2\\]](#cite-id-awy4rp4wl1v)[\\[20\\]](#cite-id-v9l6dopnsdr)  \n  \n> \"We began as a French student's idea for a tool to speculate on DeFi interest rates. It then quickly became a full-scale company focused on an advanced interest rate derivatives protocol. However, the name APWine no longer reflects the nature of the solutions we're building.\" - Spectra announced. [\\[20\\]](#cite-id-v9l6dopnsdr)  \n>   \n> \"Spectra better represents the open protocol and long-term vision, which is also easier to remember.\" [\\[20\\]](#cite-id-v9l6dopnsdr)  \n  \nSpectra Finance also announced its vision for the new era which includes a permissionless protocol architecture, a journey towards decentralization, financial possibilities, and a flagship app that lets [DeFi](https://iq.wiki/wiki/defi) users use all the features that the protocol unlocks such as:   \n  \n* Fixed Interest Rates (Discounted Tokens)  \n* Variable Rates (Yield Trading)  \n* Supercharged Liquidity Provision with up to 4 fee streams  \n* Yield Marketplace (Buying/Selling of specific yield tranches)  \n* Upfront Yield  \n* Lending/Borrowing[\\[21\\]](#cite-id-mhpmfnoz94)  \n  \nThe $APW token still remains the primary token of the protocol with the only change to it being its look. [\\[21\\]](#cite-id-mhpmfnoz94)  \n![image](https://ipfs.everipedia.org/ipfs/QmcjYm8kxYUrBqrgcutsfZdDR2WyijdmsPGi2L7jAvoffN)  \n  \n","summary":"Spectra Finance, previously APWine Finance, is a protocol for trading future yields of interest-bearing tokens from other DeFi protocols, founded in August 2020.","categories":[{"id":"defi","title":"Decentralized Finance"}],"promoted":0,"tags":[{"id":"Protocols"}],"metadata":[{"id":"references","value":"[{\"id\":\"olzkhw53pne\",\"url\":\"https://www.coingecko.com/en/coins/apwine\",\"description\":\"APWine on Coingecko\",\"timestamp\":1658849574532},{\"id\":\"awy4rp4wl1v\",\"url\":\"https://www.spectra.finance/\",\"description\":\"spectra Finance Website\",\"timestamp\":1689068930224},{\"id\":\"q25e6wsu6i\",\"url\":\"https://morioh.com/p/a2bebcd50ee8\",\"description\":\"What is APWine Finance?\",\"timestamp\":1658849625388},{\"id\":\"no31zlr1n2q\",\"url\":\"https://docs.apwine.fi/introduction/tokenomics\",\"description\":\"Tokenomics\",\"timestamp\":1658849651627},{\"id\":\"bq6krnpouha\",\"url\":\"https://twitter.com/apwinefinance?lang=en\",\"description\":\"APWine Finance on Twitter\",\"timestamp\":1658849677146},{\"id\":\"ujv44o7qiss\",\"url\":\"https://www.youtube.com/watch?v=jFANE1wzvRs\",\"description\":\"APWine Finance Token APW Crypto\",\"timestamp\":1658849708330},{\"id\":\"b2wynrjoups\",\"url\":\"https://www.youtube.com/watch?v=WYVgjBg_qmU\",\"description\":\"how to buy apwine finance crypto on trust wallet\",\"timestamp\":1658849732970},{\"id\":\"e1ge11v9jw5\",\"url\":\"https://www.youtube.com/watch?v=EqWJeXYZVM0\",\"description\":\"APWine: A New DeFi Primitive To Tokenize Future Yield\",\"timestamp\":1658849764098},{\"id\":\"xee9xe87ufm\",\"url\":\"https://www.cointracker.io/price/APW\",\"description\":\"APWine Finance price\",\"timestamp\":1658849785161},{\"id\":\"16u5flvye97\",\"url\":\"https://www.crunchbase.com/organization/apwine/\",\"description\":\"crunchbase profile\",\"timestamp\":1688995921994},{\"id\":\"p65tnubq4u\",\"url\":\"https://cryptoevents.global/apwine-finance-raises-2-6m-to-build-most-efficient-and-modular-interest-market-in-defi/\",\"description\":\" funding round\",\"timestamp\":1688996193604},{\"id\":\"q53x6ym591\",\"url\":\"https://www.linkedin.com/in/antoine-mouran/\",\"description\":\"antoine mouran\",\"timestamp\":1688996681097},{\"id\":\"mv2o30vlet\",\"url\":\"https://www.linkedin.com/in/gaspardpeduzzi/\",\"description\":\"gaspard peduzzi\",\"timestamp\":1688996726356},{\"id\":\"hr3e80z9h3c\",\"url\":\"https://twitter.com/APWineFinance/status/1592102298385162240\",\"description\":\"apwine finance announcement tweet\",\"timestamp\":1688997090766},{\"id\":\"broxng8jvlc\",\"url\":\"https://mirror.xyz/apwine.eth/dt-TYCcouHY89yns-jp8-P0wyb_hSE89zfmnG6LdypU\",\"description\":\"blog- version 2.0\",\"timestamp\":1688997404179},{\"id\":\"psvhomhe3w\",\"url\":\"https://mirror.xyz/apwine.eth/_PsM-g00FIJrMarONSDtRj94unu-PhMhhaeFCB6iEQk\",\"description\":\"blog- march 2023 recap\",\"timestamp\":1688997875708},{\"id\":\"p2fl3b0v0bq\",\"url\":\"https://docs.spectra.finance/the-basics/principal-token-and-yield-token\",\"description\":\"pts & fyts\",\"timestamp\":1689070075738},{\"id\":\"fazm52wbmk5\",\"url\":\"https://docs.apwine.fi/governance/veapw\",\"description\":\"veAPW\",\"timestamp\":1689068687425},{\"id\":\"37xtla1hywd\",\"url\":\"https://docs.spectra.finance/the-basics/future-yield-token-fyt\",\"description\":\"future yield token\",\"timestamp\":1689070353416},{\"id\":\"v9l6dopnsdr\",\"url\":\"https://twitter.com/spectra_finance/status/1678459517015564295\",\"description\":\"tweet - 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