# Spectra Overview The Spectra protocol is permissionless, meaning its services are entirely open for public use. Anyone can create new markets at will, swap yield derivatives, or become a liquidity provider. Below, you'll discover its key objectives and features. {% hint style="info" %} These docs are non-technical. If you are looking for more technical / developer-friendly documentation, see the [Developer Docs](https://app.gitbook.com/o/XoxwwSCKBogRRIE6gTlQ/s/cXt3S5lwK1ZdxfuW16Uj/). {% endhint %} ## **Protocol Primitives** Spectra's Yield Token and Principal Token, minted on top of ERC-4626 interest-bearing tokens, are core protocol primitives. Spectra separates the right to principal from future yield via a process called yield tokenization. This process unlocks new financial possibilities beyond standalone interest-bearing tokens. ## **Core Use-Cases** * Permissionless Pool Creation * Fixed Rates * Yield Trading These key use cases can be abstracted into other narratives, such as upfront yield, discounted tokens, fixed savings, or fixed lending activities. ## **Key Objectives** * Empowering DeFi with a permissionless protocol for interest rate derivatives * Delivering cutting-edge solutions that can be seamlessly incorporated, built upon, and utilized by builders and other platforms in the DeFi ecosystem. * Upholding decentralization as a fundamental value, promoting community-driven growth via a DAO while the core team diligently and sustainably progresses the protocol ## Entity Breakdown Spectra is a decentralized interest rate derivatives protocol with different entities and individuals contributing to its development and adoption. * **Spectra Protocol:** A decentralized, permissionless interest rate protocol that permanently exists on the Ethereum Virtual Machine. * **The Spectra App**: a flagship interface that allows easy interactions with the Spectra protocol. Multiple protocol interfaces can exist. * **Spectra Governance:** A governance system for governing the Spectra Protocol, enabled by the APW token. * [Perspective SAS](https://www.perspective.fi/): A company that develops the Spectra Protocol and the Spectra App. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.spectra.finance/the-basics/spectra-overview.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.