# 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. These docs are non-technical. If you are looking for more technical / developer-friendly documentation, see the [Developer Docs](https://dev.spectra.finance). Protocol Primitives [#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 [#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 [#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 [#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.