# Transparency

Material risk factors and system metrics for hBTC are displayed in the [**Transparency Dashboard**](https://app.hermetica.fi/dashboard) and are i**ndependently verifiable on-chain**. 

{% hint style="success" %}

## Independent Verification 

All data presented in the Transparency Dashboard can be independently verified and reconstructed using public blockchain infrastructure, including [**mempool.space**](https://mempool.space/) for Bitcoin activity and [**Hiro’s Stacks block explorer**](https://explorer.stacks.co/) **and** [**APIs**](https://www.hiro.so/stacks-api) for Stacks-based transactions and contract state.

Dashboard metrics are derived directly from on-chain state and are updated on a near real-time basis, subject only to underlying blockchain confirmation times.
{% endhint %}

{% hint style="info" %}
**Disclaimer:** While the Transparency Dashboard displays material risk factors and system metrics, it may not capture all risks associated with hBTC.
{% endhint %}

#### Leverage

The dashboard displays current and historical **loan-to-value (LTV)** metrics, including target ranges and threshold bands. This allows to monitor leverage discipline and proximity to liquidation risk in real time.

<figure><img src="/files/5Jk1z774cUHoiIlTuTwx" alt=""><figcaption></figcaption></figure>

#### Delta

BTC exposure is tracked through delta metrics, showing how closely the vault maintains its target neutral exposure. Deviations and rebalancing behavior are observable through on-chain activity.

<figure><img src="/files/3NJouZ2LvujvmeoVEd9k" alt=""><figcaption></figcaption></figure>

#### Rewards

Daily rewards are logged transparently, showing **BTC-denominated returns**, implied APY, and corresponding transaction IDs. Both positive and negative days are explicitly displayed, supporting accurate performance assessment.

<figure><img src="/files/fc9coZeCc1wxu4PoyNmH" alt=""><figcaption></figcaption></figure>

#### Balance Sheet

A live **balance sheet view** shows assets, liabilities, and collateral allocation. This provides a snapshot of the vault’s financial position at any given time.

<figure><img src="/files/AuRUK2V0O5AcdF3Y5Ybm" alt=""><figcaption></figcaption></figure>

#### Transactions

All protocol actions—including borrows, repayments, staking, and swaps—are listed with timestamps and links to on-chain transaction records, enabling full auditability.

<figure><img src="/files/M1rZn4d9CauhPta3petx" alt=""><figcaption></figcaption></figure>


---

# 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.hermetica.fi/hbtc/transparency.md?ask=<question>
```

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.