> For the complete documentation index, see [llms.txt](https://docs.hermetica.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hermetica.fi/hbtc/transparency.md).

# 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**. 

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## 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.
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**Disclaimer:** While the Transparency Dashboard displays material risk factors and system metrics, it may not capture all risks associated with hBTC.
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#### 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>