# 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="https://2201013687-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fxp26OjT5H1o55M1QMDI4%2Fuploads%2F92xkQfCrplAiJmnX3fz3%2FScreenshot%20from%202025-12-26%2018-18-11.png?alt=media&#x26;token=883f522d-132a-4094-81df-a2b5cff08214" 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="https://2201013687-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fxp26OjT5H1o55M1QMDI4%2Fuploads%2F6oxgdfVqzhrS2cCVMei7%2FScreenshot%20from%202025-12-26%2018-18-39.png?alt=media&#x26;token=6ada170b-7c1e-47ff-9a13-0b67fc551628" 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="https://2201013687-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fxp26OjT5H1o55M1QMDI4%2Fuploads%2FIXXhdVfrFJSskUb2COrs%2FScreenshot%20from%202025-12-26%2019-06-01.png?alt=media&#x26;token=2abe15f6-1eae-46b4-97c6-509eadaa399b" 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="https://2201013687-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fxp26OjT5H1o55M1QMDI4%2Fuploads%2Fy7CbQTf1UJctGtBscwH8%2FScreenshot%20from%202025-12-26%2018-18-22.png?alt=media&#x26;token=ccd2ff57-1c3f-4abe-bafd-a63a11df53dd" 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="https://2201013687-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fxp26OjT5H1o55M1QMDI4%2Fuploads%2F1ONBl7oW62HQ1Rgp3mhv%2FScreenshot%20from%202025-12-26%2018-20-22.png?alt=media&#x26;token=faa3ce44-25d4-44cf-9cdd-1c451db33a4f" alt=""><figcaption></figcaption></figure>