Transparency

Material risk factors and system metrics for hBTC are displayed in the Transparency Dashboard and are independently verifiable on-chain.

Independent Verification

All data presented in the Transparency Dashboard can be independently verified and reconstructed using public blockchain infrastructure, including mempool.space for Bitcoin activity and Hiro’s Stacks block explorer and APIs 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.

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

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.

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.

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.

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.

Transactions

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