Deposit & Mint
Users deposit Bitcoin via the decentralized sBTC bridge and stake sBTC into the hBTC vault. In return, the vault mints hBTC, representing a proportional share of pooled assets and strategy exposure.Yield Accrual
hBTC accrues yield daily through on-chain strategies, including basis capture and Bitcoin-native staking. Yield is automatically compounded and reflected in the hBTC share price. All strategy profits are ultimately converted back into Bitcoin.Withdraw & Redeem
Users may redeem hBTC for sBTC or native Bitcoin, subject to protocol cooldowns and underlying chain settlement times defined by the sBTC bridge.Risk Controls & Transparency
The protocol employs automated controls for leverage, delta exposure, and interest spread regimes. All material metrics, positions, and transactions are transparently displayed and independently verifiable on-chain. Detailed explanations of capital flows, yield mechanics, risk controls, and accounting are available in the sections below:Flows
Yield
Liquidity
Risk Controls
Accounting
Governance
