> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hermetica.fi/llms.txt
> Use this file to discover all available pages before exploring further.
# Transparency
Material risk factors and system metrics for hBTC are displayed in the [**Transparency Dashboard**](https://app.hermetica.fi/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**](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.
**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.
