# Transparency Dashboard Guide

By [Aegis.im](https://paragraph.com/@aegis-im-2) · 2026-01-13

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A transparency dashboard is the first interface users engage with when evaluating a yield-bearing stablecoin protocol. It establishes the initial basis for trust by exposing how the funds are managed under the hood. Users form investment decisions based on whether they can observe how collateral is sourced, how positions are managed and how risk is controlled through the provided data. This interface has operational relevance because it links protocol claims with actual onchain data.

For a protocol that accepts user capital, the absence of a transparency dashboard removes the ability to validate how the strategy is executed in practice. Without direct visibility into collateral management and position handling, users cannot determine how yield is produced or how losses would be absorbed. When a protocol provides no transparency dashboard, risk assessment depends on operator statements because users lack access to verifiable execution data.

At Aegis, transparency is a core operating requirement. Aegis provides a native [transparency dashboard](https://app.aegis.im/transparency) along with a third-party Proof of Reserves dashboard provided by Accountable. These interfaces present data on how the underlying strategy operates.

On the transparency dashboard, users can verify the following metrics:

*   **_Weekly APR history_** (1m, 3m and YTD data showing realized yield distributions to sYUSD holders over time).
    
*   **_Collateral breakdown_** (composition of BTC collateral and its allocation to custodians through OES).
    
    ![](https://storage.googleapis.com/papyrus_images/85e5b9075fd9669ae159eec95d1e2d453556a71ffe0aa33314684b6f77834a53.png)
    
*   **_YUSD supply and position history_** (total YUSD in circulation and the notional value of hedging positions, with temporary variance driven by spot and futures price differences).
    
*   **_Reserve fund history_** (growth of the insurance fund balance used for loss absorption).
    
*   **_Custodian attestations and smart contract audit reports._**
    
    ![](https://storage.googleapis.com/papyrus_images/a2fba370b5958696f87a7c43a515845f86fb8ce3ef2229bb1060d39916f86660.png)
    

In the **_market data_** section, users can review:

*   **_BTC funding rate history_**
    
*   **_Positive/negative funding rate days ratio_**
    
*   **_YUSD yield relative to 3 month US Treasury yields_**
    
    ![](https://storage.googleapis.com/papyrus_images/4eec7180acba6a2fb72e04e4f55f5fecedffc7fc7e318a46c3dbe5e9e4474640.png)
    

This data links yield metrics to the underlying funding environment and allows users to evaluate how funding conditions affect sYUSD returns.  
  
The Accountable [Proof of Reserves](https://aegis.accountable.capital/) dashboard uses cryptographic verification and secure data acquisition to produce continuous attestations of verified reserves and liabilities. Data is updated in real time with proofs derived from primary onchain and offchain sources and validated through confidential computing and ZK proof methods.

It allows users to verify that reserves cover outstanding liabilities and to confirm hedging positions and reserve status using independently generated attestations.

On the Accountable dashboard, users can view the following data points:

*   **_Verifiability_** (percentage of total assets pulled directly from primary sources and validated through cryptographic verification during data acquisition).
    
*   **_Collateral ratio_** (Value of verified BTC collateral relative to total YUSD in circulation).
    
*   **_Delta neutrality status_** (whether hedging positions maintain neutral exposure to BTC price movements).
    
*   **_Total YUSD supply_** (verified circulating supply at the time of each update).
    
*   **_Total protocol reserves_** (verified total value of BTC collateral and related positions).
    
*   **_Insurance fund value_** (verified balance of the reserve used for loss coverage).
    
*   **_Custodian and chain distribution_** (locations where collateral is held and the distribution of assets across supported chains).
    
    ![](https://storage.googleapis.com/papyrus_images/8952d1c69dfba60e2befbb790c2d70547d5a98639efa5a4e051d45cba9ba3a42.png)
    

These metrics allow users to evaluate solvency by reviewing reserve coverage, hedging alignment and insurance capacity using independently verified data.

At Aegis, transparency is treated as an operational requirement for any yield-bearing asset. Protocol reporting includes third-party verification and continuous data publication so users can evaluate solvency using independently sourced information. These disclosures allow users to confirm how capital is managed during both normal operation and periods of market stress.

This standard extends to all future product releases. Aegis will apply the same disclosure requirements to each new asset, including third-party verification and continuous publication of reserve and hedging data. Future products will follow the same disclosure framework that defines what data is published, how it is verified and how often it is updated. These requirements ensure that users can evaluate solvency and risk for new assets using the same verifiable data standards applied to YUSD and sYUSD.

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*Originally published on [Aegis.im](https://paragraph.com/@aegis-im-2/transparency-dashboard-guide)*