Function FBTC
Best for independently tracked protocol
How it rates
- Tracked and verifiable from public sources at this check
- No audit report linked in the public dataset at this check
- No accounting methodology published at this check
- Single-chain deployment
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- Not metIndependent audit report linked publicly
No audit report linked in the public dataset at this check.
defillama.com/protocol/function-fbtc - Not met
- MetTracked by an independent analytics platform
Listed with published value and history.
defillama.com/protocol/function-fbtc - Not met
- Met
- Met
- MetProtocol economics published independently
Value and change history published.
defillama.com/protocol/function-fbtc - Not met
- PartialFee or reward model documented publicly
Application reachable for review; specific rates not captured at this check.
www.fxn.xyz - Met
- Met
- Not met
- Not met
- Not met
- Met
- Met
- Not met
- Met
- Met
- Not met
- Met
- Met
- Not met
- Not met
- Met
A wrapped Bitcoin product holding $555m, with no audit report retrievable at a public address at this check.
Our assessment
Function's FBTC holds $555m of wrapped Bitcoin. No audit report was retrievable at a public address at this check, and the transparency indicators returned little.
Wrapped Bitcoin competes on custody, not on code
Since the 2024 custodian change at WBTC, several alternatives have grown by offering different custody arrangements — multi-party computation, distributed custodians, or on-chain verification. That competition is healthy. It also means the specific arrangement is the product, and a holder needs to know exactly what it is.
Proof of reserves is the minimum
For any asset claiming to be backed by bitcoin, regularly published proof that the bitcoin exists and matches the tokens issued is the baseline evidence. It is technically straightforward — the addresses are public — which makes its absence a choice rather than a limitation.
What the score records
$555m held with no retrievable audit report and thin published documentation. Our rubric weights counterparty risk at 45% in this category, and there is little published to score against it.
Who it suits
FBTC suits users within its ecosystem who have independently verified the custody arrangement. Users wanting published proof of reserves should use WBTC.
How rivals compare
| Service | Score | Best for | |
|---|---|---|---|
| Portal | 9.6 | audited protocol with published methodology | Read → |
Frequently asked
Does this score mean Function FBTC is safe?
No. It measures what an outsider can verify: linked audits, published methodology and independently recorded data. Contract and custody risk are not tested by us.
Where do these figures come from?
A public analytics dataset queried at the verification date, plus the audit reports it links. Anyone can re-run the query.
Why do some protocols score zero on audits?
Because no audit report is linked in the public record. It records what a user can reach, not a claim that no audit exists.