> ## Documentation Index
> Fetch the complete documentation index at: https://docs.0d.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# BTC delta neutral

> The objective of the strategy is to generate BTC-denominated, market-neutral yield. Capital is allocated across OD's USDC onchain strategies, with dynamic optimization based on return and risk parameters. Returns are derived from lending interest, arbitrage opportunities, trading fees, and funding premia. Through diversified allocation, the strategy balances yield generation while reducing concentration risk across market conditions. 

> Note that currently, only one USDC strategy is available. As a result, the BTC vault allocates 100% of the borrowed USDC to the [0DusdcCARRY strategy](https://docs.0d.finance/learn/vault-strategies/usdc-carry-trade).

## Overview

The 0D(wrapper)BTC strategy is straightforward. Using the BTC as collateral, the vault borrows at 40% using USDC as debt, the borrowed USDC is then invested in the [0DusdcCARRY strategy](https://docs.0d.finance/learn/vault-strategies/usdc-carry-trade).

As BTC fluctuates against USDC, the vault dynamically manages its collateral by borrowing additional USDC when the LTV drops to 35%, and partially repaying its debt when the LTV rises to 55%.

## Economic Model

0D takes a 2% management fee and charges no performance fee.

## Contracts

Here are the contract addresses of the current vault:

| Wrapper   | Contract address                                                                                                                                                         |
| --------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| 0DwBTC    | [0x009de04c8f32aab52510e05958d06f0020139be96a5359ed2a903297ab69f791](https://voyager.online/contract/0x009dE04c8F32AAb52510E05958D06f0020139Be96a5359ed2a903297ab69F791) |
| 0DtBTC    | [0x0045d72e2e6faaeb657eaacb2f41aee761887a12ca12a138fbf93147d202e1b4](https://voyager.online/contract/0x0045d72e2e6FAaeB657eAAcb2f41aeE761887A12cA12A138fbf93147d202E1B4) |
| 0DsolvBTC | [0x04be685d34a61ad23af387d221a6008116935461f34c2326b7d3b681bac06667](https://voyager.online/contract/0x04Be685d34a61Ad23AF387d221a6008116935461f34c2326B7d3B681Bac06667) |
| 0DLBTC    | [0x01b66ebd0191dbdebe32fc0649332f6ad3403069a43c798481a280219216c92d](https://voyager.online/contract/0x01b66EbD0191dbDEbe32Fc0649332F6AD3403069a43C798481a280219216c92D) |