Reflect Protocol: Fully On-Chain Decentralized Tokenized Hedging via Delta-Neutral Currencies Reflect Protocol is the first entirely on-chain, autonomous, and decentralized tokenized hedge protocol. It implements a Productive Cash Carry (pCC) Delta-Neutral strategy, utilizing Liquid Staked Tokens (LSTs) as collateral to generate stable yields ranging from 8-50%+. The protocol's DEX controller aggregates multiple sources of perpetual liquidity, allowing for permissionless rebalancing to optimize yield and manage risk effectively. At the core of Reflect Protocol is the Autonomous Attestation & Risk Engine, which systematically assesses all relevant risk factors to produce an algorithmic risk score. This on-chain risk engine enables automated responses to key metrics such as funding rates and open interest percentages, setting a new benchmark for risk management in DEX-based DeFi environments. Users can hedge their LSTs and earn yields in major global currencies, including US Dollars (USD), Hong Kong Dollars (HKD), and United Arab Emirates Dirham (AED). By acting as a Global Currency Exchange (CX) for productive stable currencies backed by hedged cryptocurrencies, Reflect Protocol provides essential infrastructure for zero-slippage forex operations and supports the development of composable financial solutions within the decentralized ecosystem. For more detailed information about the protocol, visit learn.reflect.cx.