Hedgehog Protocol is a modular synthetic blockspace platform designed to address the issue of volatile cryptocurrency transaction fees. It allows users to hedge, trade, and profit from gas fees through various strategies, including buying or selling BaseFee on automated market makers (AMMs) and participating in staking and liquidity pool activities. The protocol employs a generalized CDP model, inspired by Liquity, providing flexibility to extend its application to various on-chain derivatives beyond BaseFee.