Working Papers & Ongoing Research
mUTxO: CPMM Design with Native Margin Trading and Bitcoin Interoperability
Tsoumas, G. & Lanningham, P. (2026) Under submission
To address the low capital efficiency of classical CPMM designs, we propose a novel extension that utilizes idle pool liquidity to enable decentralized margin trading. By introducing a UTXO-based state management system to encode and track active margin positions (mUTXOs), we formally prove this model mirrors traditional CPMM behavior while seamlessly composing with standard Bitcoin interoperability solutions for cross-chain exposure.
Computation Outsourcing Markets for Collaborative zk-SNARKs
Tsoumas, G. Ongoing Research
Mechanism design of a computation outsourcing market for collaborative zk-SNARKs, enabling computationally constrained devices to generate proofs via multi-party computation without compromising private data. We analyze this multi-prover and batch-aggregation architecture in a rational, game-theoretic setting to ensure robust incentive alignment among market participants.
DeFi Vulnerabilities in the eUTxO Model
Tsoumas, G. (2024). Master's Thesis. ALMA, School of Electrical and Computer Engineering, NTUA. Advisor: Aris Pagourtzis.
This work provides an in-depth look at how Cardano's infrastructure, specifically the eUTxO model and network topology, impacts transaction sequencing. It also formally analyzes three specific instances of Miner Extractable Value (MEV) on Cardano, making it a first for this blockchain.