(2026-05) A formal analysis of FLEX and FLEX2
2026-05-18
This paper formalizes the cryptographic core of the FLEX protocol and its enhanced variation FLEX2 . The analysis formalizes a minimal ledger abstraction, capturing Taproot, CSV timelocks, and reorg bounds, and defines ideal functionalities implemented as transaction-DAG and state machines. Main contributions include proving on-chain enforceability, CDS secrecy, soundness, leakage-bounded privacy, and universal composability realization under standard assumptions.