Game-theoretic security analysis of blockchain technologies has proven highly valuable. Such analysis examines protocols from an economic perspective, specifically by exploring the economic incentives that drive user behavior. Thus, it ensures that deviating from the intended, honest behavior of a protocol is not financially beneficial: as long as users follow the protocol, they cannot be financially harmed, regardless of how others behave. Such an economic analysis of blockchain protocols can be encoded as an automated reasoning problem in the first-order theory of real arithmetic, thereby reducing game-theoretic reasoning to satisfiability modulo theories (SMT) solving. We conduct a divide-and-conquer security analysis based on compositional reasoning over games. Our compositional analysis is incremental: we divide games into subgames such that changes to one subgame do not necessitate re-analyzing the entire game, but only the ancestor nodes. Our approach is sound, complete, and effective: combining the security properties of subgames yields security of the entire game. Experimental results show that compositional reasoning scales well to games with millions of nodes, enabling security analysis of large real-life protocols.
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