In this paper, we analyze Shared Send Mixers (SSMs) within Cardano's Extended Unspent Transaction Output (EUTXO) model, presenting significant contributions to the understanding of UTXO-based blockchains. Firstly, we define the EUTXO SSM untangling problem and propose an algorithm to address it, along with providing an open-source implementation of the solution. Utilizing real transaction examples, we formulate and solve this problem in a systematic manner, shedding light on the intricacies of coin circulation within the Cardano blockchain. Through our analysis, we reveal insights into the usage of SSMs, including statistics on their frequency and effectiveness in untangling transactions. With this method, our findings show that 11% of transactions—as per the method—seem to involve SSMs, 83% of which enable unique untangling. Moreover, we discuss the potential application of our algorithm in enhancing address clustering results of transaction-level heuristics. Overall, our work contributes to a deeper understanding of transactional dynamics within UTXO cryptocurrencies, particularly within the context of Cardano's EUTXO model.

In this paper, we conduct an in-depth analysis of the Cardano blockchain, focusing on the Proof of Stake (PoS) protocol, Ouroboros, and its implications for entity wealth and stake delegation dynamics within the ecosystem. Utilizing a heuristic-based address clustering method, previously introduced in the literature, we aggregate Cardano addresses to identify distinct entities within the network. This approach allows us to examine the wealth distribution and staking dynamics at an entity level, offering a unique perspective on the Cardano network’s economic behaviors. Our study reveals insightful patterns in the emergence of new entities and their participation in stake delegation, alongside the rewards they accrue. We investigate the distribution of wealth among these entities, employing statistical measures such as the probability density and the Gini index for wealth, delegated stakes, and rewards over the blockchain’s history. This analysis provides a comprehensive view of the wealth distribution within the Cardano ecosystem. Moreover, the paper explores how entities of varying wealth levels engage in stake delegation to pools of different sizes and the resultant reward distribution. We also delve into the temporal evolution of the number of pools within the network, examining how pools of various sizes are rewarded and the extent of inequality in reward distribution among them. Through this analysis, the paper sheds light on the complex interplay between wealth distribution, stake delegation, and reward mechanisms in the Cardano ecosystem, offering valuable insights into the economic and staking landscape of one of the leading blockchain networks.