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Saved February 14, 2026
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The article explains how Ethereum can leverage "builder codes" to create a new revenue model for app developers. By embedding these unique referral codes in transactions, developers can earn fees for the volume they generate on platforms like Hyperliquid and Polymarket. This system fosters innovation and revenue generation in the crypto space.
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Ethereum can learn from platforms like Hyperliquid and Polymarket by adopting a system called builder codes. This system allows app developers to earn revenue by generating volume on these platforms. Similar to Roblox, where developers create games on a shared platform, builder codes function as referral codes specifically for app builders. They enable third-party applications—like trading bots and wallet interfaces—to earn fees based on the volume they create on these platforms.
A prime example is Phantom, which integrated Hyperliquid's builder codes for perpetual trading. Since July, Phantom has generated approximately $100,000 daily by attaching its builder code to users' orders. In less than six months, it has processed nearly $20 billion in trading volume, translating to around $10 million in revenue. Despite some users suffering significant losses, the model is lucrative, as Phantom continues to earn fees from trading activity.
Polymarket is also adopting a similar approach with its Builders Program, which incentivizes app developers for increasing betting volume. While their current volume is lower than Hyperliquid's, the initiative is attracting teams to create user-friendly interfaces. This could spur competition among prediction markets and encourage broader adoption of builder codes across different apps.
The ERC-8021 proposal aims to integrate builder codes directly into Ethereum transactions. This would allow any transaction to include a builder code, linking it to a specific app and enabling transparent revenue sharing. By standardizing this system, Ethereum could unlock new revenue streams for app developers, rewarding them based on the actual value they deliver to users, rather than relying on grants or promotional events.
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