@ted
getting lots of "what are builder codes?" replies and DMs
HL (imo) pioneered builder codes as an onchain, per-order attribution mechanism that lets apps / frontends earn fees on orders they route for users. built-in rev share for builders.
now kalshi, polymarket, and others (incl Ethereum with ERC-8021) are starting to do this as well. some other fun facts:
1. HL and PM have data APIs so volume and leaderboard data are public.
2. if you use polymarket builder codes, polymarket covers gas fees for the builder.
3. even Phantom is using HL's builder codes (generates $100k in daily rev last month).
this allows app developers to monetize their contributions to trading volume in a more predictable, product-driven way.
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