diff --git a/prediction_market/src/lib.rs b/prediction_market/src/lib.rs
index 036f7db..af989a4 100644
--- a/prediction_market/src/lib.rs
+++ b/prediction_market/src/lib.rs
@@ -144,7 +144,6 @@ pub enum DataKey {
     BettorAt(u64, u32),
     Resolver(Address),
     FeeRecipient(Address),
-    HasReferrer(Address),
     RateWindow, // packed u64: high32=window_start_hi, low32=count
     // ── Settlement-time payouts (issue #2) ───────────────────────────────
     Payout(u64, Address), // i128 — exact payout computed at resolve time
@@ -890,10 +889,6 @@ impl PredictionMarketContract {
             .persistent()
             .extend_ttl(&mkt_key, TTL_BUMP, TTL_HIGH);
 
-        // ── HasReferrer cache write ───────────────────────────────────────
-        let hr_key = DataKey::HasReferrer(user.clone());
-        let cached: Option<bool> = env.storage().persistent().get(&hr_key);
-
         // ── External calls (issue 89: after ALL state writes) ─────────────
 
         // ── XLM transfer user → this contract ────────────────────────────
@@ -901,10 +896,8 @@ impl PredictionMarketContract {
         let this = env.current_contract_address();
         xlm.transfer(&user, &this, &amount);
 
-        // ── Referral (skip if cached no-referrer) ─────────────────────────
-        let _paid_referrer = if cached == Some(false) {
-            false
-        } else {
+        // ── Referral (always check referral contract directly) ────────────
+        let _paid_referrer = {
             Self::require_compatible_referral(&env, &cfg.referral)?;
             xlm.transfer(&this, &cfg.referral, &referral_fee);
             let result: bool = env.invoke_contract(
@@ -917,12 +910,6 @@ impl PredictionMarketContract {
                     referral_fee.into_val(&env),
                 ],
             );
-            if cached.is_none() {
-                env.storage().persistent().set(&hr_key, &result);
-                env.storage()
-                    .persistent()
-                    .extend_ttl(&hr_key, TTL_BUMP, TTL_HIGH);
-            }
             result
         };
 
diff --git a/referral_registry/src/lib.rs b/referral_registry/src/lib.rs
index e69de29..60f7371 100644
--- a/referral_registry/src/lib.rs
+++ b/referral_registry/src/lib.rs
@@ -0,0 +1,347 @@
+#![no_std]
+
+use soroban_sdk::{
+    contract, contracterror, contractimpl, contracttype, symbol_short, token, vec, Address, Env,
+    IntoVal, String, Symbol, Vec,
+};
+
+pub const INTERFACE_VERSION: u32 = 1;
+
+const MAX_REFERRAL_DEPTH: u32 = 5;
+const WELCOME_BONUS_PTS: u64 = 5;
+const WELCOME_BONUS_TOKENS: i128 = 1_0000000;
+const REFERRAL_BONUS_PTS: u64 = 3;
+const TTL_BUMP: u32 = 3_153_600;
+const TTL_HIGH: u32 = 6_307_200;
+
+#[contracterror]
+#[derive(Clone, Copy, Debug, Eq, PartialEq, PartialOrd, Ord)]
+#[repr(u32)]
+pub enum ReferralError {
+    AlreadyInitialized = 1,
+    NotInitialized = 2,
+    NotAuthorized = 3,
+    AlreadyRegistered = 4,
+    InvalidReferrer = 5,
+    DepthLimitExceeded = 6,
+    SelfReferral = 7,
+    ContractPaused = 8,
+    IncompatibleInterface = 9,
+    TokenNotConfigured = 10,
+}
+
+#[contracttype]
+#[derive(Clone, Debug, Eq, PartialEq)]
+pub enum DataKey {
+    Admin,
+    MarketContract,
+    TokenContract,
+    LeaderboardContract,
+    XlmSac,
+    Referrer(Address),
+    DisplayName(Address),
+    ReferrerCount(Address),
+    Earnings(Address),
+    Paused,
+}
+
+#[contracttype]
+#[derive(Clone, Debug, Eq, PartialEq)]
+pub struct ReferrerInfo {
+    pub address: Address,
+    pub display_name: String,
+    pub referrer_count: u32,
+}
+
+#[contract]
+pub struct ReferralRegistryContract;
+
+#[contractimpl]
+impl ReferralRegistryContract {
+    pub fn initialize(
+        env: Env,
+        admin: Address,
+        market_contract: Address,
+        token_contract: Address,
+        leaderboard_contract: Address,
+        xlm_sac: Address,
+    ) -> Result<(), ReferralError> {
+        if env.storage().instance().has(&DataKey::Admin) {
+            return Err(ReferralError::AlreadyInitialized);
+        }
+        admin.require_auth();
+
+        env.storage().instance().set(&DataKey::Admin, &admin);
+        env.storage()
+            .instance()
+            .set(&DataKey::MarketContract, &market_contract);
+        env.storage()
+            .instance()
+            .set(&DataKey::TokenContract, &token_contract);
+        env.storage()
+            .instance()
+            .set(&DataKey::LeaderboardContract, &leaderboard_contract);
+        env.storage().instance().set(&DataKey::XlmSac, &xlm_sac);
+        env.storage().instance().set(&DataKey::Paused, &false);
+        env.storage().instance().extend_ttl(TTL_BUMP, TTL_HIGH);
+        Ok(())
+    }
+
+    pub fn interface_version(_env: Env) -> u32 {
+        INTERFACE_VERSION
+    }
+
+    pub fn pause(env: Env, admin: Address) -> Result<(), ReferralError> {
+        Self::require_admin(&env, &admin)?;
+        admin.require_auth();
+        env.storage().instance().set(&DataKey::Paused, &true);
+        env.events()
+            .publish((Symbol::new(&env, "paused"), admin), true);
+        Ok(())
+    }
+
+    pub fn unpause(env: Env, admin: Address) -> Result<(), ReferralError> {
+        Self::require_admin(&env, &admin)?;
+        admin.require_auth();
+        env.storage().instance().set(&DataKey::Paused, &false);
+        env.events()
+            .publish((Symbol::new(&env, "unpaused"), admin), true);
+        Ok(())
+    }
+
+    pub fn is_paused(env: Env) -> bool {
+        env.storage()
+            .instance()
+            .get(&DataKey::Paused)
+            .unwrap_or(false)
+    }
+
+    pub fn set_token_contract(
+        env: Env,
+        admin: Address,
+        token: Address,
+    ) -> Result<(), ReferralError> {
+        Self::require_admin(&env, &admin)?;
+        admin.require_auth();
+        env.storage().instance().set(&DataKey::TokenContract, &token);
+        env.storage().instance().extend_ttl(TTL_BUMP, TTL_HIGH);
+        Ok(())
+    }
+
+    pub fn register_referral(
+        env: Env,
+        user: Address,
+        display_name: String,
+        referrer: Option<Address>,
+    ) -> Result<(), ReferralError> {
+        Self::require_not_paused(&env)?;
+        user.require_auth();
+
+        let key = DataKey::Referrer(user.clone());
+        if env.storage().persistent().has(&key) {
+            return Err(ReferralError::AlreadyRegistered);
+        }
+
+        if let Some(ref_addr) = referrer {
+            if ref_addr == user {
+                return Err(ReferralError::SelfReferral);
+            }
+            if !env.storage().persistent().has(&DataKey::Referrer(ref_addr.clone())) {
+                return Err(ReferralError::InvalidReferrer);
+            }
+            let depth = Self::referral_depth(&env, &ref_addr);
+            if depth >= MAX_REFERRAL_DEPTH {
+                return Err(ReferralError::DepthLimitExceeded);
+            }
+            let ref_key = DataKey::ReferrerCount(ref_addr.clone());
+            let count: u32 = env.storage().persistent().get(&ref_key).unwrap_or(0);
+            env.storage().persistent().set(&ref_key, &(count + 1));
+            env.storage()
+                .persistent()
+                .extend_ttl(&ref_key, TTL_BUMP, TTL_HIGH);
+        }
+
+        env.storage().persistent().set(&key, &referrer);
+        env.storage()
+            .persistent()
+            .set(&DataKey::DisplayName(user.clone()), &display_name);
+        env.storage()
+            .persistent()
+            .extend_ttl(&key, TTL_BUMP, TTL_HIGH);
+        env.storage()
+            .persistent()
+            .extend_ttl(&DataKey::DisplayName(user.clone()), TTL_BUMP, TTL_HIGH);
+
+        let lb = Self::leaderboard_contract(&env)?;
+        let this = env.current_contract_address();
+        let _: Val = env.invoke_contract(
+            &lb,
+            &Symbol::new(&env, "reward_bonus"),
+            vec![
+                &env,
+                this.into_val(&env),
+                user.into_val(&env),
+                WELCOME_BONUS_PTS.into_val(&env),
+                0_i128.into_val(&env),
+            ],
+        );
+
+        env.events().publish(
+            (Symbol::new(&env, "referral_registered"), user),
+            referrer.is_some(),
+        );
+        Ok(())
+    }
+
+    pub fn credit(
+        env: Env,
+        caller: Address,
+        user: Address,
+        amount: i128,
+    ) -> Result<bool, ReferralError> {
+        Self::require_not_paused(&env)?;
+        Self::require_market_contract(&env, &caller)?;
+        caller.require_auth();
+
+        let referrer: Option<Address> = env
+            .storage()
+            .persistent()
+            .get(&DataKey::Referrer(user.clone()));
+
+        match referrer {
+            None => {
+                let this = env.current_contract_address();
+                let xlm_sac: Address = env.storage().instance().get(&DataKey::XlmSac).unwrap();
+                let xlm = token::Client::new(&env, &xlm_sac);
+                xlm.transfer(&this, &user, &amount);
+                Ok(false)
+            }
+            Some(ref_addr) => {
+                let xlm_sac: Address = env.storage().instance().get(&DataKey::XlmSac).unwrap();
+                let xlm = token::Client::new(&env, &xlm_sac);
+                let this = env.current_contract_address();
+                xlm.transfer(&this, &ref_addr, &amount);
+
+                let lb = Self::leaderboard_contract(&env)?;
+                let _: Val = env.invoke_contract(
+                    &lb,
+                    &Symbol::new(&env, "reward_bonus"),
+                    vec![
+                        &env,
+                        this.into_val(&env),
+                        ref_addr.into_val(&env),
+                        REFERRAL_BONUS_PTS.into_val(&env),
+                        0_i128.into_val(&env),
+                    ],
+                );
+
+                let earnings_key = DataKey::Earnings(ref_addr.clone());
+                let earnings: i128 = env
+                    .storage()
+                    .persistent()
+                    .get(&earnings_key)
+                    .unwrap_or(0);
+                env.storage()
+                    .persistent()
+                    .set(&earnings_key, &(earnings + amount));
+                env.storage()
+                    .persistent()
+                    .extend_ttl(&earnings_key, TTL_BUMP, TTL_HIGH);
+
+                Ok(true)
+            }
+        }
+    }
+
+    pub fn get_referrer(env: Env, user: Address) -> Option<Address> {
+        env.storage()
+            .persistent()
+            .get(&DataKey::Referrer(user))
+    }
+
+    pub fn get_display_name(env: Env, user: Address) -> Option<String> {
+        env.storage()
+            .persistent()
+            .get(&DataKey::DisplayName(user))
+    }
+
+    pub fn get_referrer_count(env: Env, referrer: Address) -> u32 {
+        env.storage()
+            .persistent()
+            .get(&DataKey::ReferrerCount(referrer))
+            .unwrap_or(0)
+    }
+
+    pub fn get_earnings(env: Env, referrer: Address) -> i128 {
+        env.storage()
+            .persistent()
+            .get(&DataKey::Earnings(referrer))
+            .unwrap_or(0)
+    }
+
+    fn require_admin(env: &Env, admin: &Address) -> Result<(), ReferralError> {
+        let stored: Address = env
+            .storage()
+            .instance()
+            .get(&DataKey::Admin)
+            .ok_or(ReferralError::NotInitialized)?;
+        if *admin != stored {
+            return Err(ReferralError::NotAuthorized);
+        }
+        Ok(())
+    }
+
+    fn require_not_paused(env: &Env) -> Result<(), ReferralError> {
+        if env
+            .storage()
+            .instance()
+            .get(&DataKey::Paused)
+            .unwrap_or(false)
+        {
+            return Err(ReferralError::ContractPaused);
+        }
+        Ok(())
+    }
+
+    fn require_market_contract(env: &Env, caller: &Address) -> Result<(), ReferralError> {
+        let market: Address = env
+            .storage()
+            .instance()
+            .get(&DataKey::MarketContract)
+            .ok_or(ReferralError::NotInitialized)?;
+        if *caller != market {
+            return Err(ReferralError::NotAuthorized);
+        }
+        Ok(())
+    }
+
+    fn leaderboard_contract(env: &Env) -> Result<Address, ReferralError> {
+        env.storage()
+            .instance()
+            .get(&DataKey::LeaderboardContract)
+            .ok_or(ReferralError::NotInitialized)
+    }
+
+    fn referral_depth(env: &Env, user: &Address) -> u32 {
+        let mut depth = 0;
+        let mut current = user.clone();
+        loop {
+            match env
+                .storage()
+                .persistent()
+                .get::<DataKey, Option<Address>>(&DataKey::Referrer(current.clone()))
+            {
+                None => break,
+                Some(None) => break,
+                Some(Some(ref_addr)) => {
+                    depth += 1;
+                    current = ref_addr;
+                }
+            }
+        }
+        depth
+    }
+}
+
+#[cfg(test)]
+mod tests;