diff --git a/src/bench/blockencodings.cpp b/src/bench/blockencodings.cpp
index 3f6be56b464..ce968dbc651 100644
--- a/src/bench/blockencodings.cpp
+++ b/src/bench/blockencodings.cpp
@@ -22,7 +22,7 @@
 static void AddTx(const CTransactionRef& tx, const CAmount& fee, CTxMemPool& pool) EXCLUSIVE_LOCKS_REQUIRED(cs_main, pool.cs)
 {
     LockPoints lp;
-    TryAddToMempool(pool, CTxMemPoolEntry(TxGraph::Ref(), tx, fee, /*time=*/0, /*entry_height=*/1, /*entry_sequence=*/0, /*spends_coinbase=*/false, /*sigops_cost=*/4, lp));
+    TryAddToMempool(pool, CTxMemPoolEntry(tx, fee, /*time=*/0, /*entry_height=*/1, /*entry_sequence=*/0, /*spends_coinbase=*/false, /*sigops_cost=*/4, lp));
 }
 
 namespace {
diff --git a/src/bench/mempool_ephemeral_spends.cpp b/src/bench/mempool_ephemeral_spends.cpp
index 2f89f0da208..f0d8eb0bea7 100644
--- a/src/bench/mempool_ephemeral_spends.cpp
+++ b/src/bench/mempool_ephemeral_spends.cpp
@@ -29,7 +29,7 @@ static void AddTx(const CTransactionRef& tx, CTxMemPool& pool) EXCLUSIVE_LOCKS_R
     unsigned int sigOpCost{4};
     uint64_t fee{0};
     LockPoints lp;
-    TryAddToMempool(pool, CTxMemPoolEntry(TxGraph::Ref(),
+    TryAddToMempool(pool, CTxMemPoolEntry(
         tx, fee, nTime, nHeight, sequence,
         spendsCoinbase, sigOpCost, lp));
 }
diff --git a/src/bench/mempool_eviction.cpp b/src/bench/mempool_eviction.cpp
index ad3ab08a994..37bb7215be0 100644
--- a/src/bench/mempool_eviction.cpp
+++ b/src/bench/mempool_eviction.cpp
@@ -27,7 +27,7 @@ static void AddTx(const CTransactionRef& tx, const CAmount& nFee, CTxMemPool& po
     bool spendsCoinbase = false;
     unsigned int sigOpCost = 4;
     LockPoints lp;
-    TryAddToMempool(pool, CTxMemPoolEntry(TxGraph::Ref(),
+    TryAddToMempool(pool, CTxMemPoolEntry(
         tx, nFee, nTime, nHeight, sequence,
         spendsCoinbase, sigOpCost, lp));
 }
diff --git a/src/bench/mempool_stress.cpp b/src/bench/mempool_stress.cpp
index 9cddeb7815f..1f582081ea9 100644
--- a/src/bench/mempool_stress.cpp
+++ b/src/bench/mempool_stress.cpp
@@ -29,7 +29,7 @@ static void AddTx(const CTransactionRef& tx, CTxMemPool& pool, FastRandomContext
     bool spendsCoinbase = false;
     unsigned int sigOpCost = 4;
     LockPoints lp;
-    TryAddToMempool(pool, CTxMemPoolEntry(TxGraph::Ref(), tx, det_rand.randrange(10000)+1000, nTime, nHeight, sequence, spendsCoinbase, sigOpCost, lp));
+    TryAddToMempool(pool, CTxMemPoolEntry(tx, det_rand.randrange(10000)+1000, nTime, nHeight, sequence, spendsCoinbase, sigOpCost, lp));
 }
 
 struct Available {
diff --git a/src/bench/rpc_mempool.cpp b/src/bench/rpc_mempool.cpp
index b27a7e72cc4..f319c961a04 100644
--- a/src/bench/rpc_mempool.cpp
+++ b/src/bench/rpc_mempool.cpp
@@ -22,7 +22,7 @@
 static void AddTx(const CTransactionRef& tx, const CAmount& fee, CTxMemPool& pool) EXCLUSIVE_LOCKS_REQUIRED(cs_main, pool.cs)
 {
     LockPoints lp;
-    TryAddToMempool(pool, CTxMemPoolEntry(TxGraph::Ref(), tx, fee, /*time=*/0, /*entry_height=*/1, /*entry_sequence=*/0, /*spends_coinbase=*/false, /*sigops_cost=*/4, lp));
+    TryAddToMempool(pool, CTxMemPoolEntry(tx, fee, /*time=*/0, /*entry_height=*/1, /*entry_sequence=*/0, /*spends_coinbase=*/false, /*sigops_cost=*/4, lp));
 }
 
 static void RpcMempool(benchmark::Bench& bench)
diff --git a/src/bench/txgraph.cpp b/src/bench/txgraph.cpp
index 078f77b4256..7257a043777 100644
--- a/src/bench/txgraph.cpp
+++ b/src/bench/txgraph.cpp
@@ -67,7 +67,7 @@ void BenchTxGraphTrim(benchmark::Bench& bench)
         for (int chaintx = 0; chaintx < NUM_TX_PER_TOP_CHAIN; ++chaintx) {
             int64_t fee = rng.randbits<27>() + 100;
             FeePerWeight feerate{fee, 1};
-            top_refs.push_back(graph->AddTransaction(feerate));
+            graph->AddTransaction(top_refs.emplace_back(), feerate);
             // Add internal dependencies linking the chain transactions together.
             if (chaintx > 0) {
                  graph->AddDependency(*(top_refs.rbegin()), *(top_refs.rbegin() + 1));
@@ -85,7 +85,8 @@ void BenchTxGraphTrim(benchmark::Bench& bench)
         // Construct the transaction.
         int64_t fee = rng.randbits<27>() + 100;
         FeePerWeight feerate{fee, 1};
-        auto bottom_tx = graph->AddTransaction(feerate);
+        TxGraph::Ref bottom_tx;
+        graph->AddTransaction(bottom_tx, feerate);
         // Determine the number of dependencies this transaction will have.
         int deps = std::min<int>(NUM_DEPS_PER_BOTTOM_TX, top_components.size());
         for (int dep = 0; dep < deps; ++dep) {
diff --git a/src/kernel/mempool_entry.h b/src/kernel/mempool_entry.h
index 58824f7a80c..dd0c23a2cde 100644
--- a/src/kernel/mempool_entry.h
+++ b/src/kernel/mempool_entry.h
@@ -84,12 +84,11 @@ private:
 
 public:
     virtual ~CTxMemPoolEntry() = default;
-    CTxMemPoolEntry(TxGraph::Ref&& ref, const CTransactionRef& tx, CAmount fee,
+    CTxMemPoolEntry(const CTransactionRef& tx, CAmount fee,
                     int64_t time, unsigned int entry_height, uint64_t entry_sequence,
                     bool spends_coinbase,
                     int64_t sigops_cost, LockPoints lp)
-        : TxGraph::Ref(std::move(ref)),
-          tx{tx},
+        : tx{tx},
           nFee{fee},
           nTxWeight{GetTransactionWeight(*tx)},
           nUsageSize{RecursiveDynamicUsage(tx)},
diff --git a/src/test/fuzz/txgraph.cpp b/src/test/fuzz/txgraph.cpp
index 195c2e05025..6d5ac88218d 100644
--- a/src/test/fuzz/txgraph.cpp
+++ b/src/test/fuzz/txgraph.cpp
@@ -137,15 +137,16 @@ struct SimTxGraph
         return simmap[pos].get();
     }
 
-    /** Add a new transaction to the simulation. */
-    void AddTransaction(TxGraph::Ref&& ref, const FeePerWeight& feerate)
+    /** Add a new transaction to the simulation and the specified real graph. */
+    void AddTransaction(TxGraph& txgraph, const FeePerWeight& feerate)
     {
         assert(graph.TxCount() < MAX_TRANSACTIONS);
         auto simpos = graph.AddTransaction(feerate);
         real_is_optimal = false;
         MakeModified(simpos);
         assert(graph.Positions()[simpos]);
-        simmap[simpos] = std::make_shared<TxGraph::Ref>(std::move(ref));
+        simmap[simpos] = std::make_shared<TxGraph::Ref>();
+        txgraph.AddTransaction(*simmap[simpos], feerate);
         auto ptr = simmap[simpos].get();
         simrevmap[ptr] = simpos;
         // This may invalidate our cached oversized value.
@@ -455,10 +456,8 @@ FUZZ_TARGET(txgraph)
                     size = provider.ConsumeIntegralInRange<uint32_t>(1, 0xff);
                 }
                 FeePerWeight feerate{fee, size};
-                // Create a real TxGraph::Ref.
-                auto ref = real->AddTransaction(feerate);
-                // Create a shared_ptr place in the simulation to put the Ref in.
-                top_sim.AddTransaction(std::move(ref), feerate);
+                // Create the transaction in the simulation and the real graph.
+                top_sim.AddTransaction(*real, feerate);
                 break;
             } else if ((block_builders.empty() || sims.size() > 1) && top_sim.GetTransactionCount() + top_sim.removed.size() > 1 && command-- == 0) {
                 // AddDependency.
diff --git a/src/test/fuzz/util/mempool.cpp b/src/test/fuzz/util/mempool.cpp
index 241a4d559c7..a6a28f94006 100644
--- a/src/test/fuzz/util/mempool.cpp
+++ b/src/test/fuzz/util/mempool.cpp
@@ -27,5 +27,5 @@ CTxMemPoolEntry ConsumeTxMemPoolEntry(FuzzedDataProvider& fuzzed_data_provider,
     const auto entry_height{fuzzed_data_provider.ConsumeIntegralInRange<uint32_t>(0, max_height)};
     const bool spends_coinbase = fuzzed_data_provider.ConsumeBool();
     const unsigned int sig_op_cost = fuzzed_data_provider.ConsumeIntegralInRange<unsigned int>(0, MAX_BLOCK_SIGOPS_COST);
-    return CTxMemPoolEntry{TxGraph::Ref(), MakeTransactionRef(tx), fee, time, entry_height, entry_sequence, spends_coinbase, sig_op_cost, {}};
+    return CTxMemPoolEntry{MakeTransactionRef(tx), fee, time, entry_height, entry_sequence, spends_coinbase, sig_op_cost, {}};
 }
diff --git a/src/test/txgraph_tests.cpp b/src/test/txgraph_tests.cpp
index 26cf2b3a970..31fefd9ce18 100644
--- a/src/test/txgraph_tests.cpp
+++ b/src/test/txgraph_tests.cpp
@@ -46,11 +46,11 @@ BOOST_AUTO_TEST_CASE(txgraph_trim_zigzag)
     refs.reserve(NUM_TOTAL_TX);
     // First all bottom transactions: the i'th bottom transaction is at position i.
     for (unsigned int i = 0; i < NUM_BOTTOM_TX; ++i) {
-        refs.push_back(graph->AddTransaction(FeePerWeight{200 - i, 100}));
+        graph->AddTransaction(refs.emplace_back(), FeePerWeight{200 - i, 100});
     }
     // Then all top transactions: the i'th top transaction is at position NUM_BOTTOM_TX + i.
     for (unsigned int i = 0; i < NUM_TOP_TX; ++i) {
-        refs.push_back(graph->AddTransaction(FeePerWeight{100 - i, 100}));
+        graph->AddTransaction(refs.emplace_back(), FeePerWeight{100 - i, 100});
     }
 
     // Create the zigzag dependency structure.
@@ -109,9 +109,9 @@ BOOST_AUTO_TEST_CASE(txgraph_trim_flower)
     refs.reserve(NUM_TOTAL_TX);
 
     // Add all transactions. They are in individual clusters.
-    refs.push_back(graph->AddTransaction({1, 100}));
+    graph->AddTransaction(refs.emplace_back(), {1, 100});
     for (unsigned int i = 0; i < NUM_TOP_TX; ++i) {
-        refs.push_back(graph->AddTransaction(FeePerWeight{500 + i, 100}));
+        graph->AddTransaction(refs.emplace_back(), FeePerWeight{500 + i, 100});
     }
     graph->SanityCheck();
 
@@ -196,8 +196,8 @@ BOOST_AUTO_TEST_CASE(txgraph_trim_huge)
             // Use random fees, size 1.
             int64_t fee = rng.randbits<27>() + 100;
             FeePerWeight feerate{fee, 1};
-            top_refs.push_back(graph->AddTransaction(feerate));
-            // Add internal dependencies linked the chain transactions together.
+            graph->AddTransaction(top_refs.emplace_back(), feerate);
+            // Add internal dependencies linking the chain transactions together.
             if (chaintx > 0) {
                  graph->AddDependency(*(top_refs.rbegin()), *(top_refs.rbegin() + 1));
             }
@@ -215,7 +215,8 @@ BOOST_AUTO_TEST_CASE(txgraph_trim_huge)
         // Construct the transaction.
         int64_t fee = rng.randbits<27>() + 100;
         FeePerWeight feerate{fee, 1};
-        auto bottom_tx = graph->AddTransaction(feerate);
+        TxGraph::Ref bottom_tx;
+        graph->AddTransaction(bottom_tx, feerate);
         // Determine the number of dependencies this transaction will have.
         int deps = std::min<int>(NUM_DEPS_PER_BOTTOM_TX, top_components.size());
         for (int dep = 0; dep < deps; ++dep) {
@@ -271,7 +272,7 @@ BOOST_AUTO_TEST_CASE(txgraph_trim_big_singletons)
         // The 88th transaction is oversized.
         // Every 20th transaction is oversized.
         const FeePerWeight feerate{500 + i, (i == 88 || i % 20 == 0) ? MAX_CLUSTER_SIZE + 1 : 100};
-        refs.push_back(graph->AddTransaction(feerate));
+        graph->AddTransaction(refs.emplace_back(), feerate);
     }
     graph->SanityCheck();
 
@@ -334,23 +335,23 @@ BOOST_AUTO_TEST_CASE(txgraph_chunk_chain)
 
     // everytime adding a transaction, test the chunk status
     // [A]
-    refs.push_back(graph->AddTransaction(feerateA));
+    graph->AddTransaction(refs.emplace_back(), feerateA);
     BOOST_CHECK_EQUAL(graph->GetTransactionCount(TxGraph::Level::TOP), 1);
     block_builder_checker({{&refs[0]}});
     // [A, B]
-    refs.push_back(graph->AddTransaction(feerateB));
+    graph->AddTransaction(refs.emplace_back(), feerateB);
     graph->AddDependency(/*parent=*/refs[0], /*child=*/refs[1]);
     BOOST_CHECK_EQUAL(graph->GetTransactionCount(TxGraph::Level::TOP), 2);
     block_builder_checker({{&refs[0]}, {&refs[1]}});
 
     // [A, BC]
-    refs.push_back(graph->AddTransaction(feerateC));
+    graph->AddTransaction(refs.emplace_back(), feerateC);
     graph->AddDependency(/*parent=*/refs[1], /*child=*/refs[2]);
     BOOST_CHECK_EQUAL(graph->GetTransactionCount(TxGraph::Level::TOP), 3);
     block_builder_checker({{&refs[0]}, {&refs[1], &refs[2]}});
 
     // [ABCD]
-    refs.push_back(graph->AddTransaction(feerateD));
+    graph->AddTransaction(refs.emplace_back(), feerateD);
     graph->AddDependency(/*parent=*/refs[2], /*child=*/refs[3]);
     BOOST_CHECK_EQUAL(graph->GetTransactionCount(TxGraph::Level::TOP), 4);
     block_builder_checker({{&refs[0], &refs[1], &refs[2], &refs[3]}});
@@ -383,7 +384,7 @@ BOOST_AUTO_TEST_CASE(txgraph_staging)
 
     // everytime adding a transaction, test the chunk status
     // [A]
-    refs.push_back(graph->AddTransaction(feerateA));
+    graph->AddTransaction(refs.emplace_back(), feerateA);
     BOOST_CHECK_EQUAL(graph->HaveStaging(), false);
     BOOST_CHECK_EQUAL(graph->GetTransactionCount(TxGraph::Level::TOP), 1);
 
@@ -392,7 +393,7 @@ BOOST_AUTO_TEST_CASE(txgraph_staging)
     BOOST_CHECK_EQUAL(graph->GetTransactionCount(TxGraph::Level::TOP), 1);
 
     // [A, B]
-    refs.push_back(graph->AddTransaction(feerateB));
+    graph->AddTransaction(refs.emplace_back(), feerateB);
     BOOST_CHECK_EQUAL(graph->GetTransactionCount(TxGraph::Level::MAIN), 1);
     BOOST_CHECK_EQUAL(graph->GetTransactionCount(TxGraph::Level::TOP), 2);
     BOOST_CHECK_EQUAL(graph->Exists(refs[0], TxGraph::Level::TOP), true);
diff --git a/src/test/util/txmempool.cpp b/src/test/util/txmempool.cpp
index a019c830e1e..3c7eb87ccc2 100644
--- a/src/test/util/txmempool.cpp
+++ b/src/test/util/txmempool.cpp
@@ -38,7 +38,7 @@ CTxMemPoolEntry TestMemPoolEntryHelper::FromTx(const CMutableTransaction& tx) co
 
 CTxMemPoolEntry TestMemPoolEntryHelper::FromTx(const CTransactionRef& tx) const
 {
-    return CTxMemPoolEntry{TxGraph::Ref(), tx, nFee, TicksSinceEpoch<std::chrono::seconds>(time), nHeight, m_sequence, spendsCoinbase, sigOpCost, lp};
+    return CTxMemPoolEntry{tx, nFee, TicksSinceEpoch<std::chrono::seconds>(time), nHeight, m_sequence, spendsCoinbase, sigOpCost, lp};
 }
 
 std::optional<std::string> CheckPackageMempoolAcceptResult(const Package& txns,
diff --git a/src/txgraph.cpp b/src/txgraph.cpp
index f60d8ca2a66..d9f5900f306 100644
--- a/src/txgraph.cpp
+++ b/src/txgraph.cpp
@@ -753,7 +753,7 @@ public:
 
     // Implementations for the public TxGraph interface.
 
-    Ref AddTransaction(const FeePerWeight& feerate) noexcept final;
+    void AddTransaction(Ref& arg, const FeePerWeight& feerate) noexcept final;
     void RemoveTransaction(const Ref& arg) noexcept final;
     void AddDependency(const Ref& parent, const Ref& child) noexcept final;
     void SetTransactionFee(const Ref&, int64_t fee) noexcept final;
@@ -2115,20 +2115,19 @@ void TxGraphImpl::MakeAllAcceptable(int level) noexcept
 
 GenericClusterImpl::GenericClusterImpl(uint64_t sequence) noexcept : Cluster{sequence} {}
 
-TxGraph::Ref TxGraphImpl::AddTransaction(const FeePerWeight& feerate) noexcept
+void TxGraphImpl::AddTransaction(Ref& arg, const FeePerWeight& feerate) noexcept
 {
     Assume(m_main_chunkindex_observers == 0 || GetTopLevel() != 0);
     Assume(feerate.size > 0);
-    // Construct a new Ref.
-    Ref ret;
+    Assume(GetRefGraph(arg) == nullptr);
     // Construct a new Entry, and link it with the Ref.
     auto idx = m_entries.size();
     m_entries.emplace_back();
     auto& entry = m_entries.back();
     entry.m_main_chunkindex_iterator = m_main_chunkindex.end();
-    entry.m_ref = &ret;
-    GetRefGraph(ret) = this;
-    GetRefIndex(ret) = idx;
+    entry.m_ref = &arg;
+    GetRefGraph(arg) = this;
+    GetRefIndex(arg) = idx;
     // Construct a new singleton Cluster (which is necessarily optimally linearized).
     bool oversized = uint64_t(feerate.size) > m_max_cluster_size;
     auto cluster = CreateEmptyCluster(1);
@@ -2146,8 +2145,6 @@ TxGraph::Ref TxGraphImpl::AddTransaction(const FeePerWeight& feerate) noexcept
         clusterset.m_oversized = true;
         clusterset.m_group_data = std::nullopt;
     }
-    // Return the Ref.
-    return ret;
 }
 
 void TxGraphImpl::RemoveTransaction(const Ref& arg) noexcept
diff --git a/src/txgraph.h b/src/txgraph.h
index 0e1f2c79d07..385db0147cc 100644
--- a/src/txgraph.h
+++ b/src/txgraph.h
@@ -67,12 +67,14 @@ public:
 
     /** Virtual destructor, so inheriting is safe. */
     virtual ~TxGraph() = default;
-    /** Construct a new transaction with the specified feerate, and return a Ref to it.
+    /** Initialize arg (which must be an empty Ref) to refer to a new transaction in this graph
+     *  with the specified feerate.
+     *
      *  If a staging graph exists, the new transaction is only created there. feerate.size must be
-     *  strictly positive. In all further calls, only Refs created by AddTransaction() are allowed
+     *  strictly positive. In all further calls, only Refs passed to AddTransaction() are allowed
      *  to be passed to this TxGraph object (or empty Ref objects). Ref objects may outlive the
-     *  TxGraph they were created for. */
-    [[nodiscard]] virtual Ref AddTransaction(const FeePerWeight& feerate) noexcept = 0;
+     *  TxGraph they were added to. */
+    virtual void AddTransaction(Ref& arg, const FeePerWeight& feerate) noexcept = 0;
     /** Remove the specified transaction. If a staging graph exists, the removal only happens
      *  there. This is a no-op if the transaction was already removed.
      *
@@ -235,8 +237,7 @@ public:
         /** Index into the Graph's m_entries. Only used if m_graph != nullptr. */
         GraphIndex m_index = GraphIndex(-1);
     public:
-        /** Construct an empty Ref. Non-empty Refs can only be created using
-         *  TxGraph::AddTransaction. */
+        /** Construct an empty Ref. It can be initialized through TxGraph::AddTransaction. */
         Ref() noexcept = default;
         /** Destroy this Ref. If it is not empty, the corresponding transaction is removed (in both
          *  main and staging, if it exists). */
diff --git a/src/txmempool.cpp b/src/txmempool.cpp
index 55c332769d4..58262e7f2f9 100644
--- a/src/txmempool.cpp
+++ b/src/txmempool.cpp
@@ -1000,8 +1000,9 @@ CTxMemPool::ChangeSet::TxHandle CTxMemPool::ChangeSet::StageAddition(const CTran
     CAmount delta{0};
     m_pool->ApplyDelta(tx->GetHash(), delta);
 
-    TxGraph::Ref ref(m_pool->m_txgraph->AddTransaction(FeePerWeight(fee, GetSigOpsAdjustedWeight(GetTransactionWeight(*tx), sigops_cost, ::nBytesPerSigOp))));
-    auto newit = m_to_add.emplace(std::move(ref), tx, fee, time, entry_height, entry_sequence, spends_coinbase, sigops_cost, lp).first;
+    FeePerWeight feerate(fee, GetSigOpsAdjustedWeight(GetTransactionWeight(*tx), sigops_cost, ::nBytesPerSigOp));
+    auto newit = m_to_add.emplace(tx, fee, time, entry_height, entry_sequence, spends_coinbase, sigops_cost, lp).first;
+    m_pool->m_txgraph->AddTransaction(const_cast<CTxMemPoolEntry&>(*newit), feerate);
     if (delta) {
         newit->UpdateModifiedFee(delta);
         m_pool->m_txgraph->SetTransactionFee(*newit, newit->GetModifiedFee());