I think it's better to take inspiration from Vue SFC playground.
It seems like it creates a hash for the content, and parse it inside it's ReplStore. See https://github.com/vuejs/core/tree/main/packages/sfc-playground
This will make the link is a Bijective function to the content. Which means that we can create cool stuff like programmatically embed content to the url - like in https://github.com/LinusBorg/slidev-theme-vuetiful/blob/348090dff814bb97f835c2944daaf2fd77552d83/layouts/sfc.vue#L32 - the component embed its content programmatically so the content code is readable before injecting it into the url - and we can extract it from the url. The url get const encoded = window.btoa(JSON.stringify(content)) so we can do the reverse with const decodedString = JSON.parse(window.atob(encoded)).
This may affect the way the URL handles now with tokens and anonymous users and the behavior of the share button will be just to copy the URL instead of saving.
This issue is related to #105