The case for lowering fees on Polymarket's crypto markets... even just as a temporary experiment: We love the crypto markets. Obviously we trade them to make money, but for exactly that reason, we want to see them flourish again. In recent months, Polymarket has been drastically losing crypto trading volume to Kalshi, and now Predict fun, and competition is only increasing. With this drain in liquidity, there's less opportunity for traders, and ultimately less fee generation for Polymarket. I think one of the cleanest and most impactful ways to reverse that is lowering crypto taker fees. At the current 7% fee rate, a taker buying around 50¢ pays 1.75¢ per share, which is a 3.5% cost on the capital deployed. That means a trader needs nearly 2¢ of genuine edge just to get back to zero before accounting for adverse selection, latency, slippage, or anything else. In markets this competitive, with professional market makers and trading firms, consistently finding that much real edge is extremely difficult. The problem is that this does not just hurt takers. It suppresses the entire ecosystem. When fewer marginal trades are economically viable, there is less taker flow, fewer fills, lower turnover, and less incentive for makers to quote meaningful size. Lowering that barrier gives people a reason to trade Polymarket again, which creates more volume for takers, more flow for makers, deeper liquidity, and ultimately a healthier market. There is also a revenue argument here. A lower fee rate does not necessarily mean lower fee revenue. If cutting fees substantially increases trading volume and brings participants back, Polymarket can generate more total fees from a much larger and healthier market. The important variable is not the fee extracted from an individual trade, but the total economic activity the fee structure enables. I also think it is worth reconsidering the current probability weighted fee curve, where fees are based on p × (1 minus p). These short dated crypto markets behave much more like extremely fast moving binary options than traditional prediction markets. A simpler fee based on notional, or at least a substantially flatter structure, may make more sense and would make the cost of taking liquidity much more predictable across prices. At the very least, I think this is worth experimenting with. Please lower crypto fees for a period and measure volume, unique traders, taker retention, spreads, maker depth, and total fee generation. My strong suspicion is that the current rate is above the point that maximizes the long term value of these markets. We want Polymarket to win here. There is still something special about these crypto markets, and I think fee reform is probably the single highest leverage thing you can do right now to breathe life back into them. ❤️💙 @bbrizzzzzz @SuhailKakar @shayne_coplan @williamlegate @PolymarketTrade

@smileycapital you're the goat and I appreciate you