I get that trying to disburse a $5 membership fee across all the stories every member writes often doesn't add up to much. But I'm not convinced this is the way to go. Maybe raise the fee across the board to $7 a month. I rarely earn over $15 a month. I'd be paying Medium to supply them content.
I've been burned too often by Medium's algorithm changes. The lack of transparency on how earnings are calculated means that being told we'll earn "4x" as much is meaningless.
I also recall that less than a year ago, we were told the algorithm was going to give greater weight to signals of engagement, including people following you after reading one of your stories, and how many people clapped or commented. Now we're told that THIS program will reward engagement. I guess you can call me skeptical, and wondering if this is a program for the privileged.