change fee structure

common/calculate.ts

@@ -104,7 +104,7 @@ export function calculateShareValue(contract: Contract, bet: Bet) {
 }
 
 export function calculateSaleAmount(contract: Contract, bet: Bet) {
-  return (1 - 2 * FEES) * calculateShareValue(contract, bet)
+  return (1 - FEES) * calculateShareValue(contract, bet)
 }
 
 export function calculatePayout(
@@ -145,7 +145,7 @@ export function calculateStandardPayout(
     totalShares[outcome] - phantomShares[outcome] - totalBets[outcome]
   const winningsPool = truePool - totalBets[outcome]
 
-  return amount + (1 - 2 * FEES) * ((shares - amount) / total) * winningsPool
+  return amount + (1 - FEES) * ((shares - amount) / total) * winningsPool
 }
 
 export function calculatePayoutAfterCorrectBet(contract: Contract, bet: Bet) {
@@ -204,7 +204,7 @@ function calculateMktPayout(contract: Contract, bet: Bet) {
 
   return (
     betP * bet.amount +
-    (1 - 2 * FEES) *
+    (1 - FEES) *
       ((betP * (bet.shares - bet.amount)) / weightedShareTotal) *
       winningsPool
   )

common/fees.ts

@@ -1,4 +1,4 @@
-export const PLATFORM_FEE = 0.01 // == 1%
+export const PLATFORM_FEE = 0.01
-export const CREATOR_FEE = 0.01
+export const CREATOR_FEE = 0.09
 
 export const FEES = PLATFORM_FEE + CREATOR_FEE

common/payouts.ts

@@ -38,12 +38,12 @@ export const getStandardPayouts = (
     userId: bet.userId,
     payout:
       bet.amount +
-      (1 - 2 * FEES) *
+      (1 - FEES) *
         ((bet.shares - bet.amount) / shareDifferenceSum) *
         winningsPool,
   }))
 
-  const creatorPayout = 2 * CREATOR_FEE * winningsPool
+  const creatorPayout = CREATOR_FEE * winningsPool
 
   console.log(
     'resolved',
@@ -98,7 +98,7 @@ export const getMktPayouts = (
     userId: bet.userId,
     payout:
       p * bet.amount +
-      (1 - 2 * FEES) *
+      (1 - FEES) *
         ((p * (bet.shares - bet.amount)) / weightedShareTotal) *
         winningsPool,
   }))
@@ -107,12 +107,12 @@ export const getMktPayouts = (
     userId: bet.userId,
     payout:
       (1 - p) * bet.amount +
-      (1 - 2 * FEES) *
+      (1 - FEES) *
         (((1 - p) * (bet.shares - bet.amount)) / weightedShareTotal) *
         winningsPool,
   }))
 
-  const creatorPayout = 2 * CREATOR_FEE * winningsPool
+  const creatorPayout = CREATOR_FEE * winningsPool
 
   return [
     ...yesPayouts,

common/sell-bet.ts

@@ -36,8 +36,8 @@ export const getSellBetInfo = (
   const probBefore = getProbability(contract.totalShares)
   const probAfter = getProbability(newTotalShares)
 
-  const creatorFee = 2 * CREATOR_FEE * adjShareValue
+  const creatorFee = CREATOR_FEE * adjShareValue
-  const saleAmount = (1 - 2 * FEES) * adjShareValue
+  const saleAmount = (1 - FEES) * adjShareValue
 
   console.log(
     'SELL M$',

web/pages/about.tsx

@@ -1,7 +1,7 @@
 import { cloneElement } from 'react'
+import { CREATOR_FEE } from '../../common/fees'
 import { Page } from '../components/page'
 import { SEO } from '../components/SEO'
-import { useContracts } from '../hooks/use-contracts'
 import styles from './about.module.css'
 
 export default function About() {
@@ -132,8 +132,9 @@ function Contents() {
       </p>
       <h3 id="how-are-markets-resolved-">How are markets resolved?</h3>
       <p>
-        The creator of the prediction market decides the outcome and earns 1% of
+        The creator of the prediction market decides the outcome and earns{' '}
-        the betting pool for their effort.
+        {CREATOR_FEE * 100}% of the winnings as a commission for creating and
+        resolving the market.
       </p>
       <p>
         This simple resolution mechanism has surprising benefits in allowing a

web/pages/create.tsx

@@ -177,7 +177,7 @@ export function NewContract(props: { question: string; tag?: string }) {
           <span>Market ante</span>
           <InfoTooltip
             text={`Subsidize your market to encourage trading. Ante bets are set to match your initial probability. 
-              You earn ${CREATOR_FEE * 100}% of trading volume.`}
+              You earn ${CREATOR_FEE * 100}% of the winnings.`}
           />
         </label>
         <AmountInput