I think it still works, but it was a lot better when it first came out because everyone had a lot more money to give out. If someone is really active, the money dries up. That's why whenever I read someone on this account, I'm probably not giving out much because I read a lot.
But the thing that was weird when I upgraded was that I noticed a big difference in reads. Maybe it was just because I upgraded and it was new, but it was a noticeable difference.
Don't base your self-esteem on a random algorithm. Earning anything on Medium is not easy, and a lot of it is out of our control. All the AI accounts and spam accounts also make an impact on the earnings.
Substack is interesting, but I think most people make less there than on Medium. They always talk about subscribers, but very few actually talk about how much they make. I know some of the well-known writers can do well, but I'm not sure how I would do or anyone else who doesn't have a big following.