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Doing some advertising for my new library: in-other-words! During my time as a developer of polysemy, I've been left unsatisfied with the core mechanism that both polysemy and other higher-order effect systems like fused-effects rely upon: weave. in-other-words is the culmination of my attempts to find a new approach to effect systems that fixes the problems with weave.
About how this relates to polysemy's future: although I consider the approach in-other-words takes (which I've dubbed "Reformulation into Primitives") better than the one polysemy takes, it's unlikely we'll be moving polysemy to that approach. It would cause a lot of breakage and introduce new complexity. Besides, the implementation of Reformulation into Primitives used in in-other-words doesn't lend itself to free monads that well; it can be adapted, but it won't be as clean as the way in-other-words does it.
Awesome! Looks really good! Nice job!