During clathrin-mediated endocytosis, dozens of proteins assemble into an interconnected network at the plasma membrane. As early initiators of endocytosis, Eps15 and Fcho1 are responsible for locally concentrating downstream components on the membrane surface. However, they must also permit dynamic rearrangement of proteins within the budding vesicle. How do initiator proteins meet these competing demands? Here we show that Eps15 and Fcho1 rely on weak, liquid-like interactions to efficiently catalyze endocytosis. In reconstitution experiments, these weak interactions promote the assembly of protein droplets with liquid-like properties, including rapid coalescence and dynamic exchange of protein components. To probe the physiological role of liquid-like interactions among initiator proteins, we tuned the strength of initiator protein assembly in real time using light-inducible oligomerization of Eps15. Low light levels drove initiator proteins into liquid-like assemblies, restoring normal rates of endocytosis in mammalian Eps15 knockout cells. In contrast, initiator proteins formed solid-like assemblies upon exposure to higher light levels.Assembly of these structures stalled vesicle budding, likely owing to insufficient molecular rearrangement. These findings suggest that liquid-like assembly of early initiator proteins provides an optimal catalytic platform for endocytosis.Clathrin-mediated endocytosis (CME) is driven by the assembly of a highly interconnected network of adaptor proteins that participate in cargo selection, clathrin recruitment, and membrane bending. A small subset of adaptor proteins is the first to arrive at endocytic sites 1,2 . These initiators include the Fcho proteins (Fcho1/2), Eps15/Eps15R, and intersectin, which associate together in a complex thought to serve as a membrane-associated scaffold for recruitment of downstream adaptors 3 .Specifically, Fcho and Eps15 work together to recruit AP-2, which promotes maturation of the nascent endocytic structure 4-6 . Fcho also binds the adaptors HRB and Dab2 7,8 .Eps15 interacts with numerous other adaptors, including Epsin and AP180/CALM 9,10 .Meanwhile, the minimal initiator complex itself is highly interconnected. Fcho binds Eps15 through interactions between its C-terminal µHD and motifs in Eps15's intrinsically disordered C-terminus 6,11 . Fcho exists as a homodimer, mediated by its F-BAR domain 12 . Eps15 not only dimerizes via its coiled-coil domain, but can likely also take on an antiparallel tetrameric conformation mediated by interactions between its Nterminal EH domains and C-terminal disordered region 11,13 . Therefore, each Fcho dimer can interact with multiple Eps15 oligomers, suggesting an interconnected initiator protein network. Loss of both Fcho1 and Eps15 results in less productive CME 3,6 .As initiators of endocytosis, the network formed by Fcho and Eps15 must meet the competing demands of (i) locally concentrating downstream adaptors, while (ii) permitting them to rapidly rearrange as the endocytic structure grows and cha...