A group puts in the same amount of USDC every round, and each round one member takes the whole pot.
Over a billion people already save this way (chit funds, kitty parties, tandas, susus, hui), but the old way depends on
trusting an organiser. Here a contract holds the money, and each member's deposit covers a missed payment.
Start a circle
How it works
Anyone creates a circle: amount, number of members, round length.
Members join by locking one contribution as a deposit. The order you join in is the order you get paid.
The circle starts once it's full. Each round everyone pays in, and that round's member can withdraw the pot.
If someone misses a round, anyone can settle it after the deadline. The defaulter's deposit covers the missed payment.
After the last round, every deposit that wasn't used is returned.
Gas on Arc is paid in USDC and is a fraction of a cent. The contract is
on the explorer.