Frequently Asked Questions
Everything you need to know about SpinPigs
Getting Started
What is SpinPigs?
SpinPigs is a blockchain-based Rotating Savings and Credit Association (ROSCA) on the Polygon network. Groups of 5 members contribute weekly, and each week one member receives the full pool. Idle funds earn interest through Aave V3.
How do I get started?
You need a Web3 wallet like MetaMask, some MATIC for gas fees, and USDT for deposits. Connect your wallet on the SpinPigs website, choose a pool, and join an available group.
What wallet do I need?
Any Web3 wallet that supports the Polygon network works. MetaMask is the most popular choice. Make sure your wallet is connected to the Polygon (MATIC) network, not Ethereum mainnet.
What currency does SpinPigs use?
SpinPigs uses USDT (Tether) on the Polygon network. You also need MATIC (Polygon's native token) for gas fees. Gas fees on Polygon are very low — typically less than $0.01 per transaction.
Pools & Groups
What pools are available?
Currently, the MINI pool is available at $5/week ($20 total over 4 weeks). Standard and Premium pools will launch in the future with higher amounts for experienced users.
How are payout positions determined?
When a group reaches 5 members, positions are assigned randomly using on-chain randomness. Position 1 receives payout first (week 1), position 5 receives last (week 4). The 5th member's collateral covers their contribution — they don't receive a payout week.
Can I join multiple groups?
Yes, you can join multiple groups simultaneously. However, there is a 5-minute cooldown between joining groups to prevent spam. Make sure you have enough USDT and collateral for each group.
What happens if a group doesn't fill?
Your group stays in 'Waiting' status until 5 members join. You can leave a waiting group at any time and receive a full refund of your collateral and any payments made.
Payments & Collateral
Why do I need to deposit collateral?
Collateral guarantees that all members fulfill their weekly payment obligations. Everyone deposits the maximum collateral upfront. After the lottery assigns positions, excess collateral is refunded based on your position — earlier positions need less collateral since they have fewer remaining payments.
How are weekly payments handled?
Weekly payments are made by calling the 'Pay for Week' function on the smart contract. You need sufficient USDT in your wallet and must approve the contract to spend your USDT. The payment window opens each week after the group's payment interval passes.
What happens if I miss a payment?
If you miss a payment, the required amount is automatically deducted from your collateral. This ensures the member scheduled to receive the payout that week is not affected. If your collateral is insufficient, you may face additional penalties.
When do I get my collateral back?
Remaining collateral is returned when the group completes all 4 weeks and you've fulfilled all your payment obligations. You can also receive partial refunds when your lottery position is determined (excess collateral above what's needed for your remaining payments).
Yield & Interest
How is yield generated?
Weekly payment pools and collateral deposits are supplied to Aave V3, a leading DeFi lending protocol on Polygon. Aave pays variable interest on deposited USDT. When a payout is withdrawn, funds are pulled back from Aave along with any accrued interest.
How much interest will I earn?
Interest depends on your lottery position and current Aave rates. Positions 1-3 earn the most (their funds are in Aave longer). Position 4 earns minimal interest. Position 5 earns no interest. Aave rates are variable and can change — estimated yields on the platform are projections, not guarantees.
What is the platform fee?
SpinPigs takes a 20% fee on the Aave yield only. There are no fees on your principal (deposits or weekly payments). The remaining 80% of yield goes to group members.
Security
Are my funds safe?
Your funds are held in audited smart contracts on the Polygon blockchain. Collateral is locked until obligations are met. However, like all DeFi protocols, there are risks including smart contract bugs, Aave protocol issues, and stablecoin risks. Please read our Risk Disclosure for full details.
Has the platform been audited?
The smart contracts have undergone an internal security audit. All contracts are verified and open-source on PolygonScan. We use battle-tested OpenZeppelin libraries for access control, reentrancy protection, and pausability.
Who controls the smart contracts?
The contracts are owned by a single admin wallet that can pause operations and perform emergency withdrawals in case of critical issues. We plan to transition to a multi-signature wallet (Gnosis Safe) with a timelock for greater decentralization.
Still have questions? Contact us at support@spinpigs.com