Your circle. Your rules. One reserve.
Admit is built for groups that already trust each other and already move money together.
- Who runs a circle
- Extended families, alumni associations, churches, market unions, savings groups. The circle sets membership, contributions, hospitals, and its council.
- How the limit is earned
- Tenure plus contributions, not a credit score. New or late members start lower. Every member can see their limit, debt, and active guarantees.
- What keeps the pool solvent
- Reserved guarantees can never exceed 80% of the reserve. A member can hold at most two active guarantees. A cooldown and a dispute window slow abuse down.
- How members repay
- In USDC from any wallet, or from another chain through 1Click. Repayment restores the limit immediately.
- When someone leaves
- The circle’s lock and notice period apply, and the refund is reduced by any outstanding debt.
How a circle starts.
Admit does not choose the members or the hospitals. The circle does. These are the four things it sets up before the first emergency.
- Before the first payment
Write the charter
The circle sets the monthly contribution, minimum tenure, base limit, growth per month, maximum limit, late-member factor, exposure cap, dispute window, and the list of council members. Those values become the pool’s on-chain parameters.
- At joining
Enroll the members
Each member joins and contributes. Their limit starts from the charter and grows with tenure and payments, not a credit score. A member can pair a family phone as a delegate so someone else can request care at 2 a.m.
- Before an emergency
Register the hospitals
The circle’s DAO registers the hospitals it trusts and the exact accounts that can receive payment. Registration is a governance action; a hospital cannot add itself.
- Every month
Build the reserve
Contributions accumulate in one USDC reserve. The contract reserves a guarantee against that reserve when a member needs care, and refuses any request that would break the exposure cap.
The limit is earned, not scored.
No credit score, no collateral, no bank underwriting. A member’s instant limit is a function of what they have actually paid and how long they have stayed.
- $5
- monthly contribution in the demo circle
- $300
- base instant limit for a member in good standing
- $600
- maximum limit the demo circle allows
good_months = min(tenure_months, contributed ÷ monthly_contribution)
limit = min(max_limit, base_limit + limit_per_month × good_months) − outstanding − reserved
The demo circle grows the limit by $25 for each good month. Members with late contributions start at half the limit until they catch up. A member’s outstanding debt and any reserved guarantees reduce what is available; repayment restores it.
What every member can see.
The pool is a shared ledger. Members can check their own position, the circle’s rules, and the hospitals the circle trusts at any time.
Their numbers
- Their instant limit and the part already reserved.
- Outstanding debt, total contributed, and months of tenure.
- Standing: Good, Late, or Default.
- Active guarantees and whether a cooldown applies.
Their circle
- The pool charter: contribution, limit, cap, and dispute window.
- The council members who review tier-two requests and disputes.
- The hospitals registered to accept guarantees.
- The delegate phones a member has paired.
Their obligations
- Keep the monthly contribution current.
- Repay their share after a claim.
- Raise a dispute inside the 14-day window.
- Respect the lock and notice period on an exit.
Their protections
- Reserved guarantees cannot exceed 80% of the reserve.
- At most two active guarantees per member, plus a cooldown.
- Late members get a lower limit until they catch up.
- The pool absorbs a loss only on certified death or a council write-off.
Questions a circle asks.
The awkward ones first: what happens when two people need care, when a bill is disputed, or when the reserve is nearly used up.
What if two members need care at once?
Reserved guarantees can never exceed 80% of the reserve. When the cap is reached, new guarantees are throttled until claims settle or contributions arrive. The council cannot override the cap, because it protects every member’s reserve.
What if a member cannot repay?
The debt reduces their limit and any exit refund. The pool absorbs the loss only on certified death or a council write-off. There is no insurance payout and no interest; it is a mutual-aid credit line.
Can the council issue a guarantee?
No. The DAO handles the hospital registry, parameters, council list, and write-offs. A guarantee comes from a member’s own limit, not from a vote.
Who decides a disputed bill?
The member has 14 days to dispute. A council member reviews the itemized bill and can adjust the amount. The optional AI review is advisory and cites public tariff references; the council makes the decision.
What happens when someone leaves?
The circle’s lock and notice period apply. The refund is the member’s contributions minus outstanding debt, subject to the exposure cap. A member cannot exit with money that is already reserved for an active guarantee.
What does the demo circle use?
$5 a month, a $300 base limit, $25 of growth per good month up to $600, an 80% exposure cap, at most two active guarantees, a 14-day dispute window, and a 7-day expiry for unaccepted guarantees.