Ref's call. No pit yet. The pit opens the minute $CHIPPIT is live, and seat 1 is the first move: chip 0.001 ETH or more and you are in. Every round after that every seat chips again, and when the clock runs out the smallest chip of the round is out and its whole stake pays the seats still in.
Eight seats. Round 3 chips: 0.010, 0.008, 0.006, 0.006, 0.005, 0.004, 0.004 and 0.003. The 0.003 seat is out. Its stake so far is 0.009 (0.003 in each of three rounds), and it splits to the seven still in: 0.009 ÷ 7 = 0.001285 each. Round 4 starts at zero for everyone.
not live yet