This potholder is a companion piece to the Basket Case Potholder. Like basketweave stitch, waffle stitch is a classic, easy, highly textured stitch that is almost always worked in rows or without increases or decreases. This potholder is worked in the round, from the center out, in pattern. There are eight increase points, and you increase 24 stitches every other round in order for this piece to lie flat. The finished potholder is about seven inches across–big enough to be practical, but not so big that it gets in the way or in your food when you use it.
If you need help with the increases, I've posted a tutorial demonstrating the first few rounds of this pattern.
Wagon Wheel Potholder