Spinning chain:
A y-shaped chain used to spin up (tighten) one joint of drill pipe into another.One end of the chain is attached to the tongs, another end to the spinning cathead, and the third end left free.
The free end is wrapped around the tool joint, and the cathead pulls the chain off the joint, causing the joint to spin rapidly and tighten up.
After the free end of the chain is pulled off the joint, the tongs are secured in the spot vacated by the chain and continued pull on the chain (and thus on the tongs) by the cathead makes up the joint to final tightness.