JLP tokens are minted when users deposit assets into the pool. The token represents a proportional share of the pool's value, which fluctuates based on trading activity and asset performance. Pool composition includes SOL, ETH, wBTC, USDC, USDT, and JupUSD. Value accrues from trading fees (75% to JLP holders) and trader losses. Total supply is elastic and adjusts based on deposit and redemption activity.