A liquidity pool is a trading venue for a pair of tokens. Liquidity pools work with smart contracts. When creating a pool, the initial balance of tokens is 0 and as the first provider, you set the initial price of the pool. (Proceed with caution) You also pay a pool creation fee.
Creating pools is something that needs to be well considered before initiating it.
The more liquidity a pool has, the more stable the price of the tokens.
If you want to go ahead and create a pool on Emeris:
Go to the [Pools] page
Select on the side [+ add liquidity]
Select the two tokens you want as pairs
A message will be displayed
Check the pool creation fee
Click on [Confirm] & [I understand] agreement
Click with [proceed and continue]
When you add liquidity to the pool you create, you get LP tokens which come under the name: Gravity X tokens, where X is replaced by a number.
As an example, Gravity 1 are LP tokens from the $OSMO & $ATOM liquidity pool.