> ## Documentation Index
> Fetch the complete documentation index at: https://docs.into.space/llms.txt
> Use this file to discover all available pages before exploring further.

# SPL Token Structure

> How YES and NO tokens work on-chain

Every market uses SPL tokens to represent shares:

* **YES tokens** = outcome happens
* **NO tokens** = outcome doesn't happen
* Each pair is backed by 1 USDC

## Minting & Burning

Mint: 1 USDC → 1 YES + 1 NO Burn: 1 YES + 1 NO → 1 USDC This mechanism ensures:

* YES + NO ≈ \$1 (price integrity)
* Always-available liquidity
* Capital efficiency in multi-outcome markets

## Why This Matters

If the [order book](/architecture/clob) is thin, you're never stuck. Mint a pair for \$1, sell the side you don't want. This creates your own liquidity without relying on other traders.

### Arbitrage Enforcement

If YES = \$0.65 and NO = \$0.40 (sum = \$1.05), arbitrageurs can:

1. Buy both for \$1.05
2. Burn for \$1.00
3. Repeat until prices balance This keeps YES + NO ≈ \$1 across all markets.