Can someone explain to me how liqudity pools work?

Hey there, a token I'm interested in is about to launch via a liqudity pool. They are letting depositers get then their X-token split with their token and eth.

I've always heard of liqudity launch pools, but conceptually how do they work. I understand it's meant to allow the pair to have liquidty to trade into. But can someone give me a more indepth answer of how they work and how the process is? Does it just share split 50/50 at the end? Is it basically partial buying the coin? How does a liqudity pool work?