SIG LP stands for xSigma Liquidity Provider Token. It represents a pool share in the main stablecoin DAI/USDC/USDT pool.
For example, if the pool has 20M locked in stablecoins, that means ~20M SIG LP tokens were minted and each of them can be withdrawn anytime to get back the underlying stablecoins.
SIG LP value only consists of the stablecoins it captures and the exchange fees it accumulates.
On launch, 1 SIG LP token equals 1 unit of stablecoin, meaning approximately 1 USD. Over time, fees accumulated in an exchange generate additional stablecoin amounts, so each pool share has more underlying stablecoins.
Virtual Price is the current dollar amount of stablecoins under each pool share.