> For the complete documentation index, see [llms.txt](https://docs.lendsprotocol.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.lendsprotocol.com/welcome-to-lends.md). # Welcome to LENDS LENDS is a lending and yield protocol for tokenized stocks on Robinhood Chain. It lets you unlock stablecoin liquidity from supported stock positions without selling them, or supply stablecoin liquidity and earn a share of real protocol revenue. There are three main ways to participate: | Your goal | What you do | What you receive | | -------------------------------------------- | ------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------- | | Unlock liquidity without selling your stocks | Deposit a supported tokenized stock and borrow leUSD | leUSD to hold, stake, or convert; you keep the remaining upside and downside of your collateral | | Earn from protocol activity | Acquire leUSD and stake it | sleUSD, whose leUSD redemption value can grow as revenue is distributed | | Move between stable assets | Convert USDG to leUSD, or redeem eligible leUSD for USDG through the PSM | A 1:1 conversion when protocol caps, liquidity, and safety conditions allow | LENDS is designed around transparent, onchain sources of value. Borrowers pay stability fees. Liquidations may generate revenue. USDG reserves may earn external lending yield. Realized revenue first protects protocol solvency, then funds insurance and sleUSD yield, with eligible surplus available for protocol uses such as $LENDS buybacks. ### The Core Loop 1. Connect a compatible wallet to Robinhood Chain. 2. Choose whether you want to **borrow**, **earn**, or **convert**. 3. Review the live rate, position health, available liquidity, and transaction preview in the app. 4. Approve the asset and confirm the transaction in your wallet. 5. Monitor your position from the Dashboard and Risk pages. ### How Users Can Earn | Earning path | Status | How value reaches the user | | ----------------------------------------- | ------------------------------------------------------ | ---------------------------------------------------------------------------------------- | | Stake leUSD for sleUSD | Core protocol feature; check app availability | Realized protocol revenue can increase the leUSD value of each sleUSD share | | Hold $LENDS with revenue-funded buybacks | Begins after the $LENDS token and official pool launch | Eligible protocol revenue can be used to buy $LENDS from the market | | Stake $LENDS for protocol revenue | Planned | A future staking system is intended to share part of protocol revenue directly | | Receive revenue from licensed deployments | Planned | $LENDS holders are intended to benefit when third parties use the system on other chains | ### Choose Your Path #### I hold tokenized stocks Read [Borrowing leUSD](/borrow-against-tokenized-stocks/borrowing-leusd.md). You will learn how much you can borrow, what the loan costs, how to stay above the liquidation threshold, and how to repay and withdraw your stock. #### I want stablecoin yield Read [sleUSD Staking](/earn-with-lends/sleusd-staking.md). sleUSD is the receipt token you receive when you stake leUSD. Its return comes from realized protocol revenue, not from an unlimited token-emissions schedule. #### I want to understand leUSD Read [leUSD, PSM & Morpho Vault](/earn-with-lends/leusd-psm-and-morpho-vault.md). leUSD can be created against overcollateralized stock debt or against USDG reserves deposited through the Peg Stability Module. #### I am interested in the project token Read [$LENDS Token](/earn-with-lends/usdlends-token.md) for the planned 5% buy/sell fee, its allocation, buybacks, and the future staking, governance, and licensing-revenue roadmap. ### Before You Use LENDS Lending protocols involve smart-contract, oracle, collateral, stablecoin, liquidity, and liquidation risk. Tokenized stocks also introduce market closures and gap risk that do not exist for continuously traded crypto assets. Nothing in these docs is investment, legal, or tax advice. Returns are variable, protocol parameters can change, and loss of principal is possible. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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