> 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/start-here/getting-started.md).

# Getting Started

All user actions happen through the LENDS app and are confirmed in your wallet. No technical setup beyond a compatible wallet and Robinhood Chain access is required.

## What You Need

Before opening the app, prepare:

* a compatible EVM wallet;
* Robinhood Chain selected in that wallet;
* a small amount of the chain's gas token for transaction fees;
* either a supported tokenized stock, USDG, or leUsd, depending on what you want to do.

Use only links published through official LENDS channels. Confirm the network, token symbol, and transaction details in your wallet before signing.

## Pick a Goal

### Borrow against a tokenized stock

You need a supported stock token and gas. In the app:

1. Open **Borrow** and select a market.
2. Deposit the stock token as collateral.
3. Choose how much leUSD to mint.
4. Review the resulting LTV, health factor, liquidation price, and annual stability fee.
5. Confirm the mint transaction.

Borrowing gives you liquidity, not yield. Your collateral remains exposed to the stock price and can be liquidated if the position becomes unsafe.

### Earn with sleUSD

You need leUSD and gas. If you hold USDG, you may first convert it to leUSD through the PSM.

1. Open **Dashboard**.
2. Choose **Stake leUSD**.
3. Review the current sleUSD share value and displayed target rate.
4. Approve leUSD and confirm the stake.
5. Hold sleUSD while realized revenue is distributed through its share value.

The displayed target APR is a routing target, not a fixed or guaranteed return. Actual earnings depend on revenue realized by the protocol.

### Convert USDG and leUSD

You need USDG or leUSD and gas.

1. Open **Convert leUSD** on the Dashboard.
2. Select **USDG to leUSD** or **leUSD to USDG**.
3. Review the amount available and any liquidity limitation.
4. Approve the input token and confirm.

The PSM targets a 1:1 conversion with no protocol swap fee. Conversions remain subject to the PSM cap and available USDG.

## What to Monitor

After using the protocol, the Dashboard and Risk pages should be your regular reference points:

| If you are... | Watch...                                                            |
| ------------- | ------------------------------------------------------------------- |
| Borrowing     | Health factor, liquidation price, accrued fees, and market status   |
| Staking leUSD | sleUSD claim value, realized revenue, cooldown status, and bad debt |
| Holding leUSD | PSM liquidity, backing composition, and bad debt                    |

## Live Features and Planned Features

The core product is designed for depositing supported collateral, borrowing and repaying oUSD, converting through the PSM, and staking oUSD into soUSD. The app shows whether each action is currently enabled.

The following LENDS utilities are roadmap features:

* staking $LENDS to share part of protocol revenue;
* protocol governance;
* sharing licensing revenue from third-party deployments of the $LENDS-based stock-borrowing system.

See [$LENDS Token](/earn-with-lends/usdlends-token.md) for the complete token model.


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