How do I start lending or borrowing on Compound?

To start lending or borrowing on Compound, users need to follow a straightforward process. Initially, it is essential to ensure that one has a cryptocurrency wallet that is compatible with the Ethereum network, as Compound operates on this blockchain. After setting up a wallet, users should acquire some Ethereum-based tokens, such as Ether, DAI, or USDC, among others supported on the platform. Once users possess the desired tokens, they should visit the Compound app, which is accessible through a web browser. Upon entering the app, users will be prompted to connect their cryptocurrency wallet. Upon successful connection, they can choose to either lend or borrow. For lending, users can select a specific token to supply to the protocol, contributing their assets to the liquidity pool. In return, they earn interest on their supplied assets. For borrowing, users likewise need to decide on the asset they wish to borrow, but they must first provide collateral, as the protocol ensures over-collateralization. After providing the collateral, users can withdraw the desired borrowed assets. It is advisable to review the specific interest rates and collateral requirements, which are frequently updated. For more detailed information on current rates and processes, one may consider looking at Compound's official website.