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How to Deposit/Borrow
As it's the most common wallet being used today, we'll use Metamask as our example wallet, but any wallet with AVAX token functionality can be substituted.
As a precursor for all processes in the walkthrough, ensure your wallet is connected.

How to Deposit

As a first time user, you will need to begin by setting up a vault. There is a minor Avalanche network transaction fee involved in setting up a vault. This is a one time setup cost. To create the Vault, simply navigate to Your Vaults, and click the Blue Create Vault button:
Choose the type of Asset you'd like to create a vault over:
Once your vault is created, Click Manage to access the actions that can be taken within:
To Deposit into the Vault, Ensure Deposit is toggled, and scroll to the bottom, where you can enter your collateral amount to be entered into the Vault:
Finally, the page will ask you to confirm the amount, where you can select Submit:
This will prompt your wallet to confirm the transaction as well (which includes an Avalanche transaction fee as well):
Shortly after confirming within the wallet, you will be met with the Collateral Deposited confirmation pop-up, thus completing the process:

How to Borrow

Once the deposit process above is complete, the Borrow function is straightforward. First, select Loans at the top of page:
the page will default to the Borrow tab. Enter the amount of AVAI you would like to borrow and select Next.
The next page will calculate the LTV that this will put on the vault, as well as confirming the amount to be added as debt:
The wallet will ask you to confirm once more (similar wallet screenshot to above). Once that has been confirmed, you will be met with confirmation in the bottom right of the screen:
Finally, you will see your wallet balance update for AVAI at the top of page:
The transaction has been completed, and you can now use this AVAI liquidity as desired.