Liking a list shows your support. It increases the popularity and ranking of the list. When you like a list, it shows every user that follows you that you liked that list. They will receive a notification in their feed. This is a good way to share content with your followers.
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You can like a list by clicking on the "heart" icon for each list:

To follow a list, click on the "Follow List" button:

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If you follow a list, you will see notifications in your feed whenever that list is updated.