The border panel lets you have control over the different aspects of the border.
Border color
Use the color picker to adjust the border color.
Border width
Adjust individually or simultaneously the 4 sides of the border width. When the lock icon is purple, all 4 sides are changed at the same time.
Border radius
Border radius lets you have rounded corners. Set to a high value to have the layer look like a circle, given that its width equals its height.
Adjust individually or simultaneously the radius of the 4 corners. When the lock icon is purple, all 4 corners are changed at the same time.