yup, that's it mostly, and some other tokens.

basically you voluntarily send your btc to liquids btc address and hope that you receive same amount of lbtc back. after you see that there's no point in lbtc you can hope that you will get back your real btc. all similarities with btc end with the name. from recently there is a possibility to run a node but nobody else runs it so there is no p2p exchange