What I don’t get with Liquid is it’s capacity in terms of transactions per second is similar to Bitcoin’s

Fees are only cheap on Liquid because no one uses it

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In terms of throughout, deterministic 1min blocks are a differentiator. The other relevant benefit if you care about privacy is that the transaction amounts and assets are confidential

Trade-off is permissioned peg-outs

A useful tool - especially with boltz atomic swaps from liquid into lightning - for some people