So, this is effectively a Liquid wallet that swaps to Lightning through a liquidity provider's Lightning node for making payments, and swaps from that liquidity provider to Liquid when receiving?

So it is self-custody Liquid, which is really itself just a federated custodian, if I understand it correctly? The rug risk is greatly reduced due to the need for a majority of the federation's signers to collude in order to rug users, but it is still non-zero, because it is a trust-minimized custodial system, not a trustless system.

Don't get me wrong. It still sounds amazing and I love to see all sorts of solutions that fall in different places along the spectrum of full trust in a single custodian to fully sovereign self-custody. This is probably the most compelling tradeoff I have seen to minimize trust, minimize fees, and still provide convenience to the user.

What is the reason it requires Google Play Services to run? That cuts out a large number of Graphene users in the Bitcoin ecosystem, but then again, they are also the type to be most capable of running their own nodes, too.