the original plan was for liquid to really be built on top of bitcoin and not use a federation at all. blockstream was just gearing up the censorship engine and telling people to do small blocks and offchain scaling solutions. it used to be "lightning and sidechains." they promised to find a decentralized two-way peg between bitcoin and a sidechain. it was toted around like they had a map for finding the holy grail. then they just completely gave up and went with a federation instead. they now have some employees stating that it's completely impossible to do it safely and they will probably never try again.

a lot of bitcoin maxis don't know the real history of what blockstream was doing and to this day they don't realize that they are heaping all this praise on a textbook definition of an altcoin that doesn't even have a real consensus mechanism. it's worse than freaking solana but they still count it as a bitcoin thing. they're so stupid and arrogant it's actually frightening.