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Blockstream's Focus on launching Liquid was directed towards the "needs of brokerage firms, brokers, market makers, and financial institutions", as well as traders who use these brokerage firms, due to the high latency present in the Bitcoin network. Therefore, Liquid's main objectives are faster and more private Bitcoin transactions, as well as the issuance of digital assets.
Liquid maintains a native token that represents the BTC in a 1:1 parity ratio, the Liquid Bitcoin or L-BTC. The 2-way-peg system is similar to that of RSK in the sense that the L-BTCs that circulate in liquid are those equivalent to the BTCs blocked in the Bitcoin network; no creation of new currencies.
For BTCs to be transformed into L-BTC, the transaction in the base chain must reach a minimum of 102 confirmation in order to ensure the solvency of the sidechain in case of block reorganizations in the base chain.
Pros & cons
It has valuable mechanisms that are not easy to find
It is a system capable of finding the best option to execute your orders, even if this means making an exchange with an external exchange platform
I haven't found anything negative so far.