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You are looking at the right things. And Liquid was designed with those in mind.
In addition, Liquid's Confidential Transactions blinds transaction amounts and asset types, making distinguishing what on-chain output(s) to censor nearly impossible, unlike other blockchains like Ethereum.
https://blog.liquid.net/the-truth-about-liquid
How does Liquid keep my transaction data confidential?
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This sounds like a federation made by exchanges. This is even worse than Ethereum