Elements inheriting all the fundamentals from Bitcoin is a major advantage compared to rewriting the code from scratch. Everything from networking and databases, to cryptography and data structures have already been tried and tested, with years of review and fixes.
Highlights:
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Elements 22 included over 700 code-related fixes and improvements from Bitcoin, in addition to the Elements-specific fixes.
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In ver 23, Elements is almost 80% identical code to Bitcoin.
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Another benefit is familiarity of the codebase: it is easier for Bitcoin developers to understand and contribute to Elements code since the majority of code is shared.
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Elements itself is completely open source, principally maintained by about 10 contributors. When including changes inherited from the upstream Bitcoin repo, there have been over 600 individual contributors to the codebase so far.
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GitHub repo: https://github.com/ElementsProject/elements
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Further info and discussion: https://community.liquid.net/home
Full article: https://blog.liquid.net/bitcoin-core-and-elements/
Questions welcome, the Liquid team is on stand-by.