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A significant difference is the Liquid network doesn't use yet another token to enrich investors. Instead it uses L-BTC natively and which cannot be printed out of thin air.

https://help.blockstream.com/hc/en-us/articles/900001408623-How-does-Liquid-Bitcoin-L-BTC-work-

https://help.blockstream.com/hc/en-us/articles/900001386846-How-do-transaction-fees-on-Liquid-work-

Liquid network doesn’t use yet another token to enrich investors. Instead it uses L-BTC …

<links to docs about transaction fees paid in L-BTC>

There’s no mining, only a trusted federation (aka Proof of Authority) that accepts transaction fees in the new token.

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