I just pegged a few sats into Liquid, just to give it a try.

Apparently, the total capacity of the visible Lighting network is now a little over 4000 BTC, while Liquid now has a little over 3500 BTC pegged in [1].

So purely by these visible metrics,I would say they are toe-to-toe.

But Liquid feels like a dead project. I never hear anything exiting about it? The best they can do is have a few centralized stablecoins running over it.

[1] https://bitcoin.clarkmoody.com/dashboard/