The narrative that liquid is crap because lightning is better is miopic. Lightning circular rebalancing exploits smaller nodes. It is parasitic. It relies on some folks down the food chain routing sats with negative net income. No wonder a lot of plebs got disappointed and shut down their nodes. Others sit with high fees and their channels barely flow.

Liquid is not a safe store of value, but a good temporary asset to acquire fron one peer and pass on to the next. The swap currently costs about 300 sats, and this will be reduced to 30 with the next upgrade. For a 5m rebalancing that is 6 ppm.