I'd say they're two very different beasts, serving different use cases.  Clear leadership / direction is also a big benefit when it comes to development.

Lighting for instant / free / open payments

Liquid for large, private, regulated transactions and instruments

ln123

bitcoin

The Truth About Liquid

DogFac3

If we learn anything from the '90s failed eCash/Cyberbuck system that was developed by  David Chaum's company DigiCash Inc, it is that an *open protocol* will always outsmart one company's speed and ability to innovate.

So Lightning with its open platform and no clear "leadership" (for want of a better word) will probably keep outpacing Liquid with it's closed development.

