Liquid Network Liquid is a federated sidechain pegged to Bitcoin, developed by Blockstream. Funds are locked on Bitcoin via federation multisig and unlocked on Liquid as L-BTC. Codebase: Elements ( ), a Bitcoin Core fork with extensions. Architecture - Federation : 15 functionaries (Blockstream + partners). - Block production : round-robin among functionaries. - 2-minute target block time . - Peg-in : send BTC to federation multisig → equivalent L-BTC appears on Liquid after 102 confirmations. - Peg-out : send L-BTC to federation → BTC released on Bitcoin after withdrawal queue. Confidential…