not as far as I know. They are very "centralized" but talk about a federated option. They also say that because of a special chip they use, private keys are not seen and are securely destroyed. While that's probably true, I don't see how it can ever be very distributed beyond an authorized federation, which is no better than Liquid from a centralization standpoint (though you still have the emergency unilateral recovery of funds with Mercury that you don't have with Liquid).

Liquid seems fine as a "service" but I don't consider it a scaling solution for Bitcoin that lives up to the values of Bitcoin.