Great question, and something I'm still trying to differentiate on.
For me, the reason I built it was because current wallets are very fragmented. I have a wallet to manage my Lightning Node, my hardware wallet on Trezor Suite, and then another application for multisig.
With Lily, I can manage all of those in one central location and they all talk to each other. I can open/close lightning channels from multisig cold storage or my hardware wallet medium storage.
And all of this is without a trusted third party or company.
I think this latest version also provides one of the better UTXO, TX, Coin Management experiences I have seen.
I'm curious about what wallets people use why and why they use one over another. What pain points do people have?