It's the quality of federation and how the funds are secured. So far I wouldn't trust the federations being discussed. Early days tho. Liquid go to great pains to secure their federation, for now that seems like a better solution to me. Or trust a high signal team, like Galoy and Blink.  

 Yep, expecting all types of federations and some rug-pulls too. I think that they mature into something that looks like credit unions eventually.