Thanks for the replies.
@shaydinblue: I was aware that the peg is active, I was really just following up on the post by BitBayDoc re freezing/reserving. BBD said he was not going to freeze/reserve until after next update, implying he had the choice. I was just wondering why coins were being reserved without any action being taken.
@yshurik: what exactly is the difference between reserved coins and frozen coins?
Liquid can be transferred to another address without limitations same as standard coins.
Reserve can be transferred to another address but then it got frozen - can not move for a month.
When month passes frozen txout can be moved again.
Liquids move fast, reserve moves with a month lock.