What is the difference between MakerDAO and liquity?

Could you please elaborate on the fundamental differences between MakerDAO and Liquity? Both seem to be decentralized lending protocols, but I'm curious about the nuances that distinguish them. For instance, how do their collateralization requirements differ? Are there any notable distinctions in their governance structures or the tokens they issue? I'm interested in understanding the pros and cons of each platform, as well as their potential use cases.