99% of crypto are not viable for more than a cycle or two.

Celsius, Voyager and so on offered insane yield, too good to be true. They achieved that through lending. Why would people want to “borrow” BTC?

If BTC is that good, why would people lend out BTC in exchange for lesser collaterals?

Do these companies have the ability to collect bad loans?

The end story is they all over leveraged.

BTC started to counter fractional reserved scheme of fiat, exchanges are now running the same model.