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What are the "extreme market conditions" they are talking about? Recent movements in bond, equity and currency markets are well within the range of normal fluctuations. They may be painful for many investors but there's nothing remotely abnormal about them.
P.S. never heard of Celsius until you mentioned them in this thread.
Celsius have enabled HODL mode for all their customers:
I admit I had to google what HODL means, not a term I am familiar with.
HOLD ON FOR DEAR LIFE!
To be fair to Celcius, it isn't 100% clear they are actually insolvent. May simply be that that their assets are illiquid and they need time to unwind positions and process withdrawals. Wouldn't bet on it at all though.
Here is their competitors take:
http://https://twitter.com/Nexo/status/1536217850591035392?t=KCsR7PHFyhb17rPhzm1GLg&s=19
If you'll excuse me being pedantic, 'hold on for dear life' was invented by the media years after the term came into use, probably by a journalist somewhere.
It actually comes from an early bitcoin forum post, around 2010-2012. Some enthusiast with an impassioned and drunk sounding rant explaining to fellow holders that if they ignore volatility and just hold their bitcoin they will all be kings. 'Hold' was typo'd as 'hodl' and the term 'hodl' was thus meme'd into existence by the early community as meaning 'hold your assets long term'. The guy is probably living his best life somewhere now lol.
Well it isn't meant to be free from volatility. And Celcius is a centralised platform that specialises in crypto, not a crypto platform.
Smart contract based borrow/lend platforms like Aave and Compound ARE largely free of issues like this as they don't rehypothacate and are highly unlikely to ever become insolvent as collateral is automatically liquidated before borrow position becomes under collateralised.