There was one Voat. When the one Voat goes bust, Voat goes bust. Like any enterprise, it's failure can be attributed, at least in part, to poor management.

There are many Lemmy's. If one Lemmy collapses, another Lemmy can take its place. The individual instances might be less stable than a centralized social media site, like Voat was, but when federated the whole unit is more resilient than centralized social media.

Hence the name Lemmy.

Even if a bunch of instances follow each other off a cliff, there’s still going to be plenty who didn’t join that group that will survive.

Wait, what does the name Lemmy mean?

guessing they're referring to Lemmings, who were mistakenly believed to follow each other off cliffs