It's great news when the social media oligopoly shoots themselves in the foot.

So far I've tried:

Facebook = Diaspora
Irc = Matrix (Element)
Reddit = Lemmy
Twitter = Mastodon

Out of all the different federated solutions I've tried, I believe this one has the best chance to hit big. Diaspora didn't work because the network effect is too strong with Facebook. Same with Matrix and Mastodon. But reddit is pseudoanonymous platform, you are not here because of some specific people. It's actually somewhat a benefit when there are less people and you have more room for people to see the content you put out. And the quality of the discussion can be better when there are fewer people.

It's still likely that everyone will just go back to reddit but we have a good chance here. The Lemmy UI is actually better and more snappy for someone who has used old reddit all this time.