I was really skeptical of lemmy [1] when I first heard about it during the blackout. I joined yesterday and it completely changed my mind. Yes, it is going to face some growing pains (see the total user growth in the past few days) [2] in the coming weeks and months but it really has the potential to replace Reddit with a federated system of communities. One that won't be damaged by investors or executives attempting to pivot over to the latest social media trend.
As many people have recently noted, Reddit quietly became an extremely important repository of text-based knowledge. Distinct from Wikipedia and Archive.org, but no less important, Reddit is full of valuable procedural (how-to) and consumer (product-related) knowledge. Reddit has countless small communities built around hobbies and other niche interests, which places it in the same role once fulfilled by Usenet and later independent web-based forums.
While those technologies still exist, they face enormous challenges with discovery (try to find a new forum on Google recently?), single-sign-on, and moderation. These were all solved by Reddit and I believe lemmy solves them too. The fediverse [3] truly has the potential to liberate small internet communities from the vagaries of Big Social Media, of which Reddit is only the latest example.
[1] https://join-lemmy.org
[2] https://the-federation.info/platform/73
[3] https://en.wikipedia.org/wiki/Fediverse