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There isn't going to be an alternative. Nobody can shoulder the burden of several tens of millions of Redditors except for another company, who'll be compelled to act in a similar way to preserve the cash cows.

What already has been happening is that communities in the crosshairs of administration have set up their own sites that very few people know of, and the rest continue to be farmed for ad revenue.

Reading a book.

r/redditalternatives

Some people fine Lemmy a good decentralized alternative, there is also tildes.net but they are more left inclined.

There was a nostr alternative called nvote but the development is stopped, kind of dissapointed.