Reddit is a very risky venture. It relies on enormous amounts of free work and they are not keen on the website being further monetised. The mods are regularly at odds with the site ownership and without them it looses value quite fast, the moderation is what makes the site work. While last years protests against the API shutdown didn't take reddit down the scars of that action and the protests by users are visible on a lot of searches of the site now. Many users deleted the contents of their accounts alongside the account and you find deleted posts all over the historical posts now. Its reduced the value of the site quite considerably for answering weird questions via another search engine.

This incident caused Lemmy to become a stable and permanent competitor that is gradually growing and competing with Reddit. Its still tiny but unlike a year ago it works a lot better its not hastily been thrown together. Reddit enacting another war with its users and there is now a clear alternative that people can go to. The trust wont be there in Reddit as a company for a lot of users and they wont need as big a push as last year.

Its a risky investment because its nothing without those mods and if they protest or leave the user base will quickly dissipate as the site descends. Its been harder to moderate since a lot of the tools were lost with the APIs. The quality of Reddit has clearly dropped in a lot of subs. Reddit does not have many cat lives left. They still haven't made any money and the entire project seems to be unstable.