A very real consequence of picking that particular license by Redis Inc. is that it is completely unacceptable to users of Valkey like Google, Microsoft, Amazon, etc. That's probably intentional by Redis Inc. But it also means Valkey is going to continue to exist because its users simply require a more permissive license that allows them to run their cloud based products.

It will be interesting to see where the developer community goes but these forks have a way of becoming permanent. If you look at the Valkey Github, you'll see a lot of activity. Lots of contributors contributing lots of changes. All signs of a healthy open source community. And as the article shows, there have been some non trivial changes made to the code base that, at least temporarily, give it a bit of a lead in terms of performance. That indicates to me that there is a momentum of people maintaining it that seem to know what they are doing.

It will be interesting to see if Redis Inc. will be able to keep up/recover from this. My impression is that the community around that shrunk to basically employees of Redis Inc. when they closed source and that the rest of the community jumped ship to Valkey. Maybe some of them will go back now that they switched to AGPL. But I think Valkey is where the cloud sponsored money and action is. And there is of course more than a bit of broken trust here as well. And while AGPL is open source, I think signing agreements to give Redis Inc. the permission to re-license your contributions as they want is not something any serious open source contributor would consider.