[KronisLV]

Here's a bit more information, though i do believe that there indeed could be more clarity about the project's goals: https://en.wikipedia.org/wiki/Waterfox

It appears that Waterfox is one of the few ways to use the legacy extensions that Firefox removed the support for and to use a browser that Mozilla doesn't have control over.

I'd maybe also look at GNU IceCat: https://en.wikipedia.org/wiki/GNU_IceCat

It's actually curious to see a discussion about a fork of Firefox, since a little bit ago i personally felt that there might just be a rise of more forks and attempts to abandon Mozilla due to their recent behaviour: https://news.ycombinator.com/item?id=28785896