I think that Lemmy is not really a replacement for the old reddit. Lemmy devs are too fond of frontend Javascript to qualify in my opinion.
The federated alternative that I'm building[1], is trying to specifically keep some of the benefits of old reddit (and of HN, and of lobste.rs), most important of which being that it has no reliance on Javascript and that it has a minimal size footprint.
AAAAAND you lost literally 95% of every single person who might even consider using this. Stop trying to make "fediverse" happen. It's not going to happen. All you do is end up putting great developers into projects that will literally never, ever amount to anything due to an insistence on decentralization.
I disagree, I think slowly communities of reddit will migrate to self hosted versions of it, be them lemmy or any of the other federated alternatives that are out there. I work on one of those, and I have been contacted twice by moderators of small/medium subreddits being interested in using my software for taking their users off reddit. Sadly, nothing concrete happened, but it shows me that there really is an interest.