Lenny had a similar surge and drop after the Reddit migration. It’s not super surprising and not exactly a mark of death either

I’m going to cheer when it burns but let’s not get ahead of ourselves. All platforms have a drop off after the initial surge, what matters will be how steady the active users stay.

It’s missing half of the features and skews toward corporate content I can’t unsubscribe from. It has potential given the Instagram connection, maybe if they interate.