Interesting piece. Definitely worth a reading the whole thing, but here is Bing AI's summary:

Reddit’s decline: The author argues that Reddit is becoming less relevant and more generic as it tries to squeeze its users and moderators for profit. He compares Reddit to a dying mall that is losing its cultural middle class to decentralized platforms.

Enshittification: The author explains the concept of enshittification, which is how platforms attract and then exploit their users and businesses. He gives examples of how Facebook, Amazon, Twitter, and Google have followed this pattern.

Moderators’ resistance: The author describes how Reddit’s volunteer moderators are obstructing and sabotaging Reddit’s attempts to enshittify the platform. He says that moderators are the ones who create and curate the content that attracts users, and that Reddit is losing their trust and cooperation.

Fediverse’s rise: The author predicts that Reddit’s users and moderators will eventually migrate to the Fediverse, which is a network of independent and interoperable social media sites. He says that the Fediverse offers more freedom, authenticity, and sanity for online discussions.