I think the dev got really enthused when the twitter exodus came to fedi, but then it left and wasn't the next big thing. Plus maintaining or building an app turned out ultimately what they wanted to do. First it had a public ui, then got scaled back to a server if I recall.
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It seemed like a great idea for people like @coopcloud and others like @Cloud68 doing hosting. The savings over running multiple instances of mastodon / pixelfed must be huge?
There is a fork called Incarnator which sees some occasional commits, but I think it's more of a maintenance project that an attempt to continue bringing innovation. I believe that my ADAPT project has learned all the lessons from Takahe and will manage to bring more exciting features.