To take a step back and see how far we've gone, Discuit, another link aggregator created around one year ago, published their weekly report - 245 weekly active users (detailed report in link)
We can see that federation was indeed a better solution, looking at the difference in number of Discuit and Tildes (not federated) vs Lemmy/Mbin/Piefed
Crazy weak, considering how loud the Discuit advocates were at the time.
Of course, mbin technically just adds to Lemmy, since they're almost fully federated.
Tildes is many years old, founded by a former mod who did a lot of good work to clean up and grow /r/games like 12 years ago and eventually got hired by reddit, then left to start tildes.
I see new content every day, and that is after blocking a lot of instances that aren't relevant to my taste. I don't think this place is dead, it just needs more of those 48k to contribute.
I don't click on the comments section if they have no comments. I am on here so often it could be described not as monthly, not as weekly, not as daily, not as hourly, but as minutely.
So I wake up, I see about 60 stories......and maybe 45 of them have comments. Ok. I have content for about an hour. I blocked I think 4 users? I've not blocked any communities, and I haven't personally defederated from any instances, but I do reside on Lemmy.World which does defederate from quite a few communities.
We need millions of minutely active users. People who work boring jobs, and just spend all day on Lemmy, talking trash about reddit, and all agreeing that George Clooney is a smug bastard.