I wouldn’t lump bluesky in the same pile as threads anymore, the atprotocol is fully up and running and slowly but surely individually hosted data servers are trickling out and away to their own services.

There’s even new services running completely independent of bluesky running on atproto now: whtwnd.com/about

There’s a really good write-up on how atproto federation works here: whtwnd.com/alexia.bsky.cyrneko.eu/3l727v7zlis2i