Different usecase, but I wouldn’t be particularly scared. OP is about a selfhosted discord replacement (lacks E2EE so far I think), I’d quite like that if didn’t look like more of a maintenance burden than the rest of my stack combined (even without moderation burden, but I’m thinking of keeping a small server). I also think it’d be a social boon to have millions (even thousands) of independent discords pop up.

Do you host your own matrix ? Did it go down when matrix.org did ?