I don't understand how Bluesky is going to continue to exist past 2026, based on the sharply declining usage, their headcount, and the amount of funding they've taken.

It has apparent value propositions past the social network, but none of those use cases are visibly taking off and none of them appear to be monetizable. The social network itself is what will be evaluated when they go out for more funding. And I don't see how you can raise at all for a social network in 2026 with flat numbers, let alone the declining numbers Bluesky actually has.

I've been dual-wielding Twitter and Bluesky for about a year (after a year off Twitter where I was mostly Mastodon), and, anecdatally, we've hit a point where the engagement and volume of stuff I see in Bluesky is lower than what I was getting even on Mastodon. Earlier on, there was some truth to the idea that Twitter had a much larger audience, but you'd get better engagement on Bluesky. I now get better engagement on Twitter. I can see people I had followed into Bluesky moving back to Twitter.

I have no idea what's going to happen, but I'm curious to hear a coherent story about how Bluesky isn't cooked.