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Fundamentally, what is lemmy?
(lemmy.ml)
A community dedicated to fediverse news and discussion.
Fediverse is a portmanteau of "federation" and "universe".
Getting started on Fediverse;
In its use it's practically exactly the same as Reddit. I would say it's format is taken pretty much as is from Reddit.
The difference is the instances. Now instead of just reddit.com we have a series of websites each with their own admins.
This adds a new dimension to it's ecosystem and lots of new drama. But to most users makes very little difference.