Dan on another social platform is also facing same challenges in retaining people.

Threads is sneakily getting people that never used Twitter but use Instagram get into microblogging.

Everyone else is just competing against Twitter.
Bluesky has the advantage that it's seen the anti-Twitter so Elon haters go there.

The open web is dead, long live the open web. ⌐◨-◨

Building /warpcast and /farcaster

— gabrielayuso.com

I wouldn't underestimate the power of Meta getting their billions of Instagram and Facebook users to use Threads.
Likely usage pattern and levels of engagement won't be like X but can't underestimate them. 
Especially now that Elon sided with Trump and there is a lot of people around the world that don't want any association with Trump and conservatives.

Even threads can't directly compete with X.

a lot of people i know that knows twitter but don't use them, are using Threads actively