For most subreddits it is temporary blackout but some communities like one of the piracy subreddits I saw completely packed bags and the mods moved to lemmy. It’s too early to say if reddit is over or if this is just a temporary setback. Reddit may even concede and revert some of their api changes to appease the populace. Simply put, we don’t know enough yet.
Caught this gem from the stream: https://clips.twitch.tv/SlickTallDeerAliens-sNAO8CzwUsTt8om2