It is an more private alternative to Discord. Even tough they do not offer federation, self-hosting servers is possible, but self-hosting Dms is not possible. Matrix does not have separated voice and text chats in one server, aka Discord style. Is it better to use Revolt for now or create our own Federated Discord alternative?
Revolt: https://revolt.chat/
I don’t see why you would use that over the much more developed alternatives like, rocket.chat, zulip or Mattermost.
And of course decentralized solutions like Xmpp, IRC or Matrix.