Decentralised Social Media?

So, in the last 24 hours we have seen two announcements regarding blockchain/web3 social media networks.
One from BlueSky (Jack Dorsey & Co) and another called Lens Protocol (Stani Kulechov from AAVE).

BlueSky - Announcing Bluesky PBLLC - Bluesky
Lens Protocol - What is Lens? 🌿

Bluesky appears to be a bit more abstract and not looking to define a specific protocol or blockchain/DLT network to base itself on.

Lens is being built on Polygon and looks to be leveraging IPFS for content.

Knowing what we know of the actors in the space, the technologies being used and their inherrent weaknesses do we see either or both of these projects succeeding, is there a better option?