From what I understand, Threads will be joining the fediverse, and Bluesky is going to be federated. Will I eventually be able to access both from my Lemmy instance? I’m also still trying to wrap my head around the whole concept so I’m not even sure if I’m asking my question correctly
Kbin already federates with Mastodon. It's not a single feed, though, they're on separate tabs. Kbin currently works okay, but per the devs it's an early beta so there's more polish and features to come.
For the record, I'm not sure that combining the two platforms in one feed would be desirable for most users. It seems to me that Lemmy and Mastodon serve different purposes: Mastodon is for broadcasting your opinions to mostly-passive followers, Lemmy is oriented toward conversation.
I think feed separation would be a necessity for sure. It seems like the sort of thing that would fall to devs of 3rd party apps and the like to support
Bluesky has their own proprietary "federation" tech they'll be using, probably just with select partners. There's no news right now that they have any plans to implement ActivityPub, which is the backbone of the Fediverse.
Threads, on the other hand, does seem like it will implement ActivityPub soon™. At the moment twitter-like and reddit-like sites don't federate super well, but I imagine that will change at some point, especially when kbin gets a little more stable. So the most immediate impact will be between Mastodon and Threads but we're not far behind.