I got all excited because I thought it was a new Matrix client designed to be more Discord-like (using Matrix Spaces and so). But I was disappointed when I discovered it's implementing yet another different protocol (it's not even federated?)...

They do have a Matrix bridge though. I do hope they come together and further work with Matrix, since I believe the Matrix protocol can do most (all?) of what they are already doing, it'd be easier to migrate discord communities to Matrix if the UI transition was as seemless as it seems to be with Revolt. Revolt could have potential to be the host of a new big Matrix instance to further move people away from depending on matrix.org central instance.

I guess if they do have an officially maintained Server-to-server bridge then it would be equivalent of it acting as a Matrix instance. And that would be great. But it's unclear if that's what they are doing / planning to do. The Matrix website claims to not be aware of any server-to-server bridging having been done before, which makes me think Revolt might be doing a "bridge bot" bridge (can someone confirm?), which wouldn't be as interesting.