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Threads has hashtags now
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I think it was probably as much to compete with Bluesky, which also says it will have federation (with its own protocol) Soon^tm^ as anything.
If Bluesky actually starts federating, I think there's a good chance Threads will.
Threads, however, has explicitly promised Mastodon integration, so it won't use a proprietary protocol.
What is really good for everyone already using the Fediverse as it doesn't mean as much work when it comes to bringing Threads & Mastodon compatibility. The multi-word tags are a cool feature but will have to looked at once Federated.
really love bluesky i just hold they either do both protocols or make an activitypub bridge. i think that all the alternative networks working together is the best way to prevent post twitter special network splintering
I'm sure if Bluesky doesn't create something the Fediverse will have someone create a bridge protocol opensource to allow for easy integration into these systems.