I think community moderation is the most effective solution. The worst platforms for abuse on social media are the ones in which moderation is done only by the platform owner.
I know parts of Reddit can be toxic at times, but I think people give it’s community moderation enough credit. On Reddit, the moderators are part of the community. I can talk about being gay, or queer issues on Reddit without worrying about my posts being flagged. Conversely, on platforms like Facebook or Youtube, I can be labeled with hate speech, by potentially only talking about my own life.