Releasing this website as a open-source project can help refer collaborators, and gives it more publicity (people would be ecstatic to see a really well-made open sourcemicro-blogging website)

Other than to exact deter clones of char.social, I don't see that much negatives with making char.social fully free and open-source.

Websites such as Monkeytype and MediaWiki (Wikipedia's base) are open source!