"best" is relative, and while moderation can achieve a great deal of success on a smaller scale, it's proven to be extremely tricky at large scale. Mike Masnick of TechDirt (and on the BlueSky board of directors) has documented this rather well, using some very notable case studies.
For example, moderation is both necessary and complex (Twitter post buyout): https://www.techdirt.com/2022/11/02/hey-elon-let-me-help-you-speed-run-the-content-moderation-learning-curve/
Decentralized moderation like Mastodon is good (by blocking Gab from the get-go) but requires active coordination from federated operators: https://www.techdirt.com/2019/07/16/gab-mastodon-challenges-content-moderation-more-distributed-social-network/
At a slightly larger scale, volunteer moderators can be overburdened and lead to adverse infrastructure shutdowns (Parler getting bumped for violating AWS policies): https://www.techdirt.com/2021/01/13/parlers-laughably-bad-antitrust-lawsuit-against-amazon/
My point with these examples is that a moderation system solely based on volunteer effort can be: 1) overwhelmed, 2) manipulated, or 3) antithetical to the purposes of the community and/or platform. There is no magic moderation system that will be 100% effective for your environment at all times.