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Faircamp is a Free Bandcamp Alternative
(wedistribute.org)
A community dedicated to fediverse news and discussion.
Fediverse is a portmanteau of "federation" and "universe".
Getting started on Fediverse;
Yeah, everything you said there is correct.
If you want a somewhat more comprehensive definition:
Funkwhale, Lemmy, Kbin (as well as Mastodon, PeerTube, PixelFed etc.) are pieces of software, which can be hosted on a server and which implement a communication protocol for the federation of social media content.
If someone then takes such a piece of software and actually does host it on their server, then that's called an instance. Generally, they need to buy a domain name to do so, like "open.audio", "lemmy.world", "feddit.de" and so on.