

Yes, it is feasible and such instances already exist.
For example, you can run a Mitra instance on Tor, I2P or Yggdrasil. It is a lightweight micro-blogging server similar to Mastodon:
https://codeberg.org/silverpill/mitra
Tor / I2P docs:
- https://codeberg.org/silverpill/mitra/src/branch/main/docs/onion.md
- https://codeberg.org/silverpill/mitra/src/branch/main/docs/i2p.md

DID-based identity already exists in Fediverse: https://codeberg.org/fediverse/fep/src/branch/main/fep/ef61/fep-ef61.md
We currently use
did:keybut in theory any DID method can be used, someone even tried to usedid:plc: https://github.com/bluesky-social/atproto/pull/3943