This is a huge update that's been in the works for a long time and am very excited to be able to let players finally get their hands on it! It's the "Missions and Badges" update, and it will probably dramatically change the way you play the game. Basically, you're now rewarded with Mission Points for winning matches, earning end-round awards, doing well in Challenges and Arcade mode, and for completing new random skill-based Missions that are assigned to you. More Mission Points will unlock higher-level profile Badges, which unlock new and more challenging missions to complete. It's meant to be a fun meta-game to keep new players around longer and bring new challenges to veteran players. Winning matches will be more meaningful, your moment-to-moment tactics will change based on your Mission incentives, and you'll have a good use for any spare parts or decals laying around. More information can be found in this guide: http://steamcommunity.com/sharedfiles/filedetails/?id=823456701
There's also a large number of smaller features & bug fixes that people have been asking for. Here's the other patch notes:

Features

• Kill types can now stack. So you can score a Helicopter Dunk, or a Ninja Dunk. Score, XP, and DodgeBux are calculated by using the full normal value of the primary KO type, and each additional (stacked) KO type is worth half their normal value.
• Steam Cloud now syncs your cosmetic choices, and mission data.
• Added advanced shaders video setting, which when off disables water in level Aquarium. Setting defaults to Off, and is off for low and medium presets, but is ON for High presets
• Added frame rate cap option: None, 30, 45, 60, 75, 85, 120, 144, 160, 165, 180, 200, 240
• End round flow of: round stats / XP & Items Gained / Mission progress is no longer timed, players click through them
• Got rid of theArcade unlockable perks system, was mostly redundant with the addition of Missions. All Arcade perks are unlocked by default, but still may only appear at certain Arcade rounds.

Fixes / Improvments

• Fixed getting stuck in chat if chat input window open when online match advanced to next match
• Fixed bug where catches were sometimes getting scored as combos (when victim thrower was throwing a potential combo ball)
• Fixed pathfinding issue in Fort
• Fixed team option being hidden when mode set to random
• Fixed missing spawn ceiling colliders in Nexus, Octagon, and Trifecta
• Fixed issue where passing the cube to an online player who was close to the capture point could sometimes results in them re-collecting the cube after they captured it
• Fixed crafting panel getting stuck when crafting while game paused in offline matches
• Fixed bug that was treating friendly and enemy targets as equal priority when determining homing target
• If item schema fails to download, item drops will not be displayed (but can still be collected)
• Decreased Fire Wave emission rate to improve performance
• Fixed Arcade saying Round Won when you lost
• Stopped particle effect from playing again when returning to craft result panel after viewing detail
• Crafting ingredients are sorted by advanced first, then basic