MultiVersus update 1.07 is out for PS4, while the official patch version is 1.03 for PS5, PC, Xbox One, Xbox Series, and Nintendo Switch. Here are the patch notes.
This update brings some major changes to the progression. Characters will now require double the amount of XP in order to level up from 3 to 15. There is an improvement to the performance of the game on PS4 and Xbox One while a number of other changes have been made to the gameplay.
You can get the complete patch notes below, and have a look at the character updates on the official website.