First off, the brand-new character who’s currently in development. This character is Illaoi, one of League of Legends’ various Fighter-role characters (one of the game’s various character classes). Illaoi is mentioned in the Developer blog video below and a separate developer blog here.
In this video, Tom Cannon talks a bit more about the development’s current status. The game’s had an art overhaul since December, and core mechanics are in place. A significant chunk of the team that was working on mechanics has moved to two different areas, character development and competitive/social features. Secondly, Tom says that one of the game’s goals is to “remove as many barriers as possible” from players enjoying Project L. This brings us to the development team’s second major announcement, in which Tom says, “We want you to be able to play no matter where you live, what your skill level is, or how much money you have to spend on a game. To that, I’m happy to confirm that Project L will be free-to-play. If you’ve played a Riot game before, this probably won’t come as a surprise.” Finally, Tom concludes the video by mentioning that another update, similar to this, will release before the end of 2022. Whether it’ll have more characters, mechanical information, or otherwise, we’ll find out when we get there. Project L’s release date is currently TBA, and the platforms it will release on were not announced, either.