V2Ray has received a security audit from 7ASecurity
https://github.com/v2fly/v2ray-core/discussions/3096

v5.17.0 is released. (unstable version)
New Features
Add timeout for http request roundtripper
Fix ss2022 auth reader size overflow
Add pie build mode to all binary builds
Support "services" root config in cfgv4
feat: packet_encoding for config v4
feat: add MPTCP support
Add (Experimental) Meyka Building Blocks to request Transport

美咔(mekya) 协议前瞻 - 愿光芒散射于风雪

Mekya协议经过数月的断断续续的开发终于完成了基础调试即将发布，本文旨在与快速展示 mekya协议的亮点以推广该协议，并将其与其他同类协议进行对比。

https://github.com/v2fly/v2ray-core/discussions/3129

(Feature Preview of upcoming mekya protocol, English version pending)

v5.17.1 is released. (unstable version)
New Features
Add timeout for http request roundtripper
Fix ss2022 auth reader size overflow
Add pie build mode to all binary builds
Support "services" root config in cfgv4
feat: packet_encoding for config v4
feat: add MPTCP support
Add (Experimental) Meyka Building Blocks to request Transportation

Mekya Protocol Preview have been updated with an English translation.

Mekya Protocol Preview - May the Ray Scatter through the Wind and Snow

This article aims to quickly showcase the highlights of the Meyka protocol to promote it and compare it with other similar protocols.

https://github.com/v2fly/v2ray-core/discussions/3129

v5.18.0 is released. (unstable version)
New Features
Add Hysteria2 Protocol
Add AllowInsecureIfPinnedPeerCertificate option to tls security
Add tls certChainHash command
Add support for socket activation
Add pprof flag for debugging

v5.19.0 is released. (unstable version)
New Features
Add packetEncoding for Hysteria 2

v5.20.0 is released. (unstable version)
New Features
Add ECH Client Support
Add support for parsing some shadowsocks links

v5.21.0 is released. (unstable version)
New Features
Mekya: Add Mekya Transport

v5.22.0 is released. (unstable version)
Maintenance release.

v5.24.0 is released. (unstable version)
New Features
HTTPUpgrade Add Early Data and Custom Header Support to HTTPUpgrade Transport

Celebrate HTTPUpgrade Protocol's New EarlyData Support with a Public Proxy Server
为了庆祝 HTTPUpgrade 传输协议加入前置数据支持，现给大家限时提供一个公用的服务器用于测试。配置信息可能会被更新(更新了*1）。
https://github.com/v2fly/v2ray-core/discussions/3277

v5.25.0 is released. (unstable version)
New Features
Subscription: Add support for URLLine format subscription container.
Subscription: Add gRPC API support.

v5.25.1 is released. (unstable version)
New Features
Subscription: Add support for URLLine format subscription container.
Subscription: Add gRPC API support.
Fix: Broken release binary for linux-amd64 and linux-arm64 as a result of mixing static build and pie build.

v5.27.0 is released. (unstable version)
New Features
Persistent Storage: Add Persistent Storage Support to V2Ray.
Background Observatory: Add Persistent Storage of probe result for Background Observatory.

v5.28.0 is released. (unstable version)
New Features
Subscription: Add Persistence to Subscription Imports, plus Subscription Update API

v5.29.0 is released. (unstable version)
New Features
Enable restricted mode load for http protocol client
Fixes
Correctly implement QUIC sniffer when handling multiple initial packets

v5.30.0 is released. (unstable version)
New Features
Add Dns Proxy Response TTL Control

v5.31.0 is released. (unstable version)
This is a maintenance release contains a security update for utls.