We won’t change every aspect of the formula every update, but it’s uncommon for us not to touch or tweak anything at all between updates. This is, in part, because we need to tune the new content for the update, which often has interactions with older content. Some new piece of gear with a cool new ability might have a synergistic interaction with an older piece of gear, so we may need to put in safeguards around that interaction to prevent players breaking the power curve. We won’t always tell you about these kind of changes in the patch notes either - we usually want players to discover these new interactions, rather than get spoiled on them.
We usually save balance changes for regular content updates. That’s usually once every month for mobile, or once every three months for console/PC. This way we have enough time to design, build, and test the changes before they reach the public. Stability is the most important thing to maintain near launch. If a feature or a particular change is deemed dangerous or unstable, it’s not uncommon for production to pull those features or changes from the update and bump it to the next instead. This last-minute scope change is often what makes some content patches lighter and others heavier.
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