During the closed beta of Valuing the community had been confused by the name given to the highest grade of the ranked mode, which was precisely Valorant.
This will change once the mode is available again with update 1.02. The maximum achievable grade will be called Radiant, and it will be easier to distinguish the players who have reached it. In addition, all the icons of the various ranks will be renewed.
Riot also spread some more details about the update. For example it will be easier to play with your friends in competitive games, even with heavy level gaps between players. Even this feature will have limits, however: you will not be able to play together with a player of the highest level if you have just started. This limitation according to Riot should protect the integrity of competitive games.
Additionally the developers attempted to fix a matchmaking problem, which at high levels favored those who participated in group games over those who played alone.
The seasons (or Acts), will be about two months each. It will be possible to access various statistics relating to one's own performances, such as the total number of wins, the one obtained at the highest rank achieved and how one progressed during a certain Act.
Finally Riot said he was working on some fan requests, like a leaderboard or private tournaments.