Originally, back in December last year Hopes planned to have it all in one update which included the short season finale event to conclude season 1 by the time 2021 ended.
Unfortunately that didn't work out as he initially planned so he removed the short season finale event from the upcoming update and postpone it to the update after that.
There's also confirmation that this update will contain the Lore section that fans have been asking about.
So in gist:
- Upcoming update (likely April?)
Major content update for Gracie events (one-half of requirements to unlock Cordia route in season 2)
One Luna event
- Shorter yet quicker update after the April update (season 1's FINAL update)
Short season 1 finale
Lore section finally implemented in the game
Not sure if I'm missing anything, perhaps
HopesGaming can clarify.