Finally, Mozilla has officially announced the new release cycle for Firefox. Developers, webmasters, beta testers and end-users have now new options for release channels. Until now, Mozilla follows Nightly > Beta > Final pattern, but the new release cycle will have Nightly > Aurora > Beta > Final releases.
Mozilla said in a blog post, “We are making a change to deliver new releases of Firefox faster and give users more opportunities to participate in building Firefox. Today, we launch the Aurora channel as part of a broader initiative to create channels which deliver features to users at various levels of quality and polish. The Aurora channel is where users can test the latest features and innovations. [...]“.

Nightly and Aurora channels have their own logos as well.
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