Both the ZenWatch 2 and ZenWatch 3 are currently receiving an OTA update right now. The ZenWatch 2 update brings the latest security patches and the ZenWatch 3 includes fixes for Bluetooth, WiFi connectivity, translations, a new ECO mode, and more.
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ASUS has posted a ZenWatch 2 changelog for the latest update. The update brought the latest security changes, but also included various fixes and improvements for display quality, connection stability and enhancements to sleep tracking.