A badge on the player’s Dota profile shows accomplishments along with the Dota Level. For every 100 Trophy Points earned, players will gain one level.
Different trophies are worth different trophy points, according to PC Gamer, and more are planned for the future. Players will notice their current Level is based trophies already earned and two new trophies have been added to this Level: Experience Trophy and Battle Veteran Trophy.
The update also included the Treasury, which is a Tournaments area located in the Watch section
More information is located on the Dota 2 blog and patch notes containing all the updates are through here.