Netlify has introduced a new version of its Functions platform, which aims to improve the developer experience by providing a modern API built on web platform standards, making it easier for developers to create complex applications without being locked into specific frameworks or tooling. The new functions API introduces features such as context objects that provide information about incoming requests and cookies, custom endpoints, advanced routing using URL patterns, HTTP method matching, and zero-config streaming. The existing API is still available and compatible with AWS Lambda, allowing developers to migrate workflows with minimal refactoring.