Supabase Launch Week is an annual event where the company launches new features, tools, and updates every day for a week, starting on March 28th with Community Day, followed by specific themes for different teams such as Frontend, Enterprise, and Fullstack. The week culminates in a surprise announcement on Friday, and concludes with a 10-day virtual Hackathon where participants can build projects using the new features and win prizes, including limited Supabase Swag and the chance to plant trees through a partnership with the Future Forest Company.