Riot Games will be changing ranked drastically in Split 2, including the addition of a new rank tier, Emerald.
There are many game modes in League of Legends. And out of them, the most played game mode is Ranked.
In ranked, players can play and compete with players on similar skill levels. Once a player wins a ranked match, their rank increases. Similarly, if a player loses their matches, their rank decreases. There are currently nine ranks in League of Legends. They are Iron, Bronze, Silver, Gold, Platinum, Diamond, Master, Grandmaster, and Challenger. And there are different tiers within each rank.
While Ranked is the most played game mode in League of Legends, it is imperfect. Moreover, most of the player base would like to believe it is broken. Regardless, Riot Games are desperately trying to fix this system so that the game would be in a better state.
Earlier this year, they increased the LP earned from each ranked match. Due to it, many players have broken their previous rank barrier and moved to a higher rank. And now, recently, Riot has announced that there will be a new rank tier called Emerald.
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League of Legends – New Emerald Rank

In split 2, we will get Emerald as a new rank tier. It will be an intermediary between Platinum and Diamond.
This change is because most of the ranked player base is Silver and below. So they want to change the ranked system slightly so players can rank up faster. Additionally, they will be removing promo matches as well. But they don’t want all the players to be clustered in one singular rank like in Platinum, Diamond, or above. And for that reason, Riot decided to add Emerald to the game.
The last time Riot added a new rank tier to the game was in preseason 9. And in that update, they added iron and grandmaster rank. Regardless, now we have to wait and see how the Emerald rank impacts the current ranked system.