UnrealIRCd 3.2.10 has been released, and we have split development in a 3.2.x and 3.4.x branch.
For more information, see http://forums.unrealircd.com/viewtopic.php?f=2&t=8122&p=36590

I've released the very first alpha version for the new 3.4 series. Note that this is release is unsuitable for production servers. Just curious and/or want to help us out by testing this release? Please download it from http://www.unrealircd.com and report bugs here on this bug tracker. Just don't be (too) surprised if it crashes :D

Also released is an update to our very stable 3.2.x series: 3.2.10.4. If you had problems compiling UnrealIRCd or with (newer) services, then try this new version.

Release announcements can be found here: http://forums.unrealircd.com/viewtopic.php?f=2&t=8302