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New features in Android Studio 3.4
Project Structure Dialog: This is a new user interface front end to manage Gradle project files. PSD allows developers to see and add dependencies to their project at a module level. Additionally, it displays build variables, suggestions to improve build file configuration etc.
New Resource Manager: The resource manager is a new tool to visualize the drawables, colors, and layouts across your app project in a consolidated view. In addition to visualization, the panel supports drag & drop bulk asset import, and bulk SVG to VectorDrawable conversion.
R8 replaces Proguard: R8 is now used as the default code shinker for new projects created with Android Studio 3.4. R8 code shrinking helps reduce the size of your APK by getting rid of unused code and resources as well as making your actual code take less space. Additionally, in comparison to Proguard, R8 combines shrinking, desugaring and dexing operations into one step.
Import Intentions: Android Studio 3.4 will now recognize common classes in Jetpack and Firebase libraries. It will also suggest, via code intentions, adding the required import statement and library dependency to your Gradle project files.
Android Emulator Skin updates and Android Q Beta Emulator System Image: Users can now download Android Q Beta emulator system images for app testing on Android Q. Android Studio 3.4 also includes the latest Google Pixel 3 and Google Pixel 3 XL device skins.