FirmwareNews

As of this writing, the latest firmware is 11.8.0-41.

See here regarding running homebrew.

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Software-based full system control exploits are only known for system versions up to and including 11.7.0-40 (although only publicly available for up to 11.3.0-X yet), while ntrboothax allows for ARM9 arbitrary code execution on any 3DS-family console regardless of OS version (or even its presence at all).