Starting with Google Chrome 127, there will be a warning for uBlock Origin (uBO) in your chrome://extensions/ page:
This is the result of Manifest v2 support being deprecated in favor of Manifest v3.
uBO is a Manifest v2 extension, hence the warning in your Google Chrome browser. There is no Manifest v3 version of uBO, hence the browser will suggest alternative extensions as a replacement for uBO:
uBO Lite (uBOL) is a pared-down version of uBO with a best effort at converting filter lists used by uBO into a Manifest v3-compliant approach, with a focus on reliability and efficiency as has been the case with uBO since first published in June 2014.
However the focus on reliability and efficiency in a Manifest v3 environment meant having to sacrifice many features beyond those not possible within a Manifest v3 framework.
See the official uBOL FAQ webpage for more details about how uBOL compares to uBO.
Manifest v2 uBO will not be automatically replaced by Manifest v3 uBOL. uBOL is too different from uBO for it to silently replace uBO -- you will have to explicitly make a choice as to which extension should replace uBO according to your own prerogatives.
Ultimately whether uBOL is an acceptable alternative to uBO is up to you, it's not a choice that will be made for you.
Will development of uBO continue?
Yes, there are other browsers which are not deprecating Manifest v2, e.g. Firefox.
Links
There also exists a related helpful discussion regarding an official way to extend Manifest v2 support in Chrome up to June 2025 via ExtensionManifestV2Availability policy: Chrome Web Store migration plan?.
Other notable discussions regarding uBO, uBOL and Manifest v2 & v3: