Welcome to Subeta! There is no current site event, but the Masquerade is a much-loved Steampunk themed event that is upcoming, so I guess there's a lot of hype about it. You can find out about our events under Subeta > Subetapedia > Holidays :) Basically events usually have some kind of plot/theme, and you can participate in themed activities that earns you freebies (or currencies that you can use to buy freebies) :) Once it starts you should be able to follow easily on the forums

If there's anything specific you don't understand, feel free to ask too :)

Useful Links:

What to do on Subeta? FAQ Useful general information for newbies Finding friends (Chit Chat) SubetaLodge (Offsite item database, pet colours etc.)