diff --git a/CHANGELOG.md b/CHANGELOG.md
index 37a23a2879..b6ed38b21d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,16 @@
+## [0.7.0] - 2022-01-24
+
+### Miscellaneous Tasks
+
+- Create only 1 proof block by default
+- Release script and initial changelog (#250)
+- [**breaking**] Bump ABCI version and update release.sh to change TMVersionDefault automatically (#253)
+
+### Build
+
+- Bump github.com/prometheus/client_golang (#249)
+- Bump github.com/BurntSushi/toml from 0.4.1 to 1.0.0
+
 ## [0.7.0-dev.6] - 2022-01-07
 
 ### Bug Fixes
diff --git a/version/version.go b/version/version.go
index 60148ff2bf..935e8bb75b 100644
--- a/version/version.go
+++ b/version/version.go
@@ -7,7 +7,7 @@ var (
 const (
 	// TMVersionDefault is the used as the fallback version for Tenderdash
 	// when not using git describe. It is formatted with semantic versioning.
-	TMVersionDefault = "0.6.0"
+	TMVersionDefault = "0.7.0"
 	// ABCISemVer is the semantic version of the ABCI library
 	ABCISemVer = "0.18.0"