diff --git a/Cargo.lock b/Cargo.lock
index 845e72424..e9fe52db7 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2862,7 +2862,7 @@ checksum = "2839e79665f131bdb5782e51f2c6c9599c133c6098982a54c794358bf432529c"
[[package]]
name = "openethereum"
-version = "3.0.1"
+version = "3.1.0-rc1"
dependencies = [
"ansi_term 0.10.2",
"atty",
@@ -3227,7 +3227,7 @@ dependencies = [
[[package]]
name = "parity-version"
-version = "2.5.13"
+version = "3.1.0-rc1"
dependencies = [
"parity-bytes",
"rlp 0.3.0",
diff --git a/Cargo.toml b/Cargo.toml
index 2453dde62..c2eccb979 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -2,7 +2,7 @@
description = "OpenEthereum"
name = "openethereum"
# NOTE Make sure to update util/version/Cargo.toml as well
-version = "3.0.1"
+version = "3.1.0-rc1"
license = "GPL-3.0"
authors = [
"OpenEthereum developers",
diff --git a/util/version/Cargo.toml b/util/version/Cargo.toml
index eabfaf305..ab1099eb9 100644
--- a/util/version/Cargo.toml
+++ b/util/version/Cargo.toml
@@ -1,7 +1,7 @@
[package]
name = "parity-version"
# NOTE: this value is used for OpenEthereum version string (via env CARGO_PKG_VERSION)
-version = "2.5.13"
+version = "3.1.0-rc1"
authors = ["Parity Technologies "]
build = "build.rs"