diff --git a/Cargo.lock b/Cargo.lock
index d9f1c39..fa8c8c8 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1074,7 +1074,7 @@ checksum = "9844ddc3a6e533d62bba727eb6c28b5d360921d5175e9ff0f1e621a5c590a4d5"
 
 [[package]]
 name = "fips"
-version = "0.4.0"
+version = "0.5.0-dev"
 dependencies = [
  "arc-swap",
  "bech32",
diff --git a/Cargo.toml b/Cargo.toml
index 8989bec..6c38f75 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "fips"
-version = "0.4.0"
+version = "0.5.0-dev"
 edition = "2024"
 description = "A distributed, decentralized network routing protocol for mesh nodes connecting over arbitrary transports"
 license = "MIT"
diff --git a/README.md b/README.md
index 1a127af..5c4527b 100644
--- a/README.md
+++ b/README.md
@@ -3,7 +3,7 @@
 ![banner](docs/logos/fips_banner.png)
 [![License: MIT](https://img.shields.io/badge/license-MIT-blue.svg)](LICENSE)
 [![Rust](https://img.shields.io/badge/rust-1.85%2B-orange.svg)](https://www.rust-lang.org/)
-[![Status](https://img.shields.io/badge/status-v0.4.0-green.svg)](#status--roadmap)
+[![Status](https://img.shields.io/badge/status-v0.5.0--dev-green.svg)](#status--roadmap)
 
 A self-organizing encrypted mesh network built on Nostr identities,
 capable of operating over arbitrary transports without central
@@ -210,12 +210,14 @@ testing/      Docker-based integration test harnesses + chaos simulation
 
 ## Status & roadmap
 
-FIPS is at **v0.4.0**. The core protocol works end-to-end over
+FIPS is at **v0.5.0-dev** on the `master` branch.
+[v0.4.0](https://github.com/jmcorgan/fips/releases/tag/v0.4.0) has
+shipped; this development line continues the testing-and-polishing
+track toward v0.5.0. The core protocol works end-to-end over
 UDP, TCP, Ethernet, Tor, Nym, and Bluetooth on a global, public test
-mesh of thousands of nodes. v0.4.0 builds on the v0.3.0 testing-and-polishing
-track, adding the Nym mixnet transport and mDNS LAN discovery
-alongside the existing Nostr-mediated peer discovery, UDP NAT
-traversal, peer ACL, and packaging hardening. New wire-format work
+mesh of thousands of nodes. v0.4.0 added the Nym mixnet transport and
+mDNS LAN discovery alongside the existing Nostr-mediated peer discovery,
+UDP NAT traversal, peer ACL, and packaging hardening. New wire-format work
 continues to be staged on the `next` branch for the subsequent
 release line.