diff --git a/CHANGELOG.md b/CHANGELOG.md
index c457c5bc..a7a765d6 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,9 +7,9 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## Breaking
 
-Wire-format breaking changes for v0.4.0. All nodes in a mesh must
+Wire-format breaking changes for v0.5.0. All nodes in a mesh must
 run the same major version — these changes are not backward compatible
-with v0.2.x peers.
+with v0.3.x peers.
 
 ### Changed
 
diff --git a/Cargo.lock b/Cargo.lock
index 0ee13c60..7d80867b 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1052,7 +1052,7 @@ checksum = "9844ddc3a6e533d62bba727eb6c28b5d360921d5175e9ff0f1e621a5c590a4d5"
 
 [[package]]
 name = "fips"
-version = "0.4.0-dev"
+version = "0.5.0-dev"
 dependencies = [
  "bech32",
  "bluer",
diff --git a/Cargo.toml b/Cargo.toml
index 1121da9f..59111438 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "fips"
-version = "0.4.0-dev"
+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 b67b82ec..50ab3bac 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--dev-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
@@ -183,16 +183,16 @@ testing/      Docker-based integration test harnesses + chaos simulation
 
 ## Status & roadmap
 
-FIPS is at **v0.4.0-dev** on the `next` branch.
+FIPS is at **v0.5.0-dev** on the `next` branch.
 [v0.3.0](https://github.com/jmcorgan/fips/releases/tag/v0.3.0)
 has shipped from `master`; this development line carries
-wire-format-breaking work for v0.4.0 — unified Noise XX handshake
+wire-format-breaking work for v0.5.0 — unified Noise XX handshake
 at both layers, FMP node profiles, slimmer MMP reports, and an
 extensible bloom-filter encoding — that will not interoperate with
 v0.2.x or v0.3.x peers. The core protocol works end-to-end over
 UDP, TCP, Ethernet, Tor, and Bluetooth on a small live mesh of
 deployed nodes. See the CHANGELOG `## Breaking` section for the
-full list of v0.4.0 wire-format changes in flight.
+full list of v0.5.0 wire-format changes in flight.
 
 ### What works today
 
diff --git a/docs/reference/cli-fips.md b/docs/reference/cli-fips.md
index 7ce2464b..aa850165 100644
--- a/docs/reference/cli-fips.md
+++ b/docs/reference/cli-fips.md
@@ -28,7 +28,7 @@ controlled through the standard service control manager.
 | Flag | Argument | Description |
 | ---- | -------- | ----------- |
 | `-c`, `--config` | `FILE` | Use `FILE` as the configuration. Skips the default search paths. |
-| `-V` | — | Print the short version (e.g. `0.4.0-dev (rev abcdef1)`). |
+| `-V` | — | Print the short version (e.g. `0.5.0-dev (rev abcdef1)`). |
 | `--version` | — | Print the long version: short version plus build target triple. |
 | `-h`, `--help` | — | Print usage and exit. |
 | `--install-service` | — | (Windows only) Install `fips` as a Windows service. Requires Administrator. |