diff --git a/CHANGELOG.md b/CHANGELOG.md
index 260e5675e69d2c6cc86f3535053eccd4bf69196d..d2934edcec310846554eb2442ca728a82226b11b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,10 +5,16 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
 ## [Unreleased]
-- Migrated to 2021 edition, enforcing MSRV of `1.56.1`. [#360](https://github.com/paritytech/cargo-contract/pull/360)
+
+## [0.17.0] - 2022-01-19
 
 ### Changed
+- Updated `cargo contract new` template dependencies to ink! `3.0.0-rc8` - [#402](https://github.com/paritytech/cargo-contract/pull/402)
 - Reverted the disabled overflow checks in the `cargo contract new` template - [#376](https://github.com/paritytech/cargo-contract/pull/376)
+- Migrated to 2021 edition, enforcing MSRV of `1.56.1` - [#360](https://github.com/paritytech/cargo-contract/pull/360)
+
+### Added
+- For contract size optimization added `workspace` section to override parent `workspace` - [#378](https://github.com/paritytech/cargo-contract/pull/378)
 
 ## [0.16.0] - 2021-11-25
 
diff --git a/Cargo.lock b/Cargo.lock
index 7c07e8da0f4ba5a0bddeef5dfb8413d42fefa2f2..fa032548c449dbdfb5d6f5c2df4b568003d6a188 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -489,7 +489,7 @@ dependencies = [
 
 [[package]]
 name = "cargo-contract"
-version = "0.16.0"
+version = "0.17.0"
 dependencies = [
  "anyhow",
  "assert_matches",
diff --git a/Cargo.toml b/Cargo.toml
index 0c7c173b721d3ab3c0bbbd2d52a1d44ed64e50ac..7574d47eaf9a51d7860425e27bd29d0e8a5b1d7e 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -3,7 +3,7 @@ members = [".", "metadata"]
 
 [package]
 name = "cargo-contract"
-version = "0.16.0"
+version = "0.17.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 build = "build.rs"
 edition = "2021"
diff --git a/templates/new/_Cargo.toml b/templates/new/_Cargo.toml
index 00e8bf56901376b3152ef5d3b345009ec30ff354..df1c2da4a708c8195262f363c65abaddecb738fc 100644
--- a/templates/new/_Cargo.toml
+++ b/templates/new/_Cargo.toml
@@ -6,11 +6,11 @@ edition = "2021"
 rust-version = "1.56.1"
 
 [dependencies]
-ink_primitives = { version = "3.0.0-rc7", default-features = false }
-ink_metadata = { version = "3.0.0-rc7", default-features = false, features = ["derive"], optional = true }
-ink_env = { version = "3.0.0-rc7", default-features = false }
-ink_storage = { version = "3.0.0-rc7", default-features = false }
-ink_lang = { version = "3.0.0-rc7", default-features = false }
+ink_primitives = { version = "3.0.0-rc8", default-features = false }
+ink_metadata = { version = "3.0.0-rc8", default-features = false, features = ["derive"], optional = true }
+ink_env = { version = "3.0.0-rc8", default-features = false }
+ink_storage = { version = "3.0.0-rc8", default-features = false }
+ink_lang = { version = "3.0.0-rc8", default-features = false }
 
 scale = { package = "parity-scale-codec", version = "2.1", default-features = false, features = ["derive"] }
 scale-info = { version = "1.0.0", default-features = false, features = ["derive"], optional = true }