diff --git a/CHANGELOG.md b/CHANGELOG.md
index 38aabbf18da1c5994b136dabfc075b1ac7b2f400..ea477474369358a8e8a845792a76c5074abf04ef 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,7 @@
+# Version v0.7.1 (2020-10-26)
+
+* Update new command template to ink! 3.0-rc2 [#85](https://github.com/paritytech/cargo-contract/pull/85)
+
 # Version v0.7.0 (2020-10-13)
 
 * Fix deprecation warnings [#82](https://github.com/paritytech/cargo-contract/pull/82)
diff --git a/Cargo.lock b/Cargo.lock
index c83cbfec0432a3558a483c61da66471be8d35b9b..a23798c69fe9753778879312f09715cec4447d17 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -472,7 +472,7 @@ checksum = "631ae5198c9be5e753e5cc215e1bd73c2b466a3565173db433f52bb9d3e66dba"
 
 [[package]]
 name = "cargo-contract"
-version = "0.7.0"
+version = "0.7.1"
 dependencies = [
  "anyhow",
  "assert_matches",
diff --git a/Cargo.toml b/Cargo.toml
index 88da66ed59ef4d5d3514e4d32f7d46c6ab9b2436..0c56fba7de99b50f9001bb4c4be66db61a6136b2 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -3,7 +3,7 @@ members = [".", "metadata"]
 
 [package]
 name = "cargo-contract"
-version = "0.7.0"
+version = "0.7.1"
 authors = ["Parity Technologies <admin@parity.io>"]
 build = "build.rs"
 edition = "2018"