diff --git a/solidity/deploy/81_upgrade_wallet_coordinator_v2.ts b/solidity/deploy/81_upgrade_wallet_coordinator_v2.ts
new file mode 100644
index 000000000..5428dbb5b
--- /dev/null
+++ b/solidity/deploy/81_upgrade_wallet_coordinator_v2.ts
@@ -0,0 +1,98 @@
+import { Artifact, HardhatRuntimeEnvironment } from "hardhat/types"
+import { DeployFunction, Deployment } from "hardhat-deploy/types"
+import { ContractFactory } from "ethers"
+import { ProxyAdmin, WalletCoordinator } from "../typechain"
+
+const func: DeployFunction = async function (hre: HardhatRuntimeEnvironment) {
+  const { ethers, helpers, deployments } = hre
+
+  const { deployer } = await helpers.signers.getNamedSigners()
+
+  const proxyDeployment: Deployment = await deployments.get("WalletCoordinator")
+  const implementationContractFactory: ContractFactory =
+    await ethers.getContractFactory("WalletCoordinator", {
+      signer: deployer,
+    })
+
+  // Deploy new implementation contract
+  const newImplementationAddress: string = (await hre.upgrades.prepareUpgrade(
+    proxyDeployment,
+    implementationContractFactory,
+    {
+      kind: "transparent",
+    }
+  )) as string
+
+  deployments.log(
+    `new implementation contract deployed at: ${newImplementationAddress}`
+  )
+
+  // Assemble proxy upgrade transaction.
+  const proxyAdmin: ProxyAdmin = await hre.upgrades.admin.getInstance()
+  const proxyAdminOwner = await proxyAdmin.owner()
+
+  const upgradeTxData = await proxyAdmin.interface.encodeFunctionData(
+    "upgrade",
+    [proxyDeployment.address, newImplementationAddress]
+  )
+
+  deployments.log(
+    `proxy admin owner ${proxyAdminOwner} is required to upgrade proxy implementation with transaction:\n` +
+      `\t\tfrom: ${proxyAdminOwner}\n` +
+      `\t\tto: ${proxyAdmin.address}\n` +
+      `\t\tdata: ${upgradeTxData}`
+  )
+
+  // Assemble parameters upgrade transaction.
+  const walletCoordinator: WalletCoordinator =
+    await helpers.contracts.getContract("WalletCoordinator")
+
+  const walletCoordinatorOwner = await walletCoordinator.owner()
+
+  const updateRedemptionProposalParametersTxData =
+    walletCoordinator.interface.encodeFunctionData(
+      "updateRedemptionProposalParameters",
+      [7200, 600, 7200, 20, 20000]
+    )
+
+  deployments.log(
+    `WalletCoordinator owner ${walletCoordinatorOwner} is required to update redemption proposal parameters with transaction:\n` +
+      `\t\tfrom: ${walletCoordinatorOwner}\n` +
+      `\t\tto: ${walletCoordinator.address}\n` +
+      `\t\tdata: ${updateRedemptionProposalParametersTxData}`
+  )
+
+  // Update Deployment Artifact
+  const walletCoordinatorArtifact: Artifact =
+    hre.artifacts.readArtifactSync("WalletCoordinator")
+
+  await deployments.save("WalletCoordinator", {
+    ...proxyDeployment,
+    abi: walletCoordinatorArtifact.abi,
+    implementation: newImplementationAddress,
+  })
+
+  if (hre.network.tags.etherscan) {
+    // We use `verify` instead of `verify:verify` as the `verify` task is defined
+    // in "@openzeppelin/hardhat-upgrades" to perform Etherscan verification
+    // of Proxy and Implementation contracts.
+    await hre.run("verify", {
+      address: proxyDeployment.address,
+      constructorArgsParams: proxyDeployment.args,
+    })
+  }
+
+  if (hre.network.tags.tenderly) {
+    await hre.tenderly.verify({
+      name: "WalletCoordinator",
+      address: newImplementationAddress,
+    })
+  }
+}
+
+export default func
+
+func.tags = ["UpgradeWalletCoordinator"]
+// When running an upgrade uncomment the skip below and run the command:
+// yarn deploy --tags UpgradeWalletCoordinator --network <NETWORK>
+func.skip = async () => true