diff --git a/CHANGELOG.md b/CHANGELOG.md
index 94ca20625b..3af1f4fbea 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -46,6 +46,8 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ## [Unreleased]
 
+## [v5.1.0-rc1](https://github.com/umee-network/umee/releases/tag/v5.0.0-rc1) - 2023-06-30
+
 ### Features
 
 - [2121](https://github.com/umee-network/umee/pull/2121) Allow `MsgLeveragedLiquidate` to auto-select repay and reward denoms if request fields left blank.
diff --git a/README.md b/README.md
index f426dddb2e..78c4ea694d 100644
--- a/README.md
+++ b/README.md
@@ -55,8 +55,8 @@ See [Release procedure](CONTRIBUTING.md#release-procedure) for more information
 |    v4.2.x    |    ✓    | v0.46.10+  | v5.2.x | v1.3.x+ | umee/v2.1.1  |   umee/v4 v1.5.3-umee-4    |  v1.1.1   |
 |    v4.3.x    |    ✓    | v0.46.11+  | v6.1.x | v1.3.x+ | umee/v2.1.1  |   umee/v4 v1.5.3-umee-6    |  v1.2.1   |
 |    v4.4.x    |    ✓    | v0.46.11+  | v6.1.x | v1.3.x+ | umee/v2.1.4+ |   umee/v4 v1.5.3-umee-6    |  v1.2.3   |
-|    v5.0.x    |    ✓    | v0.46.13+  | v6.1.x | v1.3.x+ | umee/v2.1.4+ |   umee/v4 v1.5.3-umee-8    |  v1.2.4   |
-|    v5.1.x    |    ✓    | v0.46.13+  | v6.1.x | v1.3.x+ | umee/v2.1.4+ |   umee/v4 v1.5.3-umee-9    |  v1.2.4   |
+|    v5.0.x    |    ✓    | v0.46.13+  | v6.2.x | v1.3.x+ | umee/v2.1.4+ |   umee/v4 v1.5.3-umee-8    |  v1.2.4   |
+|    v5.1.x    |    ✓    | v0.46.13+  | v6.2.x |   ---   | umee/v2.1.6+ |   umee/v4 v1.5.3-umee-10   |  v1.2.4   |
 
 #### Price Feeder
 
diff --git a/RELEASE_NOTES.md b/RELEASE_NOTES.md
index 55de887850..289f41a728 100644
--- a/RELEASE_NOTES.md
+++ b/RELEASE_NOTES.md
@@ -6,31 +6,22 @@
 
 Release Procedure is defined in the [CONTRIBUTING](CONTRIBUTING.md#release-procedure) document.
 
-## v5.0.0
+## v5.1.0
 
 Highlights:
 
-- Cosmwasm integration (v0.31).
-- Gravity Bridge phase-3: shutdown of the transfers. In this release we introduce valset burn mechanism,
-  which will block the Ethereum smart contract for processing any further transactions, as well
-  as sending transfers back to Ethereum. This follows the plan approved through in the
-  [prop-67](https://www.mintscan.io/umee/proposals/67).
-  NOTE: All validators must continue to use Peggo to not get slashed.
-- Updated to the latest Cosmos SDK v0.46.12
-- New generic functions for storage management: `util/store`.
+- [`x/incentive`](x/incentive/README.md) module: allows to create incentive programs for liquidity mining.
+- new x/leverage security measure: [Borrow Factor](x/leverage/README.md#borrow-factor)
+- new x/leverage [`MsgLeveragedLiquidate`](proto/umee/leverage/v1/tx.proto#L59) was added. Allows suppliers to use their active collateral to absorb unhealthy debts. See [Liquidation](x/leverage/README.md#liquidation) for more details.
+- Gravity Bridge phase-4: the GB valset was correctly burned. Slashing is removed and there is no need to run Peggo any more.
 
-See [CHANGELOG](https://github.com/umee-network/umee/blob/v5.0.0/CHANGELOG.md).
+[v5.1.0-rc1 CHANGELOG](https://github.com/umee-network/umee/blob/v5.1.0-rc1/CHANGELOG.md).
 
 ### Validators
 
-#### libwasmvm update
+#### Peggo
 
-Our dependencies have been updated. Now the binary requires `libwasmvm v1.2.4`. When you build the binary from source on the server machine you probably don't need any change. However when you download a binary from GitHub, or from other source, make sure you update the `/usr/lib/libwasmvm.<cpu_arch>.so`. For example:
-
-- copy from `$GOPATH/pkg/mod/github.com/!cosm!wasm/wasmvm@v1.2.4/internal/api/libwasmvm.$(uname -m).so`
-- or download from github `wget https://raw.githubusercontent.com/CosmWasm/wasmvm/v1.2.4/internal/api/libwasmvm.$(uname -m).so -O /lib/libwasmvm.$(uname -m).so`
-
-You don't need to do anything if you are using our Docker image.
+You can kill Peggo.
 
 #### Min Gas Prices
 
@@ -40,8 +31,6 @@ Since v4.2 release we request all validators set a `minimum-gas-prices` setting
 minimum-gas-prices = "0.1uumee"
 ```
 
-You MUST also set the related parameter when starting Peggo `--cosmos-gas-prices="0.1uumee"`
-
 ### Upgrade instructions
 
 - Download latest binary or build from source.
@@ -49,7 +38,6 @@ You MUST also set the related parameter when starting Peggo `--cosmos-gas-prices
   - Run the binary to make sure it works for you: `umeed version`
 - Wait for software upgrade proposal to pass and trigger the chain upgrade.
 - Swap binaries.
-- Ensure latest Peggo (v1.4.0) is running
 - Ensure latest Price Feeder (see [compatibility matrix](https://github.com/umee-network/umee/#release-compatibility-matrix)) is running and check your price feeder config is up to date.
 - Restart the chain.
 
diff --git a/app/upgrades.go b/app/upgrades.go
index d507b20ec2..67c4b1ab44 100644
--- a/app/upgrades.go
+++ b/app/upgrades.go
@@ -53,7 +53,6 @@ func (app UmeeApp) RegisterUpgradeHandlers(bool) {
 	app.registerUpgrade("v4.4", upgradeInfo)
 	app.registerUpgrade("v5.0", upgradeInfo, ugov.ModuleName, wasm.ModuleName)
 	app.registerUpgrade5_1(upgradeInfo)
-	// TODO: set correct 5.1 name and add borrowFactor migration
 }
 
 func (app *UmeeApp) registerUpgrade5_1(upgradeInfo upgradetypes.Plan) {
@@ -64,10 +63,9 @@ func (app *UmeeApp) registerUpgrade5_1(upgradeInfo upgradetypes.Plan) {
 				Added: []string{incentive.ModuleName},
 			})
 
-			// TODO: set the correct drain account. This will panic if executed.
 			if err := app.GravityKeeper.MigrateFundsToDrainAccount(
 				ctx,
-				sdk.MustAccAddressFromBech32("the_drain_account"),
+				sdk.MustAccAddressFromBech32("umee1gx9svenfs6ktvajje2wgqau3gk5mznwnyghq4l"),
 			); err != nil {
 				return nil, err
 			}