diff --git a/CHANGELOG.md b/CHANGELOG.md
index f0ba675ae..31ee14c51 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,59 @@
 # Changelog
 
+## v0.31.1
+
+*March 27th, 2019*
+
+This release contains a major improvement for the mempool that reduce the amount of sent data by about 30%
+(see some numbers below).
+It also fixes a memory leak in the mempool and adds TLS support to the RPC server by providing a certificate and key in the config.
+
+Special thanks to external contributors on this release:
+@brapse, @guagualvcha, @HaoyangLiu, @needkane, @TraceBundy
+
+### BREAKING CHANGES:
+
+* CLI/RPC/Config
+
+* Apps
+
+* Go API
+  - [crypto] [\#3426](https://github.com/tendermint/tendermint/pull/3426) Remove `Ripemd160` helper method (@needkane)
+  - [libs/common] [\#3429](https://github.com/tendermint/tendermint/pull/3429) Remove `RepeatTimer` (also `TimerMaker` and `Ticker` interface)
+  - [rpc/client] [\#3458](https://github.com/tendermint/tendermint/issues/3458) Include `NetworkClient` interface into `Client` interface
+  - [types] [\#3448](https://github.com/tendermint/tendermint/issues/3448) Remove method `PB2TM.ConsensusParams`
+
+* Blockchain Protocol
+
+* P2P Protocol
+
+### FEATURES:
+
+ - [rpc] [\#3419](https://github.com/tendermint/tendermint/issues/3419) Start HTTPS server if `rpc.tls_cert_file` and `rpc.tls_key_file` are provided in the config (@guagualvcha)
+
+### IMPROVEMENTS:
+
+- [docs] [\#3140](https://github.com/tendermint/tendermint/issues/3140) Formalize proposer election algorithm properties
+- [docs] [\#3482](https://github.com/tendermint/tendermint/issues/3482) Fix broken links (@brapse)
+- [mempool] [\#2778](https://github.com/tendermint/tendermint/issues/2778) No longer send txs back to peers who sent it to you.
+Also, limit to 65536 active peers.
+This vastly improves the bandwidth consumption of nodes.
+For instance, for a 4 node localnet, in a test sending 250byte txs for 120 sec. at 500 txs/sec (total of 15MB):
+  - total bytes received from 1st node:
+     - before: 42793967 (43MB)
+     - after: 30003256 (30MB)
+  - total bytes sent to 1st node:
+     - before: 30569339 (30MB)
+     - after: 19304964 (19MB)
+- [p2p] [\#3475](https://github.com/tendermint/tendermint/issues/3475) Simplify `GetSelectionWithBias` for addressbook (@guagualvcha)
+- [rpc/lib/client] [\#3430](https://github.com/tendermint/tendermint/issues/3430) Disable compression for HTTP client to prevent GZIP-bomb DoS attacks (@guagualvcha)
+
+### BUG FIXES:
+
+- [blockchain] [\#2699](https://github.com/tendermint/tendermint/issues/2699) Update the maxHeight when a peer is removed
+- [mempool] [\#3478](https://github.com/tendermint/tendermint/issues/3478) Fix memory-leak related to `broadcastTxRoutine` (@HaoyangLiu)
+
+
 ## v0.31.0
 
 *March 16th, 2019*
diff --git a/CHANGELOG_PENDING.md b/CHANGELOG_PENDING.md
index 0030611cd..37ae3a510 100644
--- a/CHANGELOG_PENDING.md
+++ b/CHANGELOG_PENDING.md
@@ -9,21 +9,13 @@
 * Apps
 
 * Go API
-- [libs/common] Remove RepeatTimer (also TimerMaker and Ticker interface)
-- [rpc/client] \#3458 Include NetworkClient interface into Client interface
 
 * Blockchain Protocol
 
 * P2P Protocol
 
 ### FEATURES:
-- [rpc] \#3419 Start HTTPS server if `rpc.tls_cert_file` and `rpc.tls_key_file` are provided in the config (@guagualvcha)
 
 ### IMPROVEMENTS:
 
-- [mempool] \#2778 No longer send txs back to peers who sent it to you
-
 ### BUG FIXES:
-
-- [blockchain] \#2699 update the maxHeight when a peer is removed
-- [docs] \#3482 fix broken links (@brapse)
diff --git a/version/version.go b/version/version.go
index b2202206c..9090fc7e6 100644
--- a/version/version.go
+++ b/version/version.go
@@ -20,7 +20,7 @@ const (
 	// Must be a string because scripts like dist.sh read this file.
 	// XXX: Don't change the name of this variable or you will break
 	// automation :)
-	TMCoreSemVer = "0.31.0"
+	TMCoreSemVer = "0.31.1"
 
 	// ABCISemVer is the semantic version of the ABCI library
 	ABCISemVer  = "0.16.0"