diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6ce46492b..693afd947 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,23 @@
 
 Friendly reminder, we have a [bug bounty program](https://hackerone.com/cosmos).
 
+## v0.34.20-rc0
+
+This RC introduces the prioritized mempool. 
+
+NOTE: There's a known memory leak with the prioritized mempool that the team are currently working on resolving. We will cut v0.34.20 when this has been resolved. This release candidate is to provide the SDK with the new APIs. Read more about the issue [here](https://github.com/tendermint/tendermint/issues/8775)
+
+### FEATURES
+
+- [cli] [\#8674] Add command to force compact goleveldb databases (@cmwaters)
+- [mempool] [\#8695] Port back the priority mempool. (@alexanderbez, @jmalicevic, @cmwaters)
+
+### IMPROVEMENTS
+
+### BUG FIXES
+
+- [blocksync] [\#8496](https://github.com/tendermint/tendermint/pull/8496) validate block against state before persisting it to disk (@cmwaters)
+
 ## v0.34.19
 
 ### BUG FIXES
diff --git a/CHANGELOG_PENDING.md b/CHANGELOG_PENDING.md
index 3d2dd1dba..a93c1c12e 100644
--- a/CHANGELOG_PENDING.md
+++ b/CHANGELOG_PENDING.md
@@ -20,11 +20,7 @@ Friendly reminder, we have a [bug bounty program](https://hackerone.com/tendermi
 
 ### FEATURES
 
-- [cli] [\#8674] Add command to force compact goleveldb databases (@cmwaters)
-- [mempool] [\#8695] Introduction a priority mempool. (@alexanderbez, @jmalicevic, @cmwaters)
-
 ### IMPROVEMENTS
 
 ### BUG FIXES
 
-- [blocksync] [\#8496](https://github.com/tendermint/tendermint/pull/8496) validate block against state before persisting it to disk (@cmwaters)
diff --git a/config/config.go b/config/config.go
index 68c673bb8..d052b40ae 100644
--- a/config/config.go
+++ b/config/config.go
@@ -681,6 +681,12 @@ func DefaultFuzzConnConfig() *FuzzConnConfig {
 
 // MempoolConfig defines the configuration options for the Tendermint mempool
 type MempoolConfig struct {
+	// Mempool version to use:
+	//  1) "v0" - (default) FIFO mempool.
+	//  2) "v1" - prioritized mempool.
+	// WARNING: There's a known memory leak with the prioritized mempool
+	// that the team are working on. Read more here:
+	// https://github.com/tendermint/tendermint/issues/8775
 	Version   string `mapstructure:"version"`
 	RootDir   string `mapstructure:"home"`
 	Recheck   bool   `mapstructure:"recheck"`
diff --git a/config/toml.go b/config/toml.go
index e97db5353..cae7cbb2f 100644
--- a/config/toml.go
+++ b/config/toml.go
@@ -342,6 +342,14 @@ dial_timeout = "{{ .P2P.DialTimeout }}"
 #######################################################
 [mempool]
 
+# Mempool version to use:
+#   1) "v0" - (default) FIFO mempool.
+#   2) "v1" - prioritized mempool.
+# WARNING: There's a known memory leak with the prioritized mempool
+# that the team are working on. Read more here: 
+# https://github.com/tendermint/tendermint/issues/8775
+version = "{{ .Mempool.Version }}"
+
 recheck = {{ .Mempool.Recheck }}
 broadcast = {{ .Mempool.Broadcast }}
 wal_dir = "{{ js .Mempool.WalPath }}"
diff --git a/version/version.go b/version/version.go
index 4b4c3cb9f..79295b5a7 100644
--- a/version/version.go
+++ b/version/version.go
@@ -7,7 +7,7 @@ var (
 const (
 	// TMVersionDefault is the used as the fallback version of Tendermint Core
 	// when not using git describe. It is formatted with semantic versioning.
-	TMVersionDefault = "0.34.19"
+	TMVersionDefault = "0.34.20"
 	// ABCISemVer is the semantic version of the ABCI library
 	ABCISemVer = "0.17.0"