diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2d0f559ba..103a0c5e0 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,12 +1,14 @@
 ## Unreleased changes
 
+## 5.0.0
+
 - Update the `ContractClient` to optionally include a schema.
 - Update the `create` method to the `ContractClient` to look up the embedded schema from the chain.
 - Add the `new_with_schema` method to the `ContractClient` to create a `ContractClient` with a given schema.
 - Add `dry_run_update_with_reject_reason_info` and `dry_run_update_raw_with_reject_reason_info` methods to the `ContractClient`. They are like the `dry_run_update` and `dry_run_update_raw` methods but in case of a reject, decode the reject reason into a human-readable error.
 - Add `decode_concordium_std_error` and `decode_smart_contract_revert` functions to facilitate reject reason decoding of failed transactions.
 - Add `cis3` module and `Cis3Contract` for interacting with CIS3 contracts.
-- Updated the concordium-base submodule to incorporate protocol 7 changes (cooldown and baker pool status changes).
+- Updated the `concordium-base` to version 6 to incorporate protocol 7 changes (cooldown and baker pool status changes).
   Specifically, this changes the following public types:
     - `AccountInfo`: Now has two new fields, `cooldown: Vec<Cooldown>` and `available_balance: Amount`.
       The `cooldown` field specifies the stake currently in cooldown for the account.
diff --git a/Cargo.toml b/Cargo.toml
index 4720a733a..237a886fa 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "concordium-rust-sdk"
-version = "4.3.0"
+version = "5.0.0"
 authors = ["Concordium <developers@concordium.com>"]
 edition = "2021"
 rust-version = "1.73"
@@ -37,8 +37,8 @@ num-traits = "0.2"
 http = "0.2"
 tokio-stream = "0.1"
 
-concordium_base = { version = "5.0", path = "./concordium-base/rust-src/concordium_base/", features = ["encryption"] }
-concordium-smart-contract-engine = { version = "5.0", path = "./concordium-base/smart-contracts/wasm-chain-integration/", default-features = false, features = ["async"]}
+concordium_base = { version = "6.0", path = "./concordium-base/rust-src/concordium_base/", features = ["encryption"] }
+concordium-smart-contract-engine = { version = "6.0", path = "./concordium-base/smart-contracts/wasm-chain-integration/", default-features = false, features = ["async"]}
 aes-gcm = { version = "0.10", features = ["std"] }
 tracing = "0.1"
 
diff --git a/README.md b/README.md
index c2d5b539a..be1e3ad3b 100644
--- a/README.md
+++ b/README.md
@@ -19,9 +19,8 @@ MSRV bump will be accompanied by at least a minor version bump of the SDK.
 
 The SDK is published on [crates.io](https://crates.io/crates/concordium-rust-sdk).
 
-```toml
-[dependencies]
-concordium-rust-sdk = "2"
+```shell
+cargo add concordium-rust-sdk
 ```
 
 ## Versions
diff --git a/concordium-base b/concordium-base
index fd2beed7f..e83282f25 160000
--- a/concordium-base
+++ b/concordium-base
@@ -1 +1 @@
-Subproject commit fd2beed7fbcde7adf37e9cf0607b606605bd1c94
+Subproject commit e83282f25b4e71f3725352c6a774fd0472824a90