diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9fe54d2497b..ef86120ed12 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -15,6 +15,11 @@ full changeset diff at the end of each section.
 Current Trunk
 -------------
 
+v128
+----
+
+ - (bugfix release)
+
 v127
 ----
 
diff --git a/CMakeLists.txt b/CMakeLists.txt
index b703531eb98..29a5c3b74bc 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -5,7 +5,7 @@ cmake_minimum_required(VERSION 3.16.3)
 # Needed for C++17 (std::path)
 set(CMAKE_OSX_DEPLOYMENT_TARGET "10.15" CACHE STRING "Minimum OS X deployment version")
 
-project(binaryen LANGUAGES C CXX VERSION 127)
+project(binaryen LANGUAGES C CXX VERSION 128)
 include(GNUInstallDirs)
 
 # The C++ standard whose features are required to build Binaryen.