diff --git a/CHANGELOG.md b/CHANGELOG.md
index b17ff2315..82aee98af 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,10 +6,17 @@ This changelog format is based on [Keep a Changelog](https://keepachangelog.com/
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
 ## [Unreleased](https://github.com/eth-brownie/brownie)
+
+## [1.16.1](https://github.com/eth-brownie/brownie/tree/v1.16.1) - 2021-08-16
+### Added
+- Set default values for `max_fee` and `priority_fee` ([#1206](https://github.com/eth-brownie/brownie/pull/1206))
+
 ### Fixed
 - Recursively kill all RPC child processes on exit ([#1200](https://github.com/eth-brownie/brownie/pull/1200))
 - Issue with testing reverted contracts not found in deployment map ([#1195](https://github.com/eth-brownie/brownie/pull/1195))
 - Fix issue with missing contracts in coverage report ([#1178](https://github.com/eth-brownie/brownie/pull/1178))
+- Use `eth.get_block` to avoid deprecated method warning ([#1203](https://github.com/eth-brownie/brownie/pull/1203))
+- Correctly handle functions outside contracts when generating pcMap ([#1205](https://github.com/eth-brownie/brownie/pull/1205))
 
 ## [1.16.0](https://github.com/eth-brownie/brownie/tree/v1.16.0) - 2021-08-08
 ### Added
diff --git a/brownie/_config.py b/brownie/_config.py
index 4c5eeecf5..8775d13c1 100644
--- a/brownie/_config.py
+++ b/brownie/_config.py
@@ -19,7 +19,7 @@
 from brownie._expansion import expand_posix_vars
 from brownie._singleton import _Singleton
 
-__version__ = "1.16.0"
+__version__ = "1.16.1"
 
 BROWNIE_FOLDER = Path(__file__).parent
 DATA_FOLDER = Path.home().joinpath(".brownie")
diff --git a/setup.cfg b/setup.cfg
index 54f61f88a..e68c0396d 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.16.0
+current_version = 1.16.1
 
 [bumpversion:file:setup.py]
 
diff --git a/setup.py b/setup.py
index 698bd227c..0a7063ba2 100644
--- a/setup.py
+++ b/setup.py
@@ -24,7 +24,7 @@
 setup(
     name="eth-brownie",
     packages=find_packages(),
-    version="1.16.0",  # don't change this manually, use bumpversion instead
+    version="1.16.1",  # don't change this manually, use bumpversion instead
     license="MIT",
     description="A Python framework for Ethereum smart contract deployment, testing and interaction.",  # noqa: E501
     long_description=long_description,