diff --git a/app/app.go b/app/app.go
index bdc732f57a..a94c325c05 100644
--- a/app/app.go
+++ b/app/app.go
@@ -144,6 +144,7 @@ var Upgrades = []upgrades.Upgrade{
 	upgrades.Upgrade_0_23_2,
 	upgrades.Upgrade_0_23_4,
 	upgrades.Upgrade_0_23_5,
+	upgrades.Upgrade_0_24_0,
 }
 
 // this line is used by starport scaffolding # stargate/wasm/app/enabledProposals
diff --git a/app/upgrades/empty_upgrades.go b/app/upgrades/empty_upgrades.go
index e03934316d..6592a37da3 100644
--- a/app/upgrades/empty_upgrades.go
+++ b/app/upgrades/empty_upgrades.go
@@ -92,3 +92,9 @@ var Upgrade_0_23_5 = Upgrade{
 	CreateUpgradeHandler: v0_23_0_UpgradeHandler,
 	StoreUpgrades:        store.StoreUpgrades{Added: []string{dualstakingtypes.StoreKey}},
 }
+
+var Upgrade_0_24_0 = Upgrade{
+	UpgradeName:          "v0.24.0",
+	CreateUpgradeHandler: defaultUpgradeHandler,
+	StoreUpgrades:        store.StoreUpgrades{},
+}
diff --git a/x/protocol/keeper/migrations.go b/x/protocol/keeper/migrations.go
index b4ec34d9d7..e5b3134d72 100644
--- a/x/protocol/keeper/migrations.go
+++ b/x/protocol/keeper/migrations.go
@@ -28,8 +28,8 @@ func (m Migrator) UpgradeProtocolVersionParams(ctx sdk.Context) {
 	utils.LogLavaEvent(ctx, m.keeper.Logger(ctx), types.ParamChangeEventName, detailsMap, "Gov Proposal Accepted Param Changed")
 }
 
-// Migrate2to3 implements store migration from v2 to v3:
-func (m Migrator) Migrate2to3(ctx sdk.Context) error {
+// MigrateVersion implements store migration: update protocol version
+func (m Migrator) MigrateVersion(ctx sdk.Context) error {
 	m.UpgradeProtocolVersionParams(ctx)
 	return nil
 }
diff --git a/x/protocol/module.go b/x/protocol/module.go
index 3b37d5e230..71e0c22f35 100644
--- a/x/protocol/module.go
+++ b/x/protocol/module.go
@@ -128,7 +128,13 @@ func (am AppModule) RegisterServices(cfg module.Configurator) {
 	migrator := keeper.NewMigrator(am.keeper)
 
 	// register v2 -> v3 migration
-	if err := cfg.RegisterMigration(types.ModuleName, 2, migrator.Migrate2to3); err != nil {
+	if err := cfg.RegisterMigration(types.ModuleName, 2, migrator.MigrateVersion); err != nil {
+		// panic:ok: at start up, migration cannot proceed anyhow
+		panic(fmt.Errorf("%s: failed to register migration to v3: %w", types.ModuleName, err))
+	}
+
+	// register v3 -> v4 migration
+	if err := cfg.RegisterMigration(types.ModuleName, 3, migrator.MigrateVersion); err != nil {
 		// panic:ok: at start up, migration cannot proceed anyhow
 		panic(fmt.Errorf("%s: failed to register migration to v3: %w", types.ModuleName, err))
 	}
@@ -156,7 +162,7 @@ func (am AppModule) ExportGenesis(ctx sdk.Context, cdc codec.JSONCodec) json.Raw
 }
 
 // ConsensusVersion implements ConsensusVersion.
-func (AppModule) ConsensusVersion() uint64 { return 3 }
+func (AppModule) ConsensusVersion() uint64 { return 4 }
 
 // BeginBlock executes all ABCI BeginBlock logic respective to the capability module.
 func (am AppModule) BeginBlock(ctx sdk.Context, _ abci.RequestBeginBlock) {
diff --git a/x/protocol/types/genesis.go b/x/protocol/types/genesis.go
index 5692118277..268605e2cb 100644
--- a/x/protocol/types/genesis.go
+++ b/x/protocol/types/genesis.go
@@ -16,5 +16,5 @@ func DefaultGenesis() *GenesisState {
 func (gs GenesisState) Validate() error {
 	// this line is used by starport scaffolding # genesis/types/validate
 
-	return gs.Params.Validate()
+	return gs.Params.Validate(true)
 }
diff --git a/x/protocol/types/params.go b/x/protocol/types/params.go
index 6743113827..01baa3b01e 100644
--- a/x/protocol/types/params.go
+++ b/x/protocol/types/params.go
@@ -14,9 +14,9 @@ var _ paramtypes.ParamSet = (*Params)(nil)
 var (
 	KeyVersion     = []byte("Version")
 	DefaultVersion = Version{
-		ProviderTarget: "0.23.5",
+		ProviderTarget: "0.24.0",
 		ProviderMin:    "0.21.0",
-		ConsumerTarget: "0.23.5",
+		ConsumerTarget: "0.24.0",
 		ConsumerMin:    "0.21.0",
 	}
 )
@@ -109,9 +109,15 @@ func versionToInteger(v string) (int, error) {
 }
 
 // Validate validates the set of params
-func (p Params) Validate() error {
-	if err := validateVersion(p.Version); err != nil {
-		return err
+func (p Params) Validate(genesis bool) error {
+	if genesis {
+		if err := validateVersionGenesis(p.Version); err != nil {
+			return err
+		}
+	} else {
+		if err := validateVersion(p.Version); err != nil {
+			return err
+		}
 	}
 
 	return nil
@@ -192,3 +198,40 @@ func validateVersion(v interface{}) error {
 
 	return nil
 }
+
+// validateVersion validates the Version param from genesis
+func validateVersionGenesis(v interface{}) error {
+	version, ok := v.(Version)
+	if !ok {
+		return fmt.Errorf("invalid parameter type: %T", v)
+	}
+
+	newProviderTarget, err := versionToInteger(version.ProviderTarget)
+	if err != nil {
+		return fmt.Errorf("provider target version: %w", err)
+	}
+	newProviderMin, err := versionToInteger(version.ProviderMin)
+	if err != nil {
+		return fmt.Errorf("provider min version: %w", err)
+	}
+	newConsumerTarget, err := versionToInteger(version.ConsumerTarget)
+	if err != nil {
+		return fmt.Errorf("consumer target version: %w", err)
+	}
+	newConsumerMin, err := versionToInteger(version.ConsumerMin)
+	if err != nil {
+		return fmt.Errorf("consumer min version: %w", err)
+	}
+
+	// min version may not exceed target version
+	if newProviderMin > newProviderTarget {
+		return fmt.Errorf("provider min version exceeds target version: %d > %d",
+			newProviderMin, newProviderTarget)
+	}
+	if newConsumerMin > newConsumerTarget {
+		return fmt.Errorf("consumer min version exceeds target version: %d > %d",
+			newConsumerMin, newConsumerTarget)
+	}
+
+	return nil
+}