diff --git a/COMPATIBILITY.md b/COMPATIBILITY.md
index f85f63b2ba..82a72b955d 100644
--- a/COMPATIBILITY.md
+++ b/COMPATIBILITY.md
@@ -2,3 +2,4 @@
 | ------------------------- | ---------------------- | -------- | -------- |
 | 1 (Testnet 70)            | v0.70.x                | v0.37.5  |   v1     |
 | 2 (Testnet 73)            | v0.73.x                | v0.37.5  |   v1     |
+| 3 (Testnet 74)            | v0.74.x                | v0.37.5  |   v1     |
diff --git a/crates/core/app/src/lib.rs b/crates/core/app/src/lib.rs
index a4cef23793..49cdea1a0f 100644
--- a/crates/core/app/src/lib.rs
+++ b/crates/core/app/src/lib.rs
@@ -22,7 +22,7 @@ use once_cell::sync::Lazy;
 
 /// Representation of the Penumbra application version. Notably, this is distinct
 /// from the crate version(s). This number should only ever be incremented.
-pub const APP_VERSION: u64 = 2;
+pub const APP_VERSION: u64 = 3;
 
 pub static SUBSTORE_PREFIXES: Lazy<Vec<String>> = Lazy::new(|| {
     vec![