diff --git a/CHANGELOG.md b/CHANGELOG.md
index e4eef052f..e15f4ba73 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,8 @@ and this project adheres to [Semantic Versioning](http://semver.org/).
 
 ## [Unreleased]
 
+## [3.4.0-beta1] - 2018-10-24
+
 ### Fixed
 
 - Fix `APICAST_PROXY_HTTPS_PASSWORD_FILE` and `APICAST_PROXY_HTTPS_SESSION_REUSE` parameters for Mutual SSL [PR #927](https://github.com/3scale/apicast/pull/927)
@@ -535,7 +537,7 @@ expressed might change in future releases.
 ### Changed
 - Major rewrite using JSON configuration instead of code generation.
 
-[Unreleased]: https://github.com/3scale/apicast/compare/v3.3.0...HEAD
+[Unreleased]: https://github.com/3scale/apicast/compare/v3.4.0-beta1...HEAD
 [2.0.0]: https://github.com/3scale/apicast/compare/v0.2...v2.0.0
 [3.0.0-alpha1]: https://github.com/3scale/apicast/compare/v2.0.0...v3.0.0-alpha1
 [3.0.0-alpha2]: https://github.com/3scale/apicast/compare/v3.0.0-alpha1...v3.0.0-alpha2
@@ -563,3 +565,4 @@ expressed might change in future releases.
 [3.3.0-cr1]: https://github.com/3scale/apicast/compare/v3.3.0-beta2...v3.3.0-cr1
 [3.3.0-cr2]: https://github.com/3scale/apicast/compare/v3.3.0-cr1...v3.3.0-cr2
 [3.3.0]: https://github.com/3scale/apicast/compare/v3.3.0-cr2...v3.3.0
+[3.4.0-beta1]: https://github.com/3scale/apicast/compare/v3.3.0...v3.4.0-beta1
diff --git a/gateway/src/apicast/version.lua b/gateway/src/apicast/version.lua
index e43fb7b7b..e211ce83b 100644
--- a/gateway/src/apicast/version.lua
+++ b/gateway/src/apicast/version.lua
@@ -1 +1 @@
-return "3.4.0-master"
+return "3.4.0-beta1"