diff --git a/crates/pallet-balanced-currency-swap-bridges-initializer/src/upgrade_init.rs b/crates/pallet-balanced-currency-swap-bridges-initializer/src/upgrade_init.rs
index 0b036c2e4..365159627 100644
--- a/crates/pallet-balanced-currency-swap-bridges-initializer/src/upgrade_init.rs
+++ b/crates/pallet-balanced-currency-swap-bridges-initializer/src/upgrade_init.rs
@@ -31,6 +31,23 @@ pub fn on_runtime_upgrade<T: Config>() -> Weight {
         weight.saturating_accrue(T::DbWeight::get().writes(2));
     }
 
+    // Properly manage default on chain storage version as the pallet was added after genesis
+    // with initial storage version != 0.
+    //
+    // <https://github.com/paritytech/substrate/pull/14641>
+    let current_storage_version = <Pallet<T>>::current_storage_version();
+    let onchain_storage_version = <Pallet<T>>::on_chain_storage_version();
+
+    weight.saturating_accrue(T::DbWeight::get().reads(1));
+
+    if onchain_storage_version == 0 && current_storage_version != 0 {
+        // Set new storage version.
+        current_storage_version.put::<Pallet<T>>();
+
+        // Write the onchain storage version.
+        weight = weight.saturating_add(T::DbWeight::get().writes(1));
+    }
+
     weight
 }
 
@@ -58,5 +75,10 @@ pub fn post_upgrade<T: Config>(_state: Vec<u8>) -> Result<(), &'static str> {
 
     assert_eq!(storage_root_before, storage_root(StateVersion::V1));
 
+    assert_eq!(
+        <Pallet<T>>::on_chain_storage_version(),
+        <Pallet<T>>::current_storage_version()
+    );
+
     Ok(())
 }
diff --git a/crates/pallet-dummy-precompiles-code/src/lib.rs b/crates/pallet-dummy-precompiles-code/src/lib.rs
index b43bd86eb..797cc56a8 100644
--- a/crates/pallet-dummy-precompiles-code/src/lib.rs
+++ b/crates/pallet-dummy-precompiles-code/src/lib.rs
@@ -97,6 +97,23 @@ pub mod pallet {
                 weight.saturating_accrue(T::DbWeight::get().writes(2));
             }
 
+            // Properly manage default on chain storage version as the pallet was added after genesis
+            // with initial storage version != 0.
+            //
+            // <https://github.com/paritytech/substrate/pull/14641>
+            let current_storage_version = <Pallet<T>>::current_storage_version();
+            let onchain_storage_version = <Pallet<T>>::on_chain_storage_version();
+
+            weight.saturating_accrue(T::DbWeight::get().reads(1));
+
+            if onchain_storage_version == 0 && current_storage_version != 0 {
+                // Set new storage version.
+                current_storage_version.put::<Pallet<T>>();
+
+                // Write the onchain storage version.
+                weight = weight.saturating_add(T::DbWeight::get().writes(1));
+            }
+
             weight
         }
 
@@ -123,6 +140,11 @@ pub mod pallet {
                 return Err("precompiles not created properly: {:not_created_precompiles}");
             }
 
+            assert_eq!(
+                <Pallet<T>>::on_chain_storage_version(),
+                <Pallet<T>>::current_storage_version()
+            );
+
             Ok(())
         }
     }