diff --git a/CHANGELOG.md b/CHANGELOG.md
index 65999fbb193..b58929d177f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -43,6 +43,11 @@
 
 # `libp2p` facade crate
 
+# 0.49.1
+
+- Update individual crates.
+    - Update to [`libp2p-identify` `v0.40.1`](protocols/identify/CHANGELOG.md).
+
 # 0.49.0
 
 - Remove default features. You need to enable required features explicitly now. As a quick workaround, you may want to use the
diff --git a/Cargo.toml b/Cargo.toml
index d369bb9a0c6..4210e3fc722 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -103,7 +103,7 @@ libp2p-autonat = { version = "0.8.0", path = "protocols/autonat", optional = tru
 libp2p-core = { version = "0.37.0", path = "core" }
 libp2p-dcutr = { version = "0.7.0", path = "protocols/dcutr", optional = true }
 libp2p-floodsub = { version = "0.40.1", path = "protocols/floodsub", optional = true }
-libp2p-identify = { version = "0.40.0", path = "protocols/identify", optional = true }
+libp2p-identify = { version = "0.40.1", path = "protocols/identify", optional = true }
 libp2p-kad = { version = "0.41.0", path = "protocols/kad", optional = true }
 libp2p-metrics = { version = "0.10.0", path = "misc/metrics", optional = true }
 libp2p-mplex = { version = "0.37.0", path = "muxers/mplex", optional = true }
diff --git a/protocols/identify/CHANGELOG.md b/protocols/identify/CHANGELOG.md
index f60ace8ace0..65deefb1fcb 100644
--- a/protocols/identify/CHANGELOG.md
+++ b/protocols/identify/CHANGELOG.md
@@ -1,3 +1,9 @@
+# 0.40.1
+
+- Change cache to a default size of 100 (was 0) See [PR 2933]
+
+  [PR 2933]: https://github.com/libp2p/rust-libp2p/issues/2933
+
 # 0.40.0
 
 - Update dependencies.
diff --git a/protocols/identify/Cargo.toml b/protocols/identify/Cargo.toml
index c24c2e8a9c6..c06ce69976a 100644
--- a/protocols/identify/Cargo.toml
+++ b/protocols/identify/Cargo.toml
@@ -3,7 +3,7 @@ name = "libp2p-identify"
 edition = "2021"
 rust-version = "1.56.1"
 description = "Nodes identifcation protocol for libp2p"
-version = "0.40.0"
+version = "0.40.1"
 authors = ["Parity Technologies <admin@parity.io>"]
 license = "MIT"
 repository = "https://github.com/libp2p/rust-libp2p"
diff --git a/protocols/identify/src/behaviour.rs b/protocols/identify/src/behaviour.rs
index eb81c64ccba..39491f0e979 100644
--- a/protocols/identify/src/behaviour.rs
+++ b/protocols/identify/src/behaviour.rs
@@ -131,7 +131,7 @@ impl Config {
             initial_delay: Duration::from_millis(500),
             interval: Duration::from_secs(5 * 60),
             push_listen_addr_updates: false,
-            cache_size: 0,
+            cache_size: 100,
         }
     }