diff --git a/Cargo.lock b/Cargo.lock
index c3b187bba0522..5ebd5d71b85d0 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1675,7 +1675,7 @@ checksum = "7ffc5c5338469d4d3ea17d269fa8ea3512ad247247c30bd2df69e68309ed0a08"
 
 [[package]]
 name = "materialized"
-version = "0.3.2-dev"
+version = "0.3.1-rc2"
 dependencies = [
  "assert_cmd",
  "async-trait",
diff --git a/LICENSE b/LICENSE
index aa308531bf6ec..c4037d7d32c25 100644
--- a/LICENSE
+++ b/LICENSE
@@ -13,7 +13,7 @@ Business Source License 1.1
 
 Licensor:                  Materialize, Inc.
 
-Licensed Work:             Materialize Version 0.3.2-dev
+Licensed Work:             Materialize Version 0.3.1
                            The Licensed Work is © 2020 Materialize, Inc.
 
 Additional Use Grant:      You may use one single server instance of the
diff --git a/src/materialized/Cargo.toml b/src/materialized/Cargo.toml
index 0af3ae997b3b9..58e6b2f34edc5 100644
--- a/src/materialized/Cargo.toml
+++ b/src/materialized/Cargo.toml
@@ -1,7 +1,7 @@
 [package]
 name = "materialized"
 description = "Streaming SQL materialized views."
-version = "0.3.2-dev"
+version = "0.3.1-rc2"
 edition = "2018"
 publish = false
 default-run = "materialized"