diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 1c861e15af6..8efb275a8a4 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1 +1 @@
-{".":"0.3.0"}
+{".":"0.4.0"}
diff --git a/CHANGELOG.md b/CHANGELOG.md
index be0de0bbae7..2ad5dd30542 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,63 @@
 # Changelog
 
+## [0.4.0](https://github.com/keptn/lifecycle-toolkit/compare/v0.3.0...v0.4.0) (2022-11-08)
+
+
+### ⚠ BREAKING CHANGES
+
+* Rename to lifecycle toolkit (#286)
+
+### Features
+
+* Add Dashboards for Applications and Workloads ([#219](https://github.com/keptn/lifecycle-toolkit/issues/219)) ([48589e2](https://github.com/keptn/lifecycle-toolkit/commit/48589e2a521df0ff7c607a9fb74f47c06f81d3bf))
+* Bootstrap webhook/component/integration/performance tests ([#225](https://github.com/keptn/lifecycle-toolkit/issues/225)) ([dbe08c0](https://github.com/keptn/lifecycle-toolkit/commit/dbe08c0a5947a3fbe42aa94660352c3ef6357f14))
+* **operator:** Add additional metrics for Deployment duration and interval ([#220](https://github.com/keptn/lifecycle-toolkit/issues/220)) ([71383c0](https://github.com/keptn/lifecycle-toolkit/commit/71383c0680cd17bec96b01155376cff683034d24))
+* **operator:** Add information about current phase in workloadinstances and appversions ([#200](https://github.com/keptn/lifecycle-toolkit/issues/200)) ([55fa4e9](https://github.com/keptn/lifecycle-toolkit/commit/55fa4e97c62aec7bd1a45f85d47cfaca48f3dd8f))
+* **operator:** Add separate trace for Deployment ([#222](https://github.com/keptn/lifecycle-toolkit/issues/222)) ([6966e3d](https://github.com/keptn/lifecycle-toolkit/commit/6966e3d467e058471f15e90159ed749490bc30b2))
+* **operator:** Improve state and phase information ([#211](https://github.com/keptn/lifecycle-toolkit/issues/211)) ([6982074](https://github.com/keptn/lifecycle-toolkit/commit/6982074cae4e8147c4643aae821c284614d542b3))
+* **operator:** Use Async Gauges for active KLC Entities ([#206](https://github.com/keptn/lifecycle-toolkit/issues/206)) ([9d61ab2](https://github.com/keptn/lifecycle-toolkit/commit/9d61ab2664d5f3339ed5af4e1303eacf2fc89dec))
+* Sign released container images with sigstore/cosign ([#290](https://github.com/keptn/lifecycle-toolkit/issues/290)) ([a8f58a4](https://github.com/keptn/lifecycle-toolkit/commit/a8f58a461b082fd13dc86f700ed01d57075276ca))
+* The lifecycle toolkit now uses keptn-lifecycle-toolkit-system namespace by default ([#329](https://github.com/keptn/lifecycle-toolkit/issues/329)) ([ef1a158](https://github.com/keptn/lifecycle-toolkit/commit/ef1a15876958ee8614779a9cd5471a2f4aa528b4))
+* Use debug stages in local docker build make commands ([#234](https://github.com/keptn/lifecycle-toolkit/issues/234)) ([6423834](https://github.com/keptn/lifecycle-toolkit/commit/6423834608ce78ca32d33bf54f27dbbc0ae4c116))
+
+
+### Bug Fixes
+
+* **operator:** Fix nil pointer exception in case of app not being found ([#233](https://github.com/keptn/lifecycle-toolkit/issues/233)) ([de9a016](https://github.com/keptn/lifecycle-toolkit/commit/de9a01654d7b54809932ef973860ede59f541310))
+* **operator:** Fixed starting deployments, when no corresponding app-version is available ([#210](https://github.com/keptn/lifecycle-toolkit/issues/210)) ([3efa13e](https://github.com/keptn/lifecycle-toolkit/commit/3efa13e72b900a11a7dd4f65e0fbaae02211a6e9))
+* **operator:** Use correct Span Names ([#327](https://github.com/keptn/lifecycle-toolkit/issues/327)) ([e6a0ea0](https://github.com/keptn/lifecycle-toolkit/commit/e6a0ea038783e1d02a569b3b74d0265de99bea9c))
+* **operator:** Use pointer receiver for SpanHandler methods to ensure span map is populated; thread safety via mutex ([#288](https://github.com/keptn/lifecycle-toolkit/issues/288)) ([a127a42](https://github.com/keptn/lifecycle-toolkit/commit/a127a42717068a43c60b4cc30abd56bc1478669c))
+* **scheduler:** Fix the status the scheduler is acting on (preDeploymentEvaluationStatus) ([#226](https://github.com/keptn/lifecycle-toolkit/issues/226)) ([1a0dd92](https://github.com/keptn/lifecycle-toolkit/commit/1a0dd929930eb078070fb84b9bab0133ef4bccd9))
+* **scheduler:** The client should inherit framework configs ([#309](https://github.com/keptn/lifecycle-toolkit/issues/309)) ([847a460](https://github.com/keptn/lifecycle-toolkit/commit/847a460f7759447213a3e405d743da762e9ed29e))
+* Typo in observability example ([#248](https://github.com/keptn/lifecycle-toolkit/issues/248)) ([2f6be5f](https://github.com/keptn/lifecycle-toolkit/commit/2f6be5fe091951231dde005b3b9c99dcf07cab87))
+
+
+### Docs
+
+* Add KubeCon NA 22 Demo ([#308](https://github.com/keptn/lifecycle-toolkit/issues/308)) ([f0ba5db](https://github.com/keptn/lifecycle-toolkit/commit/f0ba5db31d30e64474bd33d10dd1cdd4878a2dd9))
+* Add temporary sub-project logo to the repository ([#207](https://github.com/keptn/lifecycle-toolkit/issues/207)) ([3708cb3](https://github.com/keptn/lifecycle-toolkit/commit/3708cb31dca6d8fb179bf8e46aa422ced3b877ff))
+* Fix name of keptnappversions ([#215](https://github.com/keptn/lifecycle-toolkit/issues/215)) ([d6e3e2c](https://github.com/keptn/lifecycle-toolkit/commit/d6e3e2c2859ee1882902c570b7564a999f479f47))
+* Update the repository links in README after the org migration ([#208](https://github.com/keptn/lifecycle-toolkit/issues/208)) ([a1ac506](https://github.com/keptn/lifecycle-toolkit/commit/a1ac5060d909e9fbe0d7874aaee20af06805f033))
+
+
+### Dependency Updates
+
+* update actions/checkout action to v3 ([#282](https://github.com/keptn/lifecycle-toolkit/issues/282)) ([99eae9c](https://github.com/keptn/lifecycle-toolkit/commit/99eae9ce94ebc34ce876bbb5c1d19954f83e36d1))
+* update denoland/deno docker tag to v1.27.1 ([#307](https://github.com/keptn/lifecycle-toolkit/issues/307)) ([9061fc5](https://github.com/keptn/lifecycle-toolkit/commit/9061fc5dc366d11c23d6f0122a6fb2cd60b7a35b))
+* update golang docker tag to v1.18.8 ([#275](https://github.com/keptn/lifecycle-toolkit/issues/275)) ([c510824](https://github.com/keptn/lifecycle-toolkit/commit/c51082481338edc7405d42baaf15139cb35b51b9))
+
+
+### Other
+
+* **deps:** Update dependencies ([#265](https://github.com/keptn/lifecycle-toolkit/issues/265)) ([7a87bb8](https://github.com/keptn/lifecycle-toolkit/commit/7a87bb87b697b3052cc4e4cdded3f22cff641ccb))
+* Introduce failing observability example for podtatohead ([#204](https://github.com/keptn/lifecycle-toolkit/issues/204)) ([f29910d](https://github.com/keptn/lifecycle-toolkit/commit/f29910d2feb8931cb990794899bea275d47ab7b2))
+* **operator:** Add workload and app version to KeptnTask ([#201](https://github.com/keptn/lifecycle-toolkit/issues/201)) ([fde0c67](https://github.com/keptn/lifecycle-toolkit/commit/fde0c67a4dd0b01006d1e0f6b0a240307c07bca4))
+* **operator:** Support Progressing state in every phase + refactoring + speed improvements ([#236](https://github.com/keptn/lifecycle-toolkit/issues/236)) ([af1da5d](https://github.com/keptn/lifecycle-toolkit/commit/af1da5d938ce46a3dd6970a467842b01db09c33d))
+* Rename to lifecycle toolkit ([#286](https://github.com/keptn/lifecycle-toolkit/issues/286)) ([9177c76](https://github.com/keptn/lifecycle-toolkit/commit/9177c76535b1b9dad9dc64c2d34e5e92819fcd2c))
+* Update dependencies and fixes ([#281](https://github.com/keptn/lifecycle-toolkit/issues/281)) ([5f5eda9](https://github.com/keptn/lifecycle-toolkit/commit/5f5eda9c599f421db0c7c94f9f5432945fabea3c))
+* update grafana dashboards ([#325](https://github.com/keptn/lifecycle-toolkit/issues/325)) ([0d0f2ab](https://github.com/keptn/lifecycle-toolkit/commit/0d0f2abcd5d3e04383e396209d6495e019eaf6a4))
+* Update repo URL everywhere ([#216](https://github.com/keptn/lifecycle-toolkit/issues/216)) ([33d494c](https://github.com/keptn/lifecycle-toolkit/commit/33d494c537ea055d61e6a32d63c7812e0af90575))
+
 ## [0.3.0](https://github.com/keptn/lifecycle-toolkit/compare/v0.2.0...v0.3.0) (2022-10-20)
 
 
diff --git a/README.md b/README.md
index 97a123c0adb..101a48ce2ee 100644
--- a/README.md
+++ b/README.md
@@ -26,7 +26,7 @@ When *cert-manager* is installed, you can run
 <!---x-release-please-start-version-->
 
 ```
-kubectl apply -f https://github.com/keptn/lifecycle-toolkit/releases/download/v0.3.0/manifest.yaml
+kubectl apply -f https://github.com/keptn/lifecycle-toolkit/releases/download/v0.4.0/manifest.yaml
 ```
 
 <!---x-release-please-end-->
diff --git a/operator/config/manager/manager.yaml b/operator/config/manager/manager.yaml
index 06c05cfd7d9..ef260679577 100644
--- a/operator/config/manager/manager.yaml
+++ b/operator/config/manager/manager.yaml
@@ -47,7 +47,7 @@ spec:
           - name: OTEL_COLLECTOR_URL
             value: otel-collector:4317
           - name: FUNCTION_RUNNER_IMAGE
-            value: ghcr.io/keptn/functions-runtime:v0.3.0 #x-release-please-version
+            value: ghcr.io/keptn/functions-runtime:v0.4.0 #x-release-please-version
         securityContext:
           allowPrivilegeEscalation: false
           capabilities: