diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4d17161..67f544d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,55 @@
-CHANGELOG
-=========
+# Changelog
 
-* 1.0.0 (2013-02-07)
+## 3.0.0 (2022-07-11)
 
-  * First tagged release
+A major new feature release, see [**release announcement**](https://clue.engineering/2022/announcing-reactphp-async).
+
+*   We'd like to emphasize that this component is production ready and battle-tested.
+    We plan to support all long-term support (LTS) releases for at least 24 months,
+    so you have a rock-solid foundation to build on top of.
+
+*   The v4 release will be the way forward for this package. However, we will still
+    actively support v3 and v2 to provide a smooth upgrade path for those not yet
+    on PHP 8.1+. If you're using an older PHP version, you may use either version
+    which all provide a compatible API but may not take advantage of newer language
+    features. You may target multiple versions at the same time to support a wider range of
+    PHP versions:
+
+    * [`4.x` branch](https://github.com/reactphp/async/tree/4.x) (PHP 8.1+)
+    * [`3.x` branch](https://github.com/reactphp/async/tree/3.x) (PHP 7.1+)
+    * [`2.x` branch](https://github.com/reactphp/async/tree/2.x) (PHP 5.3+)
+
+This update involves some major new features and a minor BC break over the
+`v2.0.0` release. We've tried hard to avoid BC breaks where possible and
+minimize impact otherwise. We expect that most consumers of this package will be
+affected by BC breaks, but updating should take no longer than a few minutes.
+See below for more details:
+
+*   Feature / BC break: Require PHP 7.1+ and add type declarations.
+    (#11 by @clue)
+
+*   Feature: Add Generator-based `coroutine()` function.
+    (#12, #13 and #54 by @clue)
+
+*   Feature: Support iterable type for `parallel()` + `series()` + `waterfall()`.
+    (#45 by @clue)
+
+The following changes had to be ported to this release due to our branching
+strategy, but also appeared in the `v2.0.0` release:
+
+*   Feature: Only stop loop for `await()` if a pending promise resolves/rejects.
+    (#33 by @SimonFrings)
+
+*   Feature: Forward compatibility with upcoming Promise v3.
+    (#47 by @clue)
+
+*   Minor documentation improvements.
+    (#37 by @SimonFrings and #52 by @nhedger)
+
+## 2.0.0 (2022-07-11)
+
+See [`2.x` CHANGELOG](https://github.com/reactphp/async/blob/2.x/CHANGELOG.md) for more details.
+
+## 1.0.0 (2013-02-07)
+
+* First tagged release
diff --git a/README.md b/README.md
index 55e1568..df72988 100644
--- a/README.md
+++ b/README.md
@@ -329,11 +329,11 @@ React\Async\waterfall([
 The recommended way to install this library is [through Composer](https://getcomposer.org/).
 [New to Composer?](https://getcomposer.org/doc/00-intro.md)
 
-Once released, this project will follow [SemVer](https://semver.org/).
-At the moment, this will install the latest development version:
+This project follows [SemVer](https://semver.org/).
+This will install the latest supported version from this branch:
 
 ```bash
-composer require react/async:dev-main
+composer require react/async:^3
 ```
 
 See also the [CHANGELOG](CHANGELOG.md) for details about version upgrades.
@@ -342,12 +342,6 @@ This project aims to run on any platform and thus does not require any PHP
 extensions and supports running on PHP 7.1 through current PHP 8+.
 It's *highly recommended to use the latest supported PHP version* for this project.
 
-We're committed to providing long-term support (LTS) options and to provide a
-smooth upgrade path. If you're using an older PHP version, you may use the
-[`2.x` branch](https://github.com/reactphp/async/tree/2.x) which provides a
-compatible API but does not take advantage of newer language features. You may
-target both versions at the same time to support a wider range of PHP versions.
-
 ## Tests
 
 To run the test suite, you first need to clone this repo and then install all