diff --git a/scripts/deployment-utils/deploy-lbc-implementation.ts b/scripts/deployment-utils/deploy-lbc-implementation.ts
new file mode 100644
index 0000000..73e2671
--- /dev/null
+++ b/scripts/deployment-utils/deploy-lbc-implementation.ts
@@ -0,0 +1,56 @@
+import { ethers, upgrades } from "hardhat";
+import { DeployedContractInfo, read } from "./deploy";
+import { deployUpgradeLibraries } from "./upgrade-proxy";
+
+/**
+ * This function deploys a LBC implementation contract **without** redirecting the LBC proxy. This function
+ * should be used when the deployment of the implementation contract is not going to be performed by the
+ * proxy admin owner. The deployment includes deploying the required libraries and linking them to the contract.
+ *
+ * @param network The name of the network to deploy the contract to as it appears in the addresses.json file.
+ * @param opts Options object, currently only has a verbose flag.
+ *
+ * @returns { Promise<DeployedContractInfo> } The information of the deployed contract.
+ */
+export async function deployLbcImplementation(
+  network: string,
+  opts = { verbose: true }
+): Promise<Required<DeployedContractInfo>> {
+  const libs = await deployUpgradeLibraries(network, opts);
+  const proxyName = "LiquidityBridgeContract";
+  const upgradeName = "LiquidityBridgeContractV2";
+  const LiquidityBridgeContractV2 = await ethers.getContractFactory(
+    upgradeName,
+    {
+      libraries: {
+        QuotesV2: libs.quotesV2,
+        BtcUtils: libs.btcUtils,
+        SignatureValidator: libs.signatureValidator,
+      },
+    }
+  );
+
+  const proxyAddress = read()[network][proxyName].address;
+  if (!proxyAddress) {
+    throw new Error(`Proxy ${proxyName} not deployed on network ${network}`);
+  }
+
+  if (opts.verbose) {
+    console.info(`Deploying implementation with libs:`, libs);
+  }
+  const implementationAddress = (await upgrades.prepareUpgrade(
+    proxyAddress,
+    LiquidityBridgeContractV2,
+    {
+      unsafeAllow: ["external-library-linking"],
+    }
+  )) as string;
+  if (opts.verbose) {
+    console.info(`Implementation deployed at ${implementationAddress}`);
+  }
+
+  return {
+    deployed: true,
+    address: implementationAddress,
+  };
+}
diff --git a/scripts/deployment-utils/upgrade-proxy.ts b/scripts/deployment-utils/upgrade-proxy.ts
index 01456ae..1be1038 100644
--- a/scripts/deployment-utils/upgrade-proxy.ts
+++ b/scripts/deployment-utils/upgrade-proxy.ts
@@ -8,7 +8,7 @@ interface LiquidityBridgeContractLibraries {
   signatureValidator: string;
 }
 
-async function deployUpgradeLibraries(
+export async function deployUpgradeLibraries(
   network: string,
   opts: { verbose: boolean }
 ): Promise<LiquidityBridgeContractLibraries> {
diff --git a/scripts/deployment/prepare-upgrade.ts b/scripts/deployment/prepare-upgrade.ts
new file mode 100644
index 0000000..676608a
--- /dev/null
+++ b/scripts/deployment/prepare-upgrade.ts
@@ -0,0 +1,13 @@
+import hre from "hardhat";
+import { deployLbcImplementation } from "../deployment-utils/deploy-lbc-implementation";
+
+async function main() {
+  const network = hre.network.name;
+  const deploymentInfo = await deployLbcImplementation(network);
+  console.info("IMPLEMENTATION ADDRESS: ", deploymentInfo.address);
+}
+
+main().catch((error: unknown) => {
+  console.error(error);
+  process.exitCode = 1;
+});
diff --git a/test/deployment.test.ts b/test/deployment.test.ts
index 016c370..05c742e 100644
--- a/test/deployment.test.ts
+++ b/test/deployment.test.ts
@@ -5,6 +5,7 @@ import { deployLbcProxy } from "../scripts/deployment-utils/deploy-proxy";
 import { upgradeLbcProxy } from "../scripts/deployment-utils/upgrade-proxy";
 import { ZERO_ADDRESS } from "./utils/constants";
 import { BRIDGE_ADDRESS } from "../scripts/deployment-utils/constants";
+import { deployLbcImplementation } from "../scripts/deployment-utils/deploy-lbc-implementation";
 
 describe("LiquidityBridgeContract deployment process should", function () {
   let proxyAddress: string;
@@ -147,4 +148,38 @@ describe("LiquidityBridgeContract deployment process should", function () {
       }
     }
   });
+
+  it("deploy implementation without upgrading proxy", async () => {
+    const proxy = await deployLbcProxy(hre.network.name, { verbose: false });
+    proxyAddress = proxy.address;
+    const lbcProxy = await ethers.getContractAt(
+      "LiquidityBridgeContractV2",
+      proxy.address
+    );
+    const initializedQuery = await lbcProxy.queryFilter(
+      lbcProxy.getEvent("Initialized")
+    );
+
+    const implementation = await deployLbcImplementation(hre.network.name, {
+      verbose: false,
+    });
+    const lbcImplementation = await ethers.getContractAt(
+      "LiquidityBridgeContractV2",
+      implementation.address
+    );
+
+    expect(proxy.deployed).to.be.eq(true);
+    expect(implementation.deployed).to.be.eq(true);
+    expect(initializedQuery.length).length.equal(1);
+    expect(proxy.address).not.to.eq(implementation.address);
+
+    // this is to ensure implementation does not have state
+    await expect(lbcProxy.getMinCollateral()).to.eventually.eq(
+      ethers.parseEther("0.03")
+    );
+    await expect(lbcImplementation.getMinCollateral()).to.eventually.eq(0n);
+
+    await expect(lbcProxy.version()).to.be.reverted;
+    await expect(lbcImplementation.version()).to.eventually.eq("1.3.0");
+  });
 });
diff --git a/test/pegin.test.ts b/test/pegin.test.ts
index a18a6ad..d273c5e 100644
--- a/test/pegin.test.ts
+++ b/test/pegin.test.ts
@@ -547,7 +547,7 @@ describe("LiquidityBridgeContractV2 pegin process should", () => {
           productFeeAmount: BigInt("6000000000000000"),
           gasFee: BigInt("3000000000000000"),
         },
-        address: "2Mvz5NDrXSSBCXzhrxnuo9TDS8Co4Wk1t8N",
+        address: "2NAXHKYRnTme4oDCk9mSPfdf4ga2tZ1xM5B",
       },
       {
         quote: {
@@ -579,7 +579,7 @@ describe("LiquidityBridgeContractV2 pegin process should", () => {
           productFeeAmount: BigInt("7000000000000000"),
           gasFee: BigInt("4000000000000000"),
         },
-        address: "2Mxb4NdDaDBX4kjxhBrzjMG5WbCjok6LWab",
+        address: "2NCDJzPze5eosHN5Tx4pf5GF2zXtaKDUHzX",
       },
       {
         quote: {
@@ -611,7 +611,7 @@ describe("LiquidityBridgeContractV2 pegin process should", () => {
           productFeeAmount: BigInt("8000000000000000"),
           gasFee: BigInt("5000000000000000"),
         },
-        address: "2NCx9M8j7nZTp3GmP36CFvFgYNLBQwQPwDR",
+        address: "2N7rxjtHjbxr8W3U3HVncyHJhEhBQ3tBa9w",
       },
     ];