diff --git a/Cargo.toml b/Cargo.toml
index aabc8d1c8..4f98ba81c 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -37,7 +37,7 @@ exclude = [
 ]
 
 [workspace.package]
-version      = "0.48.0"
+version      = "0.48.1"
 license      = "Apache-2.0"
 edition      = "2021"
 rust-version = "1.64"
@@ -63,33 +63,33 @@ subtle-encoding     = { version = "0.5", default-features = false }
 time                = { version = ">=0.3.0, <0.3.31", default-features = false }
 
 # ibc dependencies
-ibc                 = { version = "0.48.0", path = "./ibc", default-features = false }
-ibc-core            = { version = "0.48.0", path = "./ibc-core", default-features = false }
-ibc-clients         = { version = "0.48.0", path = "./ibc-clients", default-features = false }
-ibc-apps            = { version = "0.48.0", path = "./ibc-apps", default-features = false }
-ibc-primitives      = { version = "0.48.0", path = "./ibc-primitives", default-features = false }
+ibc                 = { version = "0.48.1", path = "./ibc", default-features = false }
+ibc-core            = { version = "0.48.1", path = "./ibc-core", default-features = false }
+ibc-clients         = { version = "0.48.1", path = "./ibc-clients", default-features = false }
+ibc-apps            = { version = "0.48.1", path = "./ibc-apps", default-features = false }
+ibc-primitives      = { version = "0.48.1", path = "./ibc-primitives", default-features = false }
 ibc-derive          = { version = "0.4.0", path = "./ibc-derive" }
 
-ibc-core-client       = { version = "0.48.0", path = "./ibc-core/ics02-client", default-features = false }
-ibc-core-connection   = { version = "0.48.0", path = "./ibc-core/ics03-connection", default-features = false }
-ibc-core-channel      = { version = "0.48.0", path = "./ibc-core/ics04-channel", default-features = false }
-ibc-core-host         = { version = "0.48.0", path = "./ibc-core/ics24-host", default-features = false }
-ibc-core-handler      = { version = "0.48.0", path = "./ibc-core/ics25-handler", default-features = false }
-ibc-core-router       = { version = "0.48.0", path = "./ibc-core/ics26-routing", default-features = false }
-ibc-client-tendermint = { version = "0.48.0", path = "./ibc-clients/ics07-tendermint", default-features = false }
-ibc-app-transfer      = { version = "0.48.0", path = "./ibc-apps/ics20-transfer", default-features = false }
+ibc-core-client       = { version = "0.48.1", path = "./ibc-core/ics02-client", default-features = false }
+ibc-core-connection   = { version = "0.48.1", path = "./ibc-core/ics03-connection", default-features = false }
+ibc-core-channel      = { version = "0.48.1", path = "./ibc-core/ics04-channel", default-features = false }
+ibc-core-host         = { version = "0.48.1", path = "./ibc-core/ics24-host", default-features = false }
+ibc-core-handler      = { version = "0.48.1", path = "./ibc-core/ics25-handler", default-features = false }
+ibc-core-router       = { version = "0.48.1", path = "./ibc-core/ics26-routing", default-features = false }
+ibc-client-tendermint = { version = "0.48.1", path = "./ibc-clients/ics07-tendermint", default-features = false }
+ibc-app-transfer      = { version = "0.48.1", path = "./ibc-apps/ics20-transfer", default-features = false }
 
-ibc-core-client-context     = { version = "0.48.0", path = "./ibc-core/ics02-client/context", default-features = false }
-ibc-core-client-types       = { version = "0.48.0", path = "./ibc-core/ics02-client/types", default-features = false }
-ibc-core-channel-types      = { version = "0.48.0", path = "./ibc-core/ics04-channel/types", default-features = false }
-ibc-core-connection-types   = { version = "0.48.0", path = "./ibc-core/ics03-connection/types", default-features = false }
-ibc-core-commitment-types   = { version = "0.48.0", path = "./ibc-core/ics23-commitment/types", default-features = false }
-ibc-core-host-cosmos        = { version = "0.48.0", path = "./ibc-core/ics24-host/cosmos", default-features = false }
-ibc-core-host-types         = { version = "0.48.0", path = "./ibc-core/ics24-host/types", default-features = false }
-ibc-core-handler-types      = { version = "0.48.0", path = "./ibc-core/ics25-handler/types", default-features = false }
-ibc-core-router-types       = { version = "0.48.0", path = "./ibc-core/ics26-routing/types", default-features = false }
-ibc-client-tendermint-types = { version = "0.48.0", path = "./ibc-clients/ics07-tendermint/types", default-features = false }
-ibc-app-transfer-types      = { version = "0.48.0", path = "./ibc-apps/ics20-transfer/types", default-features = false }
+ibc-core-client-context     = { version = "0.48.1", path = "./ibc-core/ics02-client/context", default-features = false }
+ibc-core-client-types       = { version = "0.48.1", path = "./ibc-core/ics02-client/types", default-features = false }
+ibc-core-channel-types      = { version = "0.48.1", path = "./ibc-core/ics04-channel/types", default-features = false }
+ibc-core-connection-types   = { version = "0.48.1", path = "./ibc-core/ics03-connection/types", default-features = false }
+ibc-core-commitment-types   = { version = "0.48.1", path = "./ibc-core/ics23-commitment/types", default-features = false }
+ibc-core-host-cosmos        = { version = "0.48.1", path = "./ibc-core/ics24-host/cosmos", default-features = false }
+ibc-core-host-types         = { version = "0.48.1", path = "./ibc-core/ics24-host/types", default-features = false }
+ibc-core-handler-types      = { version = "0.48.1", path = "./ibc-core/ics25-handler/types", default-features = false }
+ibc-core-router-types       = { version = "0.48.1", path = "./ibc-core/ics26-routing/types", default-features = false }
+ibc-client-tendermint-types = { version = "0.48.1", path = "./ibc-clients/ics07-tendermint/types", default-features = false }
+ibc-app-transfer-types      = { version = "0.48.1", path = "./ibc-apps/ics20-transfer/types", default-features = false }
 
 ibc-proto = { version = "0.38.0", default-features = false }
 ics23     = { version = "0.11", default-features = false }
diff --git a/ci/cw-check/Cargo.lock b/ci/cw-check/Cargo.lock
index a9c9685a3..3a32eebf2 100644
--- a/ci/cw-check/Cargo.lock
+++ b/ci/cw-check/Cargo.lock
@@ -613,7 +613,7 @@ dependencies = [
 
 [[package]]
 name = "ibc"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-apps",
  "ibc-clients",
@@ -625,7 +625,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-app-transfer-types",
  "ibc-core",
@@ -634,7 +634,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -649,14 +649,14 @@ dependencies = [
 
 [[package]]
 name = "ibc-apps"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-app-transfer",
 ]
 
 [[package]]
 name = "ibc-client-tendermint"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-client-tendermint-types",
  "ibc-core-client",
@@ -672,7 +672,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-client-tendermint-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "bytes",
  "displaydoc",
@@ -692,14 +692,14 @@ dependencies = [
 
 [[package]]
 name = "ibc-clients"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-client-tendermint",
 ]
 
 [[package]]
 name = "ibc-core"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -713,7 +713,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel-types",
  "ibc-core-client",
@@ -728,7 +728,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -749,7 +749,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-client-context",
  "ibc-core-client-types",
@@ -762,7 +762,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-context"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -779,7 +779,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -797,7 +797,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-commitment-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -813,7 +813,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-client",
  "ibc-core-connection-types",
@@ -825,7 +825,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -844,7 +844,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -858,7 +858,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -880,7 +880,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -898,7 +898,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-cosmos"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -923,7 +923,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -935,7 +935,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -949,7 +949,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -977,7 +977,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-primitives"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
diff --git a/ci/no-std-check/Cargo.lock b/ci/no-std-check/Cargo.lock
index d0f8b0fee..6ab592ccc 100644
--- a/ci/no-std-check/Cargo.lock
+++ b/ci/no-std-check/Cargo.lock
@@ -1213,7 +1213,7 @@ dependencies = [
 
 [[package]]
 name = "ibc"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-apps",
  "ibc-clients",
@@ -1225,7 +1225,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-app-transfer-types",
  "ibc-core",
@@ -1234,7 +1234,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1247,14 +1247,14 @@ dependencies = [
 
 [[package]]
 name = "ibc-apps"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-app-transfer",
 ]
 
 [[package]]
 name = "ibc-client-tendermint"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-client-tendermint-types",
  "ibc-core-client",
@@ -1270,7 +1270,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-client-tendermint-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "bytes",
  "displaydoc",
@@ -1288,14 +1288,14 @@ dependencies = [
 
 [[package]]
 name = "ibc-clients"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-client-tendermint",
 ]
 
 [[package]]
 name = "ibc-core"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -1309,7 +1309,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel-types",
  "ibc-core-client",
@@ -1324,7 +1324,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1343,7 +1343,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-client-context",
  "ibc-core-client-types",
@@ -1356,7 +1356,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-context"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1373,7 +1373,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1389,7 +1389,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-commitment-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1403,7 +1403,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-client",
  "ibc-core-connection-types",
@@ -1415,7 +1415,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1432,7 +1432,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -1446,7 +1446,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1466,7 +1466,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1484,7 +1484,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-cosmos"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1507,7 +1507,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1517,7 +1517,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1531,7 +1531,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1557,7 +1557,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-primitives"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",