diff --git a/CHANGELOG.md b/CHANGELOG.md
index 456b4319ce7..6f2d98171ff 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -23,6 +23,11 @@
 - [`parity-multiaddr` CHANGELOG](misc/multiaddr/CHANGELOG.md)
 - [`libp2p-core-derive` CHANGELOG](misc/core-derive/CHANGELOG.md)
 
+# Version 0.28.0 [unreleased]
+
+- Update `libp2p-yamux` to `0.25.0`. *Step 4 of 4 in a multi-release
+  upgrade process.* See the `libp2p-yamux` CHANGELOG for details.
+
 # Version 0.27.0 [2020-09-09]
 
 - Update `libp2p-yamux` to `0.24.0`. *Step 3 of 4 in a multi-release
diff --git a/Cargo.toml b/Cargo.toml
index 89714a57f8d..2dae1e0966a 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -2,7 +2,7 @@
 name = "libp2p"
 edition = "2018"
 description = "Peer-to-peer networking library"
-version = "0.27.0"
+version = "0.28.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 license = "MIT"
 repository = "https://github.com/libp2p/rust-libp2p"
@@ -77,7 +77,7 @@ libp2p-request-response = { version = "0.3.0", path = "protocols/request-respons
 libp2p-swarm = { version = "0.22.0", path = "swarm" }
 libp2p-uds = { version = "0.22.0", path = "transports/uds", optional = true }
 libp2p-wasm-ext = { version = "0.22.0", path = "transports/wasm-ext", optional = true }
-libp2p-yamux = { version = "0.24.0", path = "muxers/yamux", optional = true }
+libp2p-yamux = { version = "0.25.0", path = "muxers/yamux", optional = true }
 multiaddr = { package = "parity-multiaddr", version = "0.9.1", path = "misc/multiaddr" }
 multihash = "0.11.0"
 parking_lot = "0.10.0"
diff --git a/muxers/yamux/CHANGELOG.md b/muxers/yamux/CHANGELOG.md
index 9e67d44bc47..29b779373a9 100644
--- a/muxers/yamux/CHANGELOG.md
+++ b/muxers/yamux/CHANGELOG.md
@@ -1,3 +1,10 @@
+# 0.25.0 [unreleased]
+
+- Update to `yamux-0.8.0`. Upgrade step 4 of 4. This version always implements
+  the additive meaning w.r.t. initial window updates. The configuration option
+  `lazy_open` is removed. Yamux will automatically send an initial window update
+  if the receive window is configured to be larger than the default.
+
 # 0.24.0 [2020-09-09]
 
 - Update to `yamux-0.7.0`. Upgrade step 3 of 4. This version sets the flag but will
diff --git a/muxers/yamux/Cargo.toml b/muxers/yamux/Cargo.toml
index 97f459d1f2d..e1b0c2d8684 100644
--- a/muxers/yamux/Cargo.toml
+++ b/muxers/yamux/Cargo.toml
@@ -2,7 +2,7 @@
 name = "libp2p-yamux"
 edition = "2018"
 description = "Yamux multiplexing protocol for libp2p"
-version = "0.24.0"
+version = "0.25.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 license = "MIT"
 repository = "https://github.com/libp2p/rust-libp2p"
@@ -14,4 +14,4 @@ futures = "0.3.1"
 libp2p-core = { version = "0.22.0", path = "../../core" }
 parking_lot = "0.11"
 thiserror = "1.0"
-yamux = "0.7.0"
\ No newline at end of file
+yamux = "0.8.0"
\ No newline at end of file