diff --git a/app/app.go b/app/app.go
index 3f182259..2f71670c 100644
--- a/app/app.go
+++ b/app/app.go
@@ -571,6 +571,7 @@ func NewArchwayApp(
 		app.Keepers.AccountKeeper,
 		app.Keepers.BankKeeper,
 		app.getSubspace(rewardsTypes.ModuleName),
+		govModuleAddr,
 	)
 
 	// Note we set up mint keeper after the x/rewards keeper
diff --git a/app/upgrades/latest/upgrades.go b/app/upgrades/latest/upgrades.go
index b969e8a4..e1ea5f48 100644
--- a/app/upgrades/latest/upgrades.go
+++ b/app/upgrades/latest/upgrades.go
@@ -27,6 +27,7 @@ import (
 
 	"github.com/archway-network/archway/app/keepers"
 	"github.com/archway-network/archway/app/upgrades"
+	rewardstypes "github.com/archway-network/archway/x/rewards/types"
 )
 
 // This upgrade handler is used for all the current changes to the protocol
@@ -78,6 +79,11 @@ var Upgrade = upgrades.Upgrade{
 				// wasm
 			case wasmtypes.ModuleName:
 				keyTable = wasmtypes.ParamKeyTable() //nolint:staticcheck
+
+				// archway modules
+			case rewardstypes.ModuleName:
+				keyTable = rewardstypes.ParamKeyTable()
+
 			default:
 				continue
 			}
diff --git a/proto/archway/rewards/v1/tx.proto b/proto/archway/rewards/v1/tx.proto
index cf708daa..8368de97 100644
--- a/proto/archway/rewards/v1/tx.proto
+++ b/proto/archway/rewards/v1/tx.proto
@@ -23,6 +23,12 @@ service Msg {
   // SetFlatFee sets or updates or removes the flat fee to interact with the
   // contract Method is authorized to the contract owner.
   rpc SetFlatFee(MsgSetFlatFee) returns (MsgSetFlatFeeResponse);
+
+  // UpdateParams defines a governance operation for updating the x/rewards
+  // module parameters. The authority is defined in the keeper.
+  //
+  // Since: archway v5 && cosmos-sdk 0.47
+  rpc UpdateParams(MsgUpdateParams) returns (MsgUpdateParamsResponse);
 }
 
 // MsgSetContractMetadata is the request for Msg.SetContractMetadata.
@@ -80,4 +86,26 @@ message MsgSetFlatFee {
 }
 
 // MsgSetFlatFeeResponse is the response for Msg.SetFlatFee.
-message MsgSetFlatFeeResponse {}
\ No newline at end of file
+message MsgSetFlatFeeResponse {}
+
+
+// MsgUpdateParams is the Msg/UpdateParams request type.
+//
+// Since: archway v5 && cosmos-sdk 0.47
+message MsgUpdateParams {
+  option (cosmos.msg.v1.signer) = "authority";
+
+  // authority is the address that controls the module (defaults to x/gov unless overwritten).
+  string authority = 1;
+
+  // params defines the x/rewards parameters to update.
+  //
+  // NOTE: All parameters must be supplied.
+  Params params = 2 [(gogoproto.nullable) = false, (gogoproto.jsontag) = "params,omitempty"];
+}
+
+// MsgUpdateParamsResponse defines the response structure for executing a
+// MsgUpdateParams message.
+//
+// Since: archway v5 && cosmos-sdk 0.47
+message MsgUpdateParamsResponse {}
\ No newline at end of file
diff --git a/x/rewards/exported/exported.go b/x/rewards/exported/exported.go
new file mode 100644
index 00000000..000114e6
--- /dev/null
+++ b/x/rewards/exported/exported.go
@@ -0,0 +1,18 @@
+package exported
+
+import (
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	paramtypes "github.com/cosmos/cosmos-sdk/x/params/types"
+)
+
+type (
+	ParamSet = paramtypes.ParamSet
+
+	// Subspace defines an interface that implements the legacy x/params Subspace
+	// type.
+	//
+	// NOTE: This is used solely for migration of x/params managed parameters.
+	Subspace interface {
+		GetParamSet(ctx sdk.Context, ps ParamSet)
+	}
+)
diff --git a/x/rewards/keeper/genesis.go b/x/rewards/keeper/genesis.go
index 2e280717..0e85eba6 100644
--- a/x/rewards/keeper/genesis.go
+++ b/x/rewards/keeper/genesis.go
@@ -26,7 +26,9 @@ func (k Keeper) ExportGenesis(ctx sdk.Context) *types.GenesisState {
 
 // InitGenesis initializes the module genesis state.
 func (k Keeper) InitGenesis(ctx sdk.Context, state *types.GenesisState) {
-	k.SetParams(ctx, state.Params)
+	if err := k.SetParams(ctx, state.Params); err != nil {
+		panic(err)
+	}
 	k.state.ContractMetadataState(ctx).Import(state.ContractsMetadata)
 	k.state.BlockRewardsState(ctx).Import(state.BlockRewards)
 	k.state.TxRewardsState(ctx).Import(state.TxRewards)
diff --git a/x/rewards/keeper/keeper.go b/x/rewards/keeper/keeper.go
index e10b469e..42d0bd60 100644
--- a/x/rewards/keeper/keeper.go
+++ b/x/rewards/keeper/keeper.go
@@ -49,10 +49,11 @@ type Keeper struct {
 	trackingKeeper   TrackingKeeperExpected
 	authKeeper       AuthKeeperExpected
 	bankKeeper       BankKeeperExpected
+	authority        string // this should be the x/gov module account
 }
 
 // NewKeeper creates a new Keeper instance.
-func NewKeeper(cdc codec.Codec, key storetypes.StoreKey, contractInfoReader ContractInfoReaderExpected, trackingKeeper TrackingKeeperExpected, ak AuthKeeperExpected, bk BankKeeperExpected, ps paramTypes.Subspace) Keeper {
+func NewKeeper(cdc codec.Codec, key storetypes.StoreKey, contractInfoReader ContractInfoReaderExpected, trackingKeeper TrackingKeeperExpected, ak AuthKeeperExpected, bk BankKeeperExpected, ps paramTypes.Subspace, authority string) Keeper {
 	if !ps.HasKeyTable() {
 		ps = ps.WithKeyTable(types.ParamKeyTable())
 	}
@@ -65,6 +66,7 @@ func NewKeeper(cdc codec.Codec, key storetypes.StoreKey, contractInfoReader Cont
 		trackingKeeper:   trackingKeeper,
 		authKeeper:       ak,
 		bankKeeper:       bk,
+		authority:        authority,
 	}
 }
 
@@ -105,3 +107,8 @@ func (k Keeper) GetRewardsRecords(ctx sdk.Context, rewardsAddr sdk.AccAddress, p
 
 	return k.state.RewardsRecord(ctx).GetRewardsRecordByRewardsAddressPaginated(rewardsAddr, pageReq)
 }
+
+// GetAuthority returns the x/rewards module's authority.
+func (k Keeper) GetAuthority() string {
+	return k.authority
+}
diff --git a/x/rewards/keeper/migrations.go b/x/rewards/keeper/migrations.go
new file mode 100644
index 00000000..f69b7445
--- /dev/null
+++ b/x/rewards/keeper/migrations.go
@@ -0,0 +1,27 @@
+package keeper
+
+import (
+	sdk "github.com/cosmos/cosmos-sdk/types"
+
+	v2 "github.com/archway-network/archway/x/rewards/migrations/v2"
+)
+
+// Migrator is a struct for handling in-place store migrations.
+type Migrator struct {
+	keeper Keeper
+}
+
+// NewMigrator returns a new Migrator.
+func NewMigrator(keeper Keeper) Migrator {
+	return Migrator{
+		keeper: keeper,
+	}
+}
+
+// Migrate1to2 migrates the x/rewards module state from the consensus
+// version 1 to version 2. Specifically, it takes the parameters that are currently stored
+// and managed by the x/params module and stores them directly into the x/rewards
+// module state.
+func (m Migrator) Migrate1to2(ctx sdk.Context) error {
+	return v2.MigrateStore(ctx, m.keeper.state.key, m.keeper.paramStore, m.keeper.cdc)
+}
diff --git a/x/rewards/keeper/msg_server.go b/x/rewards/keeper/msg_server.go
index 60df5a03..cd67952d 100644
--- a/x/rewards/keeper/msg_server.go
+++ b/x/rewards/keeper/msg_server.go
@@ -3,6 +3,7 @@ package keeper
 import (
 	"context"
 
+	errorsmod "cosmossdk.io/errors"
 	sdk "github.com/cosmos/cosmos-sdk/types"
 	"google.golang.org/grpc/codes"
 	"google.golang.org/grpc/status"
@@ -112,3 +113,33 @@ func (s MsgServer) SetFlatFee(c context.Context, request *types.MsgSetFlatFee) (
 
 	return &types.MsgSetFlatFeeResponse{}, nil
 }
+
+// UpdateParams implements types.MsgServer.
+func (s MsgServer) UpdateParams(c context.Context, request *types.MsgUpdateParams) (*types.MsgUpdateParamsResponse, error) {
+	if request == nil {
+		return nil, status.Error(codes.InvalidArgument, "empty request")
+	}
+
+	ctx := sdk.UnwrapSDKContext(c)
+
+	_, err := sdk.AccAddressFromBech32(request.Authority)
+	if err != nil {
+		return nil, err // returning error "as is" since this should not happen due to the earlier ValidateBasic call
+	}
+
+	if request.GetAuthority() != s.keeper.GetAuthority() {
+		return nil, errorsmod.Wrap(types.ErrUnauthorized, "sender address is not authorized address to update module params")
+	}
+
+	err = request.GetParams().Validate() // need to explicitly validate as x/gov invokes this msg and it does not validate
+	if err != nil {
+		return nil, err
+	}
+
+	err = s.keeper.SetParams(ctx, request.GetParams())
+	if err != nil {
+		return nil, err
+	}
+
+	return &types.MsgUpdateParamsResponse{}, nil
+}
diff --git a/x/rewards/keeper/msg_server_test.go b/x/rewards/keeper/msg_server_test.go
index e4b137d4..26c04cf3 100644
--- a/x/rewards/keeper/msg_server_test.go
+++ b/x/rewards/keeper/msg_server_test.go
@@ -8,6 +8,7 @@ import (
 
 	errorsmod "cosmossdk.io/errors"
 	sdk "github.com/cosmos/cosmos-sdk/types"
+	govtypes "github.com/cosmos/cosmos-sdk/x/gov/types"
 
 	e2eTesting "github.com/archway-network/archway/e2e/testing"
 	"github.com/archway-network/archway/pkg/testutils"
@@ -341,3 +342,74 @@ func (s *KeeperTestSuite) TestMsgServer_SetFlatFee() {
 		})
 	}
 }
+
+func (s *KeeperTestSuite) TestMsgServer_UpdateParams() {
+	ctx, k := s.chain.GetContext(), s.chain.GetApp().Keepers.RewardsKeeper
+	account := s.chain.GetAccount(0)
+
+	server := keeper.NewMsgServer(k)
+
+	govAddress := s.chain.GetApp().Keepers.AccountKeeper.GetModuleAddress(govtypes.ModuleName)
+
+	testCases := []struct {
+		testCase    string
+		prepare     func() *rewardstypes.MsgUpdateParams
+		expectError bool
+	}{
+		{
+			testCase: "fail: invalid params",
+			prepare: func() *rewardstypes.MsgUpdateParams {
+				params := rewardstypes.DefaultParams()
+				params.InflationRewardsRatio = sdk.NewDecWithPrec(-2, 2)
+				return &rewardstypes.MsgUpdateParams{
+					Authority: govAddress.String(),
+					Params:    params,
+				}
+			},
+			expectError: true,
+		},
+		{
+			testCase: "fail: invalid authority address",
+			prepare: func() *rewardstypes.MsgUpdateParams {
+				return &rewardstypes.MsgUpdateParams{
+					Authority: "👻",
+					Params:    rewardstypes.DefaultParams(),
+				}
+			},
+			expectError: true,
+		},
+		{
+			testCase: "fail: authority address is not gov address",
+			prepare: func() *rewardstypes.MsgUpdateParams {
+				return &rewardstypes.MsgUpdateParams{
+					Authority: account.Address.String(),
+					Params:    rewardstypes.DefaultParams(),
+				}
+			},
+			expectError: true,
+		},
+		{
+			testCase: "ok: valid params with x/gov address",
+			prepare: func() *rewardstypes.MsgUpdateParams {
+				return &rewardstypes.MsgUpdateParams{
+					Authority: govAddress.String(),
+					Params:    rewardstypes.DefaultParams(),
+				}
+			},
+			expectError: false,
+		},
+	}
+
+	for _, tc := range testCases {
+		s.Run(fmt.Sprintf("Case: %s", tc.testCase), func() {
+			req := tc.prepare()
+			res, err := server.UpdateParams(sdk.WrapSDKContext(ctx), req)
+			if tc.expectError {
+				s.Require().Error(err)
+			} else {
+				s.Require().NoError(err)
+				s.Require().Equal(&rewardstypes.MsgUpdateParamsResponse{}, res)
+			}
+		})
+	}
+}
diff --git a/x/rewards/keeper/params.go b/x/rewards/keeper/params.go
index 3d4298ec..af3eec2c 100644
--- a/x/rewards/keeper/params.go
+++ b/x/rewards/keeper/params.go
@@ -8,39 +8,42 @@ import (
 
 // InflationRewardsRatio return inflation rewards params ratio.
 func (k Keeper) InflationRewardsRatio(ctx sdk.Context) (res sdk.Dec) {
-	k.paramStore.Get(ctx, types.InflationRewardsRatioParamKey, &res)
-	return
+	return k.GetParams(ctx).InflationRewardsRatio
 }
 
 // TxFeeRebateRatio return tx fee rebate rewards params ratio.
 func (k Keeper) TxFeeRebateRatio(ctx sdk.Context) (res sdk.Dec) {
-	k.paramStore.Get(ctx, types.TxFeeRebateRatioParamKey, &res)
-	return
+	return k.GetParams(ctx).TxFeeRebateRatio
 }
 
 // MaxWithdrawRecords return the maximum number of types.RewardsRecord objects used for the withdrawal operation.
 func (k Keeper) MaxWithdrawRecords(ctx sdk.Context) (res uint64) {
-	k.paramStore.Get(ctx, types.MaxWithdrawRecordsParamKey, &res)
-	return
+	return k.GetParams(ctx).MaxWithdrawRecords
 }
 
 func (k Keeper) MinimumPriceOfGas(ctx sdk.Context) sdk.DecCoin {
-	var res sdk.DecCoin
-	k.paramStore.Get(ctx, types.MinPriceOfGasParamKey, &res)
-	return res
+	return k.GetParams(ctx).MinPriceOfGas
 }
 
 // GetParams return all module parameters.
-func (k Keeper) GetParams(ctx sdk.Context) types.Params {
-	return types.NewParams(
-		k.InflationRewardsRatio(ctx),
-		k.TxFeeRebateRatio(ctx),
-		k.MaxWithdrawRecords(ctx),
-		k.MinimumPriceOfGas(ctx),
-	)
+func (k Keeper) GetParams(ctx sdk.Context) (params types.Params) {
+	store := ctx.KVStore(k.state.key)
+	bz := store.Get(types.ParamsKey)
+	if bz == nil {
+		return params
+	}
+
+	k.cdc.MustUnmarshal(bz, &params)
+	return params
 }
 
 // SetParams sets all module parameters.
-func (k Keeper) SetParams(ctx sdk.Context, params types.Params) {
-	k.paramStore.SetParamSet(ctx, &params)
+func (k Keeper) SetParams(ctx sdk.Context, params types.Params) error {
+	store := ctx.KVStore(k.state.key)
+	bz, err := k.cdc.Marshal(&params)
+	if err != nil {
+		return err
+	}
+	store.Set(types.ParamsKey, bz)
+	return nil
 }
diff --git a/x/rewards/migrations/v2/migrate.go b/x/rewards/migrations/v2/migrate.go
new file mode 100644
index 00000000..693bacd4
--- /dev/null
+++ b/x/rewards/migrations/v2/migrate.go
@@ -0,0 +1,33 @@
+package v2
+
+import (
+	"github.com/cosmos/cosmos-sdk/codec"
+	storetypes "github.com/cosmos/cosmos-sdk/store/types"
+	sdk "github.com/cosmos/cosmos-sdk/types"
+
+	"github.com/archway-network/archway/x/rewards/exported"
+	"github.com/archway-network/archway/x/rewards/types"
+)
+
+// MigrateStore migrates the x/rewards module state from the consensus version 1 to
+// version 2. Specifically, it takes the parameters that are currently stored
+// and managed by the x/params module and stores them directly into the x/rewards
+// module state.
+func MigrateStore(ctx sdk.Context, storeKey storetypes.StoreKey, legacySubspace exported.Subspace, cdc codec.BinaryCodec) error {
+	store := ctx.KVStore(storeKey)
+	var currParams types.Params
+	legacySubspace.GetParamSet(ctx, &currParams)
+
+	if err := currParams.Validate(); err != nil {
+		return err
+	}
+
+	bz, err := cdc.Marshal(&currParams)
+	if err != nil {
+		return err
+	}
+
+	store.Set(types.ParamsKey, bz)
+
+	return nil
+}
diff --git a/x/rewards/migrations/v2/migrate_test.go b/x/rewards/migrations/v2/migrate_test.go
new file mode 100644
index 00000000..3b697846
--- /dev/null
+++ b/x/rewards/migrations/v2/migrate_test.go
@@ -0,0 +1,46 @@
+package v2_test
+
+import (
+	"testing"
+
+	"github.com/stretchr/testify/require"
+
+	"github.com/cosmos/cosmos-sdk/testutil"
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	moduletestutil "github.com/cosmos/cosmos-sdk/types/module/testutil"
+
+	"github.com/archway-network/archway/x/rewards"
+	"github.com/archway-network/archway/x/rewards/exported"
+	v2 "github.com/archway-network/archway/x/rewards/migrations/v2"
+	"github.com/archway-network/archway/x/rewards/types"
+)
+
+type mockSubspace struct {
+	ps types.Params
+}
+
+func newMockSubspace(ps types.Params) mockSubspace {
+	return mockSubspace{ps: ps}
+}
+
+func (ms mockSubspace) GetParamSet(_ sdk.Context, ps exported.ParamSet) {
+	*ps.(*types.Params) = ms.ps
+}
+
+func TestMigrateStore(t *testing.T) {
+	encCfg := moduletestutil.MakeTestEncodingConfig(rewards.AppModuleBasic{})
+	cdc := encCfg.Codec
+
+	storeKey := sdk.NewKVStoreKey(types.ModuleName)
+	tKey := sdk.NewTransientStoreKey("transient_test")
+	ctx := testutil.DefaultContext(storeKey, tKey)
+	store := ctx.KVStore(storeKey)
+
+	legacySubspace := newMockSubspace(types.DefaultParams())
+	require.NoError(t, v2.MigrateStore(ctx, storeKey, legacySubspace, cdc))
+
+	var res types.Params
+	bz := store.Get(types.ParamsKey)
+	require.NoError(t, cdc.Unmarshal(bz, &res))
+	require.Equal(t, legacySubspace.ps, res)
+}
diff --git a/x/rewards/module.go b/x/rewards/module.go
index a9cf3d00..117f8bb0 100644
--- a/x/rewards/module.go
+++ b/x/rewards/module.go
@@ -30,6 +30,9 @@ var (
 	_ module.AppModule      = AppModule{}
 )
 
+// ConsensusVersion defines the current x/rewards module consensus version.
+const ConsensusVersion = 2
+
 // AppModuleBasic defines the basic application module for this module.
 type AppModuleBasic struct {
 	cdc codec.Codec
@@ -108,6 +111,11 @@ func (a AppModule) RegisterInvariants(ir sdk.InvariantRegistry) {
 func (a AppModule) RegisterServices(cfg module.Configurator) {
 	types.RegisterQueryServer(cfg.QueryServer(), keeper.NewQueryServer(a.keeper))
 	types.RegisterMsgServer(cfg.MsgServer(), keeper.NewMsgServer(a.keeper))
+
+	m := keeper.NewMigrator(a.keeper)
+	if err := cfg.RegisterMigration(types.ModuleName, 1, m.Migrate1to2); err != nil {
+		panic(fmt.Sprintf("failed to migrate x/%s from version 1 to 2: %v", types.ModuleName, err))
+	}
 }
 
 // InitGenesis performs genesis initialization for the module. It returns no validator updates.
@@ -128,7 +136,7 @@ func (a AppModule) ExportGenesis(ctx sdk.Context, cdc codec.JSONCodec) json.RawM
 
 // ConsensusVersion implements AppModule/ConsensusVersion.
 func (a AppModule) ConsensusVersion() uint64 {
-	return 1
+	return ConsensusVersion
 }
 
 // BeginBlock returns the begin blocker for the module.
diff --git a/x/rewards/types/codec.go b/x/rewards/types/codec.go
index acddda5f..35b9bca1 100644
--- a/x/rewards/types/codec.go
+++ b/x/rewards/types/codec.go
@@ -14,6 +14,7 @@ func RegisterLegacyAminoCodec(cdc *codec.LegacyAmino) {
 	cdc.RegisterConcrete(&MsgSetContractMetadata{}, "rewards/MsgSetContractMetadata", nil)
 	cdc.RegisterConcrete(&MsgWithdrawRewards{}, "rewards/MsgWithdrawRewards", nil)
 	cdc.RegisterConcrete(&MsgSetFlatFee{}, "rewards/MsgSetFlatFee", nil)
+	cdc.RegisterConcrete(&MsgUpdateParams{}, "rewards/MsgUpdateParams", nil)
 }
 
 // RegisterInterfaces registers interfaces types with the interface registry.
@@ -22,6 +23,7 @@ func RegisterInterfaces(registry types.InterfaceRegistry) {
 		&MsgSetContractMetadata{},
 		&MsgWithdrawRewards{},
 		&MsgSetFlatFee{},
+		&MsgUpdateParams{},
 	)
 
 	msgservice.RegisterMsgServiceDesc(registry, &_Msg_serviceDesc)
diff --git a/x/rewards/types/keys.go b/x/rewards/types/keys.go
index e57c4017..0950e3d0 100644
--- a/x/rewards/types/keys.go
+++ b/x/rewards/types/keys.go
@@ -97,3 +97,8 @@ var (
 	// Value: sdk.Coin
 	FlatFeePrefix = []byte{0x00}
 )
+
+// ParamsKey stores the module params
+var (
+	ParamsKey = []byte{0x06}
+)
diff --git a/x/rewards/types/msg.go b/x/rewards/types/msg.go
index 1f3c6544..955e1936 100644
--- a/x/rewards/types/msg.go
+++ b/x/rewards/types/msg.go
@@ -12,12 +12,14 @@ const (
 	TypeMsgSetContractMetadata = "set-contract-metadata"
 	TypeMsgWithdrawRewards     = "withdraw-rewards"
 	TypeMsgFlatFee             = "flat-fee"
+	TypeMsgUpdateParams        = "update-params"
 )
 
 var (
 	_ sdk.Msg = &MsgSetContractMetadata{}
 	_ sdk.Msg = &MsgWithdrawRewards{}
 	_ sdk.Msg = &MsgSetFlatFee{}
+	_ sdk.Msg = &MsgUpdateParams{}
 )
 
 // NewMsgSetContractMetadata creates a new MsgSetContractMetadata instance.
@@ -179,36 +181,65 @@ func NewMsgFlatFee(senderAddr, contractAddr sdk.AccAddress, flatFee sdk.Coin) *M
 	return msg
 }
 
+// GetSigners implements the sdk.Msg interface.
+func (m MsgSetFlatFee) GetSigners() []sdk.AccAddress {
+	senderAddr, err := sdk.AccAddressFromBech32(m.SenderAddress)
+	if err != nil {
+		panic(fmt.Errorf("parsing sender address (%s): %w", m.SenderAddress, err))
+	}
+
+	return []sdk.AccAddress{senderAddr}
+}
+
+// ValidateBasic implements the sdk.Msg interface.
+func (m MsgSetFlatFee) ValidateBasic() error {
+	if _, err := sdk.AccAddressFromBech32(m.SenderAddress); err != nil {
+		return errorsmod.Wrapf(sdkErrors.ErrInvalidAddress, "invalid sender address: %v", err)
+	}
+	if _, err := sdk.AccAddressFromBech32(m.ContractAddress); err != nil {
+		return errorsmod.Wrapf(sdkErrors.ErrInvalidAddress, "invalid contract address: %v", err)
+	}
+
+	return nil
+}
+
+// NewMsgUpdateParams creates a new MsgUpdateParams instance.
+func NewMsgUpdateParams(senderAddr sdk.AccAddress, params Params) *MsgUpdateParams {
+	msg := &MsgUpdateParams{
+		Authority: senderAddr.String(),
+		Params:    params,
+	}
+
+	return msg
+}
+
 // Route implements the sdk.Msg interface.
-func (m MsgSetFlatFee) Route() string { return RouterKey }
+func (m MsgUpdateParams) Route() string { return RouterKey }
 
 // Type implements the sdk.Msg interface.
-func (m MsgSetFlatFee) Type() string { return TypeMsgFlatFee }
+func (m MsgUpdateParams) Type() string { return TypeMsgFlatFee }
 
 // GetSigners implements the sdk.Msg interface.
-func (m MsgSetFlatFee) GetSigners() []sdk.AccAddress {
-	senderAddr, err := sdk.AccAddressFromBech32(m.SenderAddress)
+func (m MsgUpdateParams) GetSigners() []sdk.AccAddress {
+	senderAddr, err := sdk.AccAddressFromBech32(m.Authority)
 	if err != nil {
-		panic(fmt.Errorf("parsing sender address (%s): %w", m.SenderAddress, err))
+		panic(fmt.Errorf("parsing sender address (%s): %w", m.Authority, err))
 	}
 
 	return []sdk.AccAddress{senderAddr}
 }
 
 // GetSignBytes implements the sdk.Msg interface.
-func (m MsgSetFlatFee) GetSignBytes() []byte {
+func (m MsgUpdateParams) GetSignBytes() []byte {
 	bz := ModuleCdc.MustMarshalJSON(&m)
 	return sdk.MustSortJSON(bz)
 }
 
 // ValidateBasic implements the sdk.Msg interface.
-func (m MsgSetFlatFee) ValidateBasic() error {
-	if _, err := sdk.AccAddressFromBech32(m.SenderAddress); err != nil {
+func (m MsgUpdateParams) ValidateBasic() error {
+	if _, err := sdk.AccAddressFromBech32(m.Authority); err != nil {
 		return errorsmod.Wrapf(sdkErrors.ErrInvalidAddress, "invalid sender address: %v", err)
 	}
-	if _, err := sdk.AccAddressFromBech32(m.ContractAddress); err != nil {
-		return errorsmod.Wrapf(sdkErrors.ErrInvalidAddress, "invalid contract address: %v", err)
-	}
 
 	return nil
 }
diff --git a/x/rewards/types/tx.pb.go b/x/rewards/types/tx.pb.go
index 5f06a873..b56132c3 100644
--- a/x/rewards/types/tx.pb.go
+++ b/x/rewards/types/tx.pb.go
@@ -465,6 +465,105 @@ func (m *MsgSetFlatFeeResponse) XXX_DiscardUnknown() {
 
 var xxx_messageInfo_MsgSetFlatFeeResponse proto.InternalMessageInfo
 
+// MsgUpdateParams is the Msg/UpdateParams request type.
+//
+// Since: archway v5 && cosmos-sdk 0.47
+type MsgUpdateParams struct {
+	// authority is the address that controls the module (defaults to x/gov unless overwritten).
+	Authority string `protobuf:"bytes,1,opt,name=authority,proto3" json:"authority,omitempty"`
+	// params defines the x/rewards parameters to update.
+	//
+	// NOTE: All parameters must be supplied.
+	Params Params `protobuf:"bytes,2,opt,name=params,proto3" json:"params,omitempty"`
+}
+
+func (m *MsgUpdateParams) Reset()         { *m = MsgUpdateParams{} }
+func (m *MsgUpdateParams) String() string { return proto.CompactTextString(m) }
+func (*MsgUpdateParams) ProtoMessage()    {}
+func (*MsgUpdateParams) Descriptor() ([]byte, []int) {
+	return fileDescriptor_d5741d3c1465c0f5, []int{6}
+}
+func (m *MsgUpdateParams) XXX_Unmarshal(b []byte) error {
+	return m.Unmarshal(b)
+}
+func (m *MsgUpdateParams) XXX_Marshal(b []byte, deterministic bool) ([]byte, error) {
+	if deterministic {
+		return xxx_messageInfo_MsgUpdateParams.Marshal(b, m, deterministic)
+	} else {
+		b = b[:cap(b)]
+		n, err := m.MarshalToSizedBuffer(b)
+		if err != nil {
+			return nil, err
+		}
+		return b[:n], nil
+	}
+}
+func (m *MsgUpdateParams) XXX_Merge(src proto.Message) {
+	xxx_messageInfo_MsgUpdateParams.Merge(m, src)
+}
+func (m *MsgUpdateParams) XXX_Size() int {
+	return m.Size()
+}
+func (m *MsgUpdateParams) XXX_DiscardUnknown() {
+	xxx_messageInfo_MsgUpdateParams.DiscardUnknown(m)
+}
+
+var xxx_messageInfo_MsgUpdateParams proto.InternalMessageInfo
+
+func (m *MsgUpdateParams) GetAuthority() string {
+	if m != nil {
+		return m.Authority
+	}
+	return ""
+}
+
+func (m *MsgUpdateParams) GetParams() Params {
+	if m != nil {
+		return m.Params
+	}
+	return Params{}
+}
+
+// MsgUpdateParamsResponse defines the response structure for executing a
+// MsgUpdateParams message.
+//
+// Since: archway v5 && cosmos-sdk 0.47
+type MsgUpdateParamsResponse struct {
+}
+
+func (m *MsgUpdateParamsResponse) Reset()         { *m = MsgUpdateParamsResponse{} }
+func (m *MsgUpdateParamsResponse) String() string { return proto.CompactTextString(m) }
+func (*MsgUpdateParamsResponse) ProtoMessage()    {}
+func (*MsgUpdateParamsResponse) Descriptor() ([]byte, []int) {
+	return fileDescriptor_d5741d3c1465c0f5, []int{7}
+}
+func (m *MsgUpdateParamsResponse) XXX_Unmarshal(b []byte) error {
+	return m.Unmarshal(b)
+}
+func (m *MsgUpdateParamsResponse) XXX_Marshal(b []byte, deterministic bool) ([]byte, error) {
+	if deterministic {
+		return xxx_messageInfo_MsgUpdateParamsResponse.Marshal(b, m, deterministic)
+	} else {
+		b = b[:cap(b)]
+		n, err := m.MarshalToSizedBuffer(b)
+		if err != nil {
+			return nil, err
+		}
+		return b[:n], nil
+	}
+}
+func (m *MsgUpdateParamsResponse) XXX_Merge(src proto.Message) {
+	xxx_messageInfo_MsgUpdateParamsResponse.Merge(m, src)
+}
+func (m *MsgUpdateParamsResponse) XXX_Size() int {
+	return m.Size()
+}
+func (m *MsgUpdateParamsResponse) XXX_DiscardUnknown() {
+	xxx_messageInfo_MsgUpdateParamsResponse.DiscardUnknown(m)
+}
+
+var xxx_messageInfo_MsgUpdateParamsResponse proto.InternalMessageInfo
+
 func init() {
 	proto.RegisterType((*MsgSetContractMetadata)(nil), "archway.rewards.v1.MsgSetContractMetadata")
 	proto.RegisterType((*MsgSetContractMetadataResponse)(nil), "archway.rewards.v1.MsgSetContractMetadataResponse")
@@ -474,52 +573,60 @@ func init() {
 	proto.RegisterType((*MsgWithdrawRewardsResponse)(nil), "archway.rewards.v1.MsgWithdrawRewardsResponse")
 	proto.RegisterType((*MsgSetFlatFee)(nil), "archway.rewards.v1.MsgSetFlatFee")
 	proto.RegisterType((*MsgSetFlatFeeResponse)(nil), "archway.rewards.v1.MsgSetFlatFeeResponse")
+	proto.RegisterType((*MsgUpdateParams)(nil), "archway.rewards.v1.MsgUpdateParams")
+	proto.RegisterType((*MsgUpdateParamsResponse)(nil), "archway.rewards.v1.MsgUpdateParamsResponse")
 }
 
 func init() { proto.RegisterFile("archway/rewards/v1/tx.proto", fileDescriptor_d5741d3c1465c0f5) }
 
 var fileDescriptor_d5741d3c1465c0f5 = []byte{
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+	// 722 bytes of a gzipped FileDescriptorProto
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 }
 
 // Reference imports to suppress errors if they are not otherwise used.
@@ -544,6 +651,11 @@ type MsgClient interface {
 	// SetFlatFee sets or updates or removes the flat fee to interact with the
 	// contract Method is authorized to the contract owner.
 	SetFlatFee(ctx context.Context, in *MsgSetFlatFee, opts ...grpc.CallOption) (*MsgSetFlatFeeResponse, error)
+	// UpdateParams defines a governance operation for updating the x/rewards
+	// module parameters. The authority is defined in the keeper.
+	//
+	// Since: archway v5 && cosmos-sdk 0.47
+	UpdateParams(ctx context.Context, in *MsgUpdateParams, opts ...grpc.CallOption) (*MsgUpdateParamsResponse, error)
 }
 
 type msgClient struct {
@@ -581,6 +693,15 @@ func (c *msgClient) SetFlatFee(ctx context.Context, in *MsgSetFlatFee, opts ...g
 	return out, nil
 }
 
+func (c *msgClient) UpdateParams(ctx context.Context, in *MsgUpdateParams, opts ...grpc.CallOption) (*MsgUpdateParamsResponse, error) {
+	out := new(MsgUpdateParamsResponse)
+	err := c.cc.Invoke(ctx, "/archway.rewards.v1.Msg/UpdateParams", in, out, opts...)
+	if err != nil {
+		return nil, err
+	}
+	return out, nil
+}
+
 // MsgServer is the server API for Msg service.
 type MsgServer interface {
 	// SetContractMetadata creates or updates an existing contract metadata.
@@ -593,6 +714,11 @@ type MsgServer interface {
 	// SetFlatFee sets or updates or removes the flat fee to interact with the
 	// contract Method is authorized to the contract owner.
 	SetFlatFee(context.Context, *MsgSetFlatFee) (*MsgSetFlatFeeResponse, error)
+	// UpdateParams defines a governance operation for updating the x/rewards
+	// module parameters. The authority is defined in the keeper.
+	//
+	// Since: archway v5 && cosmos-sdk 0.47
+	UpdateParams(context.Context, *MsgUpdateParams) (*MsgUpdateParamsResponse, error)
 }
 
 // UnimplementedMsgServer can be embedded to have forward compatible implementations.
@@ -608,6 +734,9 @@ func (*UnimplementedMsgServer) WithdrawRewards(ctx context.Context, req *MsgWith
 func (*UnimplementedMsgServer) SetFlatFee(ctx context.Context, req *MsgSetFlatFee) (*MsgSetFlatFeeResponse, error) {
 	return nil, status.Errorf(codes.Unimplemented, "method SetFlatFee not implemented")
 }
+func (*UnimplementedMsgServer) UpdateParams(ctx context.Context, req *MsgUpdateParams) (*MsgUpdateParamsResponse, error) {
+	return nil, status.Errorf(codes.Unimplemented, "method UpdateParams not implemented")
+}
 
 func RegisterMsgServer(s grpc1.Server, srv MsgServer) {
 	s.RegisterService(&_Msg_serviceDesc, srv)
@@ -667,6 +796,24 @@ func _Msg_SetFlatFee_Handler(srv interface{}, ctx context.Context, dec func(inte
 	return interceptor(ctx, in, info, handler)
 }
 
+func _Msg_UpdateParams_Handler(srv interface{}, ctx context.Context, dec func(interface{}) error, interceptor grpc.UnaryServerInterceptor) (interface{}, error) {
+	in := new(MsgUpdateParams)
+	if err := dec(in); err != nil {
+		return nil, err
+	}
+	if interceptor == nil {
+		return srv.(MsgServer).UpdateParams(ctx, in)
+	}
+	info := &grpc.UnaryServerInfo{
+		Server:     srv,
+		FullMethod: "/archway.rewards.v1.Msg/UpdateParams",
+	}
+	handler := func(ctx context.Context, req interface{}) (interface{}, error) {
+		return srv.(MsgServer).UpdateParams(ctx, req.(*MsgUpdateParams))
+	}
+	return interceptor(ctx, in, info, handler)
+}
+
 var _Msg_serviceDesc = grpc.ServiceDesc{
 	ServiceName: "archway.rewards.v1.Msg",
 	HandlerType: (*MsgServer)(nil),
@@ -683,6 +830,10 @@ var _Msg_serviceDesc = grpc.ServiceDesc{
 			MethodName: "SetFlatFee",
 			Handler:    _Msg_SetFlatFee_Handler,
 		},
+		{
+			MethodName: "UpdateParams",
+			Handler:    _Msg_UpdateParams_Handler,
+		},
 	},
 	Streams:  []grpc.StreamDesc{},
 	Metadata: "archway/rewards/v1/tx.proto",
@@ -1013,6 +1164,69 @@ func (m *MsgSetFlatFeeResponse) MarshalToSizedBuffer(dAtA []byte) (int, error) {
 	return len(dAtA) - i, nil
 }
 
+func (m *MsgUpdateParams) Marshal() (dAtA []byte, err error) {
+	size := m.Size()
+	dAtA = make([]byte, size)
+	n, err := m.MarshalToSizedBuffer(dAtA[:size])
+	if err != nil {
+		return nil, err
+	}
+	return dAtA[:n], nil
+}
+
+func (m *MsgUpdateParams) MarshalTo(dAtA []byte) (int, error) {
+	size := m.Size()
+	return m.MarshalToSizedBuffer(dAtA[:size])
+}
+
+func (m *MsgUpdateParams) MarshalToSizedBuffer(dAtA []byte) (int, error) {
+	i := len(dAtA)
+	_ = i
+	var l int
+	_ = l
+	{
+		size, err := m.Params.MarshalToSizedBuffer(dAtA[:i])
+		if err != nil {
+			return 0, err
+		}
+		i -= size
+		i = encodeVarintTx(dAtA, i, uint64(size))
+	}
+	i--
+	dAtA[i] = 0x12
+	if len(m.Authority) > 0 {
+		i -= len(m.Authority)
+		copy(dAtA[i:], m.Authority)
+		i = encodeVarintTx(dAtA, i, uint64(len(m.Authority)))
+		i--
+		dAtA[i] = 0xa
+	}
+	return len(dAtA) - i, nil
+}
+
+func (m *MsgUpdateParamsResponse) Marshal() (dAtA []byte, err error) {
+	size := m.Size()
+	dAtA = make([]byte, size)
+	n, err := m.MarshalToSizedBuffer(dAtA[:size])
+	if err != nil {
+		return nil, err
+	}
+	return dAtA[:n], nil
+}
+
+func (m *MsgUpdateParamsResponse) MarshalTo(dAtA []byte) (int, error) {
+	size := m.Size()
+	return m.MarshalToSizedBuffer(dAtA[:size])
+}
+
+func (m *MsgUpdateParamsResponse) MarshalToSizedBuffer(dAtA []byte) (int, error) {
+	i := len(dAtA)
+	_ = i
+	var l int
+	_ = l
+	return len(dAtA) - i, nil
+}
+
 func encodeVarintTx(dAtA []byte, offset int, v uint64) int {
 	offset -= sovTx(v)
 	base := offset
@@ -1162,6 +1376,30 @@ func (m *MsgSetFlatFeeResponse) Size() (n int) {
 	return n
 }
 
+func (m *MsgUpdateParams) Size() (n int) {
+	if m == nil {
+		return 0
+	}
+	var l int
+	_ = l
+	l = len(m.Authority)
+	if l > 0 {
+		n += 1 + l + sovTx(uint64(l))
+	}
+	l = m.Params.Size()
+	n += 1 + l + sovTx(uint64(l))
+	return n
+}
+
+func (m *MsgUpdateParamsResponse) Size() (n int) {
+	if m == nil {
+		return 0
+	}
+	var l int
+	_ = l
+	return n
+}
+
 func sovTx(x uint64) (n int) {
 	return (math_bits.Len64(x|1) + 6) / 7
 }
@@ -1980,6 +2218,171 @@ func (m *MsgSetFlatFeeResponse) Unmarshal(dAtA []byte) error {
 	}
 	return nil
 }
+func (m *MsgUpdateParams) Unmarshal(dAtA []byte) error {
+	l := len(dAtA)
+	iNdEx := 0
+	for iNdEx < l {
+		preIndex := iNdEx
+		var wire uint64
+		for shift := uint(0); ; shift += 7 {
+			if shift >= 64 {
+				return ErrIntOverflowTx
+			}
+			if iNdEx >= l {
+				return io.ErrUnexpectedEOF
+			}
+			b := dAtA[iNdEx]
+			iNdEx++
+			wire |= uint64(b&0x7F) << shift
+			if b < 0x80 {
+				break
+			}
+		}
+		fieldNum := int32(wire >> 3)
+		wireType := int(wire & 0x7)
+		if wireType == 4 {
+			return fmt.Errorf("proto: MsgUpdateParams: wiretype end group for non-group")
+		}
+		if fieldNum <= 0 {
+			return fmt.Errorf("proto: MsgUpdateParams: illegal tag %d (wire type %d)", fieldNum, wire)
+		}
+		switch fieldNum {
+		case 1:
+			if wireType != 2 {
+				return fmt.Errorf("proto: wrong wireType = %d for field Authority", wireType)
+			}
+			var stringLen uint64
+			for shift := uint(0); ; shift += 7 {
+				if shift >= 64 {
+					return ErrIntOverflowTx
+				}
+				if iNdEx >= l {
+					return io.ErrUnexpectedEOF
+				}
+				b := dAtA[iNdEx]
+				iNdEx++
+				stringLen |= uint64(b&0x7F) << shift
+				if b < 0x80 {
+					break
+				}
+			}
+			intStringLen := int(stringLen)
+			if intStringLen < 0 {
+				return ErrInvalidLengthTx
+			}
+			postIndex := iNdEx + intStringLen
+			if postIndex < 0 {
+				return ErrInvalidLengthTx
+			}
+			if postIndex > l {
+				return io.ErrUnexpectedEOF
+			}
+			m.Authority = string(dAtA[iNdEx:postIndex])
+			iNdEx = postIndex
+		case 2:
+			if wireType != 2 {
+				return fmt.Errorf("proto: wrong wireType = %d for field Params", wireType)
+			}
+			var msglen int
+			for shift := uint(0); ; shift += 7 {
+				if shift >= 64 {
+					return ErrIntOverflowTx
+				}
+				if iNdEx >= l {
+					return io.ErrUnexpectedEOF
+				}
+				b := dAtA[iNdEx]
+				iNdEx++
+				msglen |= int(b&0x7F) << shift
+				if b < 0x80 {
+					break
+				}
+			}
+			if msglen < 0 {
+				return ErrInvalidLengthTx
+			}
+			postIndex := iNdEx + msglen
+			if postIndex < 0 {
+				return ErrInvalidLengthTx
+			}
+			if postIndex > l {
+				return io.ErrUnexpectedEOF
+			}
+			if err := m.Params.Unmarshal(dAtA[iNdEx:postIndex]); err != nil {
+				return err
+			}
+			iNdEx = postIndex
+		default:
+			iNdEx = preIndex
+			skippy, err := skipTx(dAtA[iNdEx:])
+			if err != nil {
+				return err
+			}
+			if (skippy < 0) || (iNdEx+skippy) < 0 {
+				return ErrInvalidLengthTx
+			}
+			if (iNdEx + skippy) > l {
+				return io.ErrUnexpectedEOF
+			}
+			iNdEx += skippy
+		}
+	}
+
+	if iNdEx > l {
+		return io.ErrUnexpectedEOF
+	}
+	return nil
+}
+func (m *MsgUpdateParamsResponse) Unmarshal(dAtA []byte) error {
+	l := len(dAtA)
+	iNdEx := 0
+	for iNdEx < l {
+		preIndex := iNdEx
+		var wire uint64
+		for shift := uint(0); ; shift += 7 {
+			if shift >= 64 {
+				return ErrIntOverflowTx
+			}
+			if iNdEx >= l {
+				return io.ErrUnexpectedEOF
+			}
+			b := dAtA[iNdEx]
+			iNdEx++
+			wire |= uint64(b&0x7F) << shift
+			if b < 0x80 {
+				break
+			}
+		}
+		fieldNum := int32(wire >> 3)
+		wireType := int(wire & 0x7)
+		if wireType == 4 {
+			return fmt.Errorf("proto: MsgUpdateParamsResponse: wiretype end group for non-group")
+		}
+		if fieldNum <= 0 {
+			return fmt.Errorf("proto: MsgUpdateParamsResponse: illegal tag %d (wire type %d)", fieldNum, wire)
+		}
+		switch fieldNum {
+		default:
+			iNdEx = preIndex
+			skippy, err := skipTx(dAtA[iNdEx:])
+			if err != nil {
+				return err
+			}
+			if (skippy < 0) || (iNdEx+skippy) < 0 {
+				return ErrInvalidLengthTx
+			}
+			if (iNdEx + skippy) > l {
+				return io.ErrUnexpectedEOF
+			}
+			iNdEx += skippy
+		}
+	}
+
+	if iNdEx > l {
+		return io.ErrUnexpectedEOF
+	}
+	return nil
+}
 func skipTx(dAtA []byte) (n int, err error) {
 	l := len(dAtA)
 	iNdEx := 0