diff --git a/Cargo.lock b/Cargo.lock
index b2508ed731..253b36800c 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -3844,7 +3844,7 @@ dependencies = [
 
 [[package]]
 name = "spacetimedb"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "bytes",
  "log",
@@ -3858,7 +3858,7 @@ dependencies = [
 
 [[package]]
 name = "spacetimedb-bench"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "anyhow",
  "byte-unit",
@@ -3878,7 +3878,7 @@ dependencies = [
 
 [[package]]
 name = "spacetimedb-bindings-macro"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "humantime",
  "proc-macro2",
@@ -3888,14 +3888,14 @@ dependencies = [
 
 [[package]]
 name = "spacetimedb-bindings-sys"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "getrandom",
 ]
 
 [[package]]
 name = "spacetimedb-cli"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "anyhow",
  "base64 0.13.1",
@@ -3928,7 +3928,7 @@ dependencies = [
 
 [[package]]
 name = "spacetimedb-client-api"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -3953,7 +3953,7 @@ dependencies = [
  "tempdir",
  "tokio",
  "tokio-stream",
- "tokio-tungstenite 0.18.0",
+ "tokio-tungstenite",
 ]
 
 [[package]]
@@ -3967,7 +3967,7 @@ dependencies = [
 
 [[package]]
 name = "spacetimedb-client-sdk"
-version = "0.1.0"
+version = "0.5.0"
 dependencies = [
  "anyhow",
  "anymap",
@@ -3981,12 +3981,12 @@ dependencies = [
  "spacetimedb-lib",
  "spacetimedb-sats",
  "tokio",
- "tokio-tungstenite 0.19.0",
+ "tokio-tungstenite",
 ]
 
 [[package]]
 name = "spacetimedb-core"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -4060,7 +4060,7 @@ dependencies = [
 
 [[package]]
 name = "spacetimedb-lib"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "anyhow",
  "bytes",
@@ -4089,7 +4089,7 @@ dependencies = [
 
 [[package]]
 name = "spacetimedb-sats"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "arrayvec",
  "bytes",
@@ -4106,7 +4106,7 @@ dependencies = [
 
 [[package]]
 name = "spacetimedb-standalone"
-version = "0.4.1"
+version = "0.5.0"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -4631,25 +4631,13 @@ name = "tokio-tungstenite"
 version = "0.18.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "54319c93411147bced34cb5609a80e0a8e44c5999c93903a81cd866630ec0bfd"
-dependencies = [
- "futures-util",
- "log",
- "tokio",
- "tungstenite 0.18.0",
-]
-
-[[package]]
-name = "tokio-tungstenite"
-version = "0.19.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ec509ac96e9a0c43427c74f003127d953a265737636129424288d27cb5c4b12c"
 dependencies = [
  "futures-util",
  "log",
  "native-tls",
  "tokio",
  "tokio-native-tls",
- "tungstenite 0.19.0",
+ "tungstenite",
 ]
 
 [[package]]
@@ -4838,25 +4826,6 @@ dependencies = [
  "http",
  "httparse",
  "log",
- "rand 0.8.5",
- "sha1",
- "thiserror",
- "url",
- "utf-8",
-]
-
-[[package]]
-name = "tungstenite"
-version = "0.19.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "15fba1a6d6bb030745759a9a2a588bfe8490fc8b4751a277db3a0be1c9ebbf67"
-dependencies = [
- "byteorder",
- "bytes",
- "data-encoding",
- "http",
- "httparse",
- "log",
  "native-tls",
  "rand 0.8.5",
  "sha1",
diff --git a/crates/bench/Cargo.toml b/crates/bench/Cargo.toml
index 5b948c4011..a62d9ab2c7 100644
--- a/crates/bench/Cargo.toml
+++ b/crates/bench/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb-bench"
-version = "0.4.1"
+version = "0.5.0"
 edition = "2021"
 license-file = "LICENSE"
 description = "Bench library/utility for SpacetimeDB"
diff --git a/crates/bindings-macro/Cargo.toml b/crates/bindings-macro/Cargo.toml
index 0e6198c402..a26b9f6231 100644
--- a/crates/bindings-macro/Cargo.toml
+++ b/crates/bindings-macro/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb-bindings-macro"
-version = "0.4.1"
+version = "0.5.0"
 edition = "2021"
 license-file = "LICENSE"
 description = "Easy support for interacting between SpacetimeDB and Rust."
diff --git a/crates/bindings-sys/Cargo.toml b/crates/bindings-sys/Cargo.toml
index 7a96eea742..d4e90119f4 100644
--- a/crates/bindings-sys/Cargo.toml
+++ b/crates/bindings-sys/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb-bindings-sys"
-version = "0.4.1"
+version = "0.5.0"
 edition = "2021"
 license-file = "LICENSE"
 description = "Easy support for interacting between SpacetimeDB and Rust."
diff --git a/crates/bindings/Cargo.toml b/crates/bindings/Cargo.toml
index dc85dca040..87d381dacb 100644
--- a/crates/bindings/Cargo.toml
+++ b/crates/bindings/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb"
-version = "0.4.1"
+version = "0.5.0"
 edition = "2021"
 license-file = "LICENSE"
 description = "Easy support for interacting between SpacetimeDB and Rust."
@@ -16,9 +16,9 @@ bench = false
 getrandom = ["spacetimedb-bindings-sys/getrandom"]
 
 [dependencies]
-spacetimedb-bindings-sys = { path = "../bindings-sys", version = "0.4.1" }
-spacetimedb-lib = { path = "../lib", default-features = false, version = "0.4.1"}
-spacetimedb-bindings-macro = { path = "../bindings-macro", version = "0.4.1"}
+spacetimedb-bindings-sys = { path = "../bindings-sys", version = "0.5.0" }
+spacetimedb-lib = { path = "../lib", default-features = false, version = "0.5.0"}
+spacetimedb-bindings-macro = { path = "../bindings-macro", version = "0.5.0"}
 once_cell = "1.15.0"
 scoped-tls = "1.0.1"
 log = "0.4.17"
diff --git a/crates/cli/Cargo.toml b/crates/cli/Cargo.toml
index cd1b6afe0b..05a11a35ea 100644
--- a/crates/cli/Cargo.toml
+++ b/crates/cli/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb-cli"
-version = "0.4.1"
+version = "0.5.0"
 edition = "2021"
 license-file = "LICENSE"
 description = "A command line interface for SpacetimeDB"
@@ -26,7 +26,7 @@ serde_json = { version = "1.0", features = ["raw_value", "preserve_order"] }
 toml = "0.5"
 dirs = "4.0"
 tabled = "0.8.0"
-spacetimedb-lib = { path = "../lib", version = "0.4.1" }
+spacetimedb-lib = { path = "../lib", version = "0.5.0" }
 convert_case = "0.6.0"
 wasmtime = { version = "7", default-features = false, features = ["cranelift"] }
 colored = "2.0.0"
diff --git a/crates/cli/src/subcommands/project/Cargo._toml b/crates/cli/src/subcommands/project/Cargo._toml
index 9016f2c8f4..2b13e84a35 100644
--- a/crates/cli/src/subcommands/project/Cargo._toml
+++ b/crates/cli/src/subcommands/project/Cargo._toml
@@ -9,5 +9,5 @@ edition = "2021"
 crate-type = ["cdylib"]
 
 [dependencies]
-spacetimedb = "0.4.1"
+spacetimedb = "0.5.0"
 log = "0.4"
\ No newline at end of file
diff --git a/crates/client-api/Cargo.toml b/crates/client-api/Cargo.toml
index eebf2ea680..c4ee9b9e73 100644
--- a/crates/client-api/Cargo.toml
+++ b/crates/client-api/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb-client-api"
-version = "0.4.1"
+version = "0.5.0"
 edition = "2021"
 publish = false
 
diff --git a/crates/client-sdk/Cargo.toml b/crates/client-sdk/Cargo.toml
index db34a29e99..ffbae785e5 100644
--- a/crates/client-sdk/Cargo.toml
+++ b/crates/client-sdk/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb-client-sdk"
-version = "0.1.0"
+version = "0.5.0"
 edition = "2021"
 
 # See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
diff --git a/crates/core/Cargo.toml b/crates/core/Cargo.toml
index 4342541178..3cefebc5a1 100644
--- a/crates/core/Cargo.toml
+++ b/crates/core/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb-core"
-version = "0.4.1"
+version = "0.5.0"
 edition = "2021"
 publish = false
 
diff --git a/crates/lib/Cargo.toml b/crates/lib/Cargo.toml
index b4bd70f223..83bf71aa47 100644
--- a/crates/lib/Cargo.toml
+++ b/crates/lib/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb-lib"
-version = "0.4.1"
+version = "0.5.0"
 edition = "2021"
 license-file = "LICENSE"
 description = "A common library for SpacetimeDB"
@@ -25,8 +25,8 @@ hex = "0.4.3"
 thiserror = "1.0.37"
 itertools = "0.10.5"
 anyhow = "1.0.68"
-spacetimedb-bindings-macro = { path = "../bindings-macro", version = "0.4.1" }
-spacetimedb-sats = { path = "../sats", version = "0.4.1" }
+spacetimedb-bindings-macro = { path = "../bindings-macro", version = "0.5.0" }
+spacetimedb-sats = { path = "../sats", version = "0.5.0" }
 serde_with = { version = "2.2.0", optional = true }
 chrono = { version = "0.4.23", optional = true, default-features = false }
 
diff --git a/crates/sats/Cargo.toml b/crates/sats/Cargo.toml
index 08c88e7ec3..6e9a6b497e 100644
--- a/crates/sats/Cargo.toml
+++ b/crates/sats/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb-sats"
-version = "0.4.1"
+version = "0.5.0"
 edition = "2021"
 license-file = "LICENSE"
 description = "Spacetime Algebraic Type Notation"
@@ -14,7 +14,7 @@ serde = ["dep:serde", "hex"]
 decorum = { version = "0.3.1", default-features = false, features = ["std"] }
 enum-as-inner = "0.6"
 serde = { version = "1.0.136", optional = true }
-spacetimedb-bindings-macro = { path = "../bindings-macro", version = "0.4.1" }
+spacetimedb-bindings-macro = { path = "../bindings-macro", version = "0.5.0" }
 hex = { version = "0.4.3", optional = true }
 itertools = "0.10.5"
 thiserror = "1.0.38"
diff --git a/crates/standalone/Cargo.toml b/crates/standalone/Cargo.toml
index b162b19e15..9f2de803ea 100644
--- a/crates/standalone/Cargo.toml
+++ b/crates/standalone/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "spacetimedb-standalone"
-version = "0.4.1"
+version = "0.5.0"
 edition = "2021"
 publish = false
 
diff --git a/crates/testing/Cargo.toml b/crates/testing/Cargo.toml
index c78e501bb8..d3980acf39 100644
--- a/crates/testing/Cargo.toml
+++ b/crates/testing/Cargo.toml
@@ -6,10 +6,10 @@ edition = "2021"
 # See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
 
 [dependencies]
-spacetimedb-lib = { path = "../lib", version = "0.4.1" }
-spacetimedb-core = { path = "../core", version = "0.4.1" }
-spacetimedb-standalone = { path = "../standalone", version = "0.4.1" }
-spacetimedb-client-api = { path = "../client-api", version = "0.4.1" }
+spacetimedb-lib = { path = "../lib", version = "0.5.0" }
+spacetimedb-core = { path = "../core", version = "0.5.0" }
+spacetimedb-standalone = { path = "../standalone", version = "0.5.0" }
+spacetimedb-client-api = { path = "../client-api", version = "0.5.0" }
 
 tokio = { version = "1.25", features = ["full"]}
 anyhow = "1.0"
diff --git a/tools/upgrade-version.sh b/tools/upgrade-version.sh
new file mode 100755
index 0000000000..a353d41cb3
--- /dev/null
+++ b/tools/upgrade-version.sh
@@ -0,0 +1,69 @@
+#!/bin/bash
+
+set -euo pipefail
+
+if [ $# != 1 ] ; then
+	echo "Incorrect number of arguments. Expected: 1 Received: $#"
+	exit 1
+fi
+
+fsed() {
+	if [[ "$OSTYPE" == "darwin"* ]]; then
+        sed -i.sed_bak "$@"
+        rm -f "$2.sed_bak"
+	else
+        sed -i "$@"
+	fi
+}
+
+version="$1"
+declare -a crates=("bench" "bindings" "bindings-macro" "bindings-sys" "client-api-messages" "cli" "client-api" "core" "lib" "sats" "standalone" "testing")
+upgrade_version() {
+	toml=crates/$1/Cargo.toml
+	if [ ! -f "$toml" ] ; then
+		echo "Invalid crate: $1"
+		exit 1
+	fi
+
+	# Upgrade the crate version
+	if [[ $# -lt 2 ]] || [ "$2" != "--skip-version" ] ; then
+		fsed '3s/.*version.*/version = "'"${version}"'"/' "${toml}"
+	fi
+
+	# Upgrade any dependencies
+	for crate in "${crates[@]}" ; do
+		if [[ $# -lt 2 ]] || [ "$2" != "--no-include-version" ] ; then
+			fsed 's/.*'"spacetimedb-${crate}"'\s*=.*/'"spacetimedb-${crate}"' = { path = "..\/'"${crate}"'", version = "'"$version"'" }/' "${toml}"
+		else
+			fsed 's/.*'"spacetimedb-${crate}"'\s*=.*/'"spacetimedb-${crate}"' = { path = "..\/'"${crate}"'" }/' "${toml}"
+		fi
+	done
+}
+
+upgrade_version bench --no-include-version
+upgrade_version client-api --no-include-version
+upgrade_version core --no-include-version
+upgrade_version standalone --no-include-version
+
+upgrade_version bindings
+upgrade_version bindings-macro
+upgrade_version bindings-sys
+upgrade_version cli
+upgrade_version lib
+upgrade_version sats
+upgrade_version client-sdk
+
+upgrade_version testing --skip-version
+
+# Upgrade the template that is shipped with the cli
+fsed 's@.*spacetimedb.*=.*".*".*@spacetimedb = "'"${version}"'"@' "crates/cli/src/subcommands/project/Cargo._toml"
+fsed 's@.*spacetimedb-lib.*=.*@spacetimedb-lib = { path = "../lib", default-features = false }@' "crates/bindings/Cargo.toml"
+fsed 's@.*spacetimedb-bindings-macro.*=.*@spacetimedb-bindings-macro = { path = "../bindings-macro" }@' "crates/bindings/Cargo.toml"
+
+# Maintain any other options
+fsed 's@.*spacetimedb-lib.*=.*@spacetimedb-lib = { path = "../lib", default-features = false, version = "'"$version"'"}@' "crates/bindings/Cargo.toml"
+fsed 's@.*spacetimedb-bindings-macro.*=.*@spacetimedb-bindings-macro = { path = "../bindings-macro", version = "'"$version"'"}@' "crates/bindings/Cargo.toml"
+
+cargo check
+
+printf "Upgrade to version %s was successful.\n\n" "${version}"