diff --git a/modules/core/04-channel/keeper/migrations.go b/modules/core/04-channel/keeper/migrations.go
new file mode 100644
index 00000000000..5bc0fcf0a41
--- /dev/null
+++ b/modules/core/04-channel/keeper/migrations.go
@@ -0,0 +1,25 @@
+package keeper
+
+import (
+	sdk "github.com/cosmos/cosmos-sdk/types"
+
+	channeltypes "github.com/cosmos/ibc-go/v8/modules/core/04-channel/types"
+)
+
+// 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}
+}
+
+// MigrateParams migrates params to the default channel params.
+func (m Migrator) MigrateParams(ctx sdk.Context) error {
+	params := channeltypes.DefaultParams()
+	m.keeper.SetParams(ctx, params)
+	m.keeper.Logger(ctx).Info("successfully migrated ibc channel params")
+	return nil
+}
diff --git a/modules/core/04-channel/keeper/migrations_test.go b/modules/core/04-channel/keeper/migrations_test.go
new file mode 100644
index 00000000000..944aac49ce1
--- /dev/null
+++ b/modules/core/04-channel/keeper/migrations_test.go
@@ -0,0 +1,34 @@
+package keeper_test
+
+import (
+	"github.com/cosmos/ibc-go/v8/modules/core/04-channel/keeper"
+	channeltypes "github.com/cosmos/ibc-go/v8/modules/core/04-channel/types"
+)
+
+// TestMigrateDefaultParams tests the migration for the channel params
+func (suite *KeeperTestSuite) TestMigrateDefaultParams() {
+	testCases := []struct {
+		name           string
+		expectedParams channeltypes.Params
+	}{
+		{
+			"success: default params",
+			channeltypes.DefaultParams(),
+		},
+	}
+
+	for _, tc := range testCases {
+		tc := tc
+		suite.Run(tc.name, func() {
+			suite.SetupTest() // reset
+
+			ctx := suite.chainA.GetContext()
+			migrator := keeper.NewMigrator(suite.chainA.GetSimApp().IBCKeeper.ChannelKeeper)
+			err := migrator.MigrateParams(ctx)
+			suite.Require().NoError(err)
+
+			params := suite.chainA.GetSimApp().IBCKeeper.ChannelKeeper.GetParams(ctx)
+			suite.Require().Equal(tc.expectedParams, params)
+		})
+	}
+}
diff --git a/modules/core/module.go b/modules/core/module.go
index 27edd09a143..e7f6ebd4a94 100644
--- a/modules/core/module.go
+++ b/modules/core/module.go
@@ -22,6 +22,7 @@ import (
 	clienttypes "github.com/cosmos/ibc-go/v8/modules/core/02-client/types"
 	connectionkeeper "github.com/cosmos/ibc-go/v8/modules/core/03-connection/keeper"
 	connectiontypes "github.com/cosmos/ibc-go/v8/modules/core/03-connection/types"
+	channelkeeper "github.com/cosmos/ibc-go/v8/modules/core/04-channel/keeper"
 	channeltypes "github.com/cosmos/ibc-go/v8/modules/core/04-channel/types"
 	"github.com/cosmos/ibc-go/v8/modules/core/client/cli"
 	"github.com/cosmos/ibc-go/v8/modules/core/exported"
@@ -157,6 +158,12 @@ func (am AppModule) RegisterServices(cfg module.Configurator) {
 	}); err != nil {
 		panic(err)
 	}
+
+	channelMigrator := channelkeeper.NewMigrator(am.keeper.ChannelKeeper)
+	err := cfg.RegisterMigration(exported.ModuleName, 5, channelMigrator.MigrateParams)
+	if err != nil {
+		panic(err)
+	}
 }
 
 // InitGenesis performs genesis initialization for the ibc module. It returns
@@ -177,7 +184,7 @@ func (am AppModule) ExportGenesis(ctx sdk.Context, cdc codec.JSONCodec) json.Raw
 }
 
 // ConsensusVersion implements AppModule/ConsensusVersion.
-func (AppModule) ConsensusVersion() uint64 { return 5 }
+func (AppModule) ConsensusVersion() uint64 { return 6 }
 
 // BeginBlock returns the begin blocker for the ibc module.
 func (am AppModule) BeginBlock(ctx context.Context) error {