Aadding note about Params being self managed (cosmos#4622)

docs/migrations/v7-to-v8.md

@@ -74,6 +74,20 @@ TODO: https://github.com/cosmos/ibc-go/pull/3505 (extra parameter added to trans
 	)
 ```
 
+### Params migration
+
+Params are now self managed in the following submodules:
+
+- ica/controller [#3590](https://github.com/cosmos/ibc-go/pull/3590)
+- ica/host [#3520](https://github.com/cosmos/ibc-go/pull/3520)
+- ibc/connection [#3650](https://github.com/cosmos/ibc-go/pull/3650)
+- ibc/client [#3640](https://github.com/cosmos/ibc-go/pull/3640)
+- ibc/transfer [#3553](https://github.com/cosmos/ibc-go/pull/3553)
+
+Each module has a corresponding `MsgUpdateParams` message with a `Params` which can be specified in full to update the modules' `Params`.
+
+Legacy params subspaces must still be initialised in app.go in order to successfully migrate from x/params to the new self-contained approach. See reference: https://github.com/cosmos/ibc-go/blob/main/testing/simapp/app.go#L1001-L1006
+
 ### Transfer migration
 
 An automatic migration handler (TODO: add link after https://github.com/cosmos/ibc-go/pull/3104 is merged) is configured in the transfer module to set the [denomination metadata](https://github.com/cosmos/cosmos-sdk/blob/95178ce036741ae6aa7af131fa9fccf3e13fff7a/proto/cosmos/bank/v1beta1/bank.proto#L96-L125) for the IBC denominations of all vouchers minted by the transfer module.