diff --git a/baseapp/baseapp.go b/baseapp/baseapp.go
index ba5ec2696e72..0c8e45eb9398 100644
--- a/baseapp/baseapp.go
+++ b/baseapp/baseapp.go
@@ -147,7 +147,7 @@ func NewBaseApp(
 		logger:           logger,
 		name:             name,
 		db:               db,
-		cms:              store.NewCommitMultiStore(db),
+		cms:              store.NewCommitMultiStore(db, logger),
 		storeLoader:      DefaultStoreLoader,
 		router:           NewRouter(),
 		queryRouter:      NewQueryRouter(),
diff --git a/baseapp/baseapp_test.go b/baseapp/baseapp_test.go
index ff307b105ff0..5db905cad9b3 100644
--- a/baseapp/baseapp_test.go
+++ b/baseapp/baseapp_test.go
@@ -258,7 +258,7 @@ func useDefaultLoader(app *BaseApp) {
 }
 
 func initStore(t *testing.T, db dbm.DB, storeKey string, k, v []byte) {
-	rs := rootmulti.NewStore(db)
+	rs := rootmulti.NewStore(db, log.NewNopLogger())
 	rs.SetPruning(store.PruneNothing)
 	key := sdk.NewKVStoreKey(storeKey)
 	rs.MountStoreWithDB(key, store.StoreTypeIAVL, nil)
@@ -275,7 +275,7 @@ func initStore(t *testing.T, db dbm.DB, storeKey string, k, v []byte) {
 }
 
 func checkStore(t *testing.T, db dbm.DB, ver int64, storeKey string, k, v []byte) {
-	rs := rootmulti.NewStore(db)
+	rs := rootmulti.NewStore(db, log.NewNopLogger())
 	rs.SetPruning(store.PruneDefault)
 	key := sdk.NewKVStoreKey(storeKey)
 	rs.MountStoreWithDB(key, store.StoreTypeIAVL, nil)
diff --git a/go.mod b/go.mod
index b40e7f4e5245..fa650395c514 100644
--- a/go.mod
+++ b/go.mod
@@ -70,4 +70,4 @@ replace github.com/gin-gonic/gin => github.com/gin-gonic/gin v1.7.0
 
 replace github.com/tendermint/tm-db => github.com/osmosis-labs/tm-db v0.6.5-0.20210911033928-ba9154613417
 
-replace github.com/cosmos/iavl => github.com/osmosis-labs/iavl v0.17.3-fast.1.0.20220207021926-5f889f6b44d5
+replace github.com/cosmos/iavl => github.com/osmosis-labs/iavl v0.17.3-osmo-v1
diff --git a/go.sum b/go.sum
index dfc1be99045d..5a5b6ebf0b3b 100644
--- a/go.sum
+++ b/go.sum
@@ -618,8 +618,10 @@ github.com/ory/dockertest v3.3.5+incompatible h1:iLLK6SQwIhcbrG783Dghaaa3WPzGc+4
 github.com/ory/dockertest v3.3.5+incompatible/go.mod h1:1vX4m9wsvi00u5bseYwXaSnhNrne+V0E6LAcBILJdPs=
 github.com/osmosis-labs/iavl v0.17.3-fast.1.0.20220207021926-5f889f6b44d5 h1:Yxj5CB5vnE2BSWbfWlDFzmyccDQmaFVGTms5RlD2Rgo=
 github.com/osmosis-labs/iavl v0.17.3-fast.1.0.20220207021926-5f889f6b44d5/go.mod h1:lJEOIlsd3sVO0JDyXWIXa9/Ur5FBscP26zJx0KxHjto=
-github.com/osmosis-labs/iavl v0.17.3-fast.2 h1:8jCq1xaZq5KiQzo86fOHF0TkiAEdxUKe5MJ/Xmwz4b8=
-github.com/osmosis-labs/iavl v0.17.3-fast.2/go.mod h1:lJEOIlsd3sVO0JDyXWIXa9/Ur5FBscP26zJx0KxHjto=
+github.com/osmosis-labs/iavl v0.17.3-fast.4 h1:P6872Aq9Q+X2nCQFMpUb+VCP0rNYZPW5OKa4tTnzR+A=
+github.com/osmosis-labs/iavl v0.17.3-fast.4/go.mod h1:lJEOIlsd3sVO0JDyXWIXa9/Ur5FBscP26zJx0KxHjto=
+github.com/osmosis-labs/iavl v0.17.3-osmo-v1 h1:orHUut98Miu2+bsFiNZJ29B3ogrbiBbQpti94L2w3Z4=
+github.com/osmosis-labs/iavl v0.17.3-osmo-v1/go.mod h1:lJEOIlsd3sVO0JDyXWIXa9/Ur5FBscP26zJx0KxHjto=
 github.com/osmosis-labs/tm-db v0.6.5-0.20210911033928-ba9154613417 h1:otchJDd2SjFWfs7Tse3ULblGcVWqMJ50BE02XCaqXOo=
 github.com/osmosis-labs/tm-db v0.6.5-0.20210911033928-ba9154613417/go.mod h1:dptYhIpJ2M5kUuenLr+Yyf3zQOv1SgBZcl8/BmWlMBw=
 github.com/otiai10/copy v1.6.0 h1:IinKAryFFuPONZ7cm6T6E2QX/vcJwSnlaA5lfoaXIiQ=
diff --git a/store/iavl/store.go b/store/iavl/store.go
index b68238c24dd2..ced9894414ae 100644
--- a/store/iavl/store.go
+++ b/store/iavl/store.go
@@ -3,6 +3,7 @@ package iavl
 import (
 	"errors"
 	"fmt"
+	"github.com/tendermint/tendermint/libs/log"
 	"io"
 	"time"
 
@@ -41,20 +42,29 @@ type Store struct {
 // LoadStore returns an IAVL Store as a CommitKVStore. Internally, it will load the
 // store's version (id) from the provided DB. An error is returned if the version
 // fails to load, or if called with a positive version on an empty tree.
-func LoadStore(db dbm.DB, id types.CommitID, lazyLoading bool) (types.CommitKVStore, error) {
-	return LoadStoreWithInitialVersion(db, id, lazyLoading, 0)
+func LoadStore(db dbm.DB, logger log.Logger, id types.CommitID, lazyLoading bool) (types.CommitKVStore, error) {
+	return LoadStoreWithInitialVersion(db, logger, id, lazyLoading, 0)
 }
 
 // LoadStoreWithInitialVersion returns an IAVL Store as a CommitKVStore setting its initialVersion
 // to the one given. Internally, it will load the store's version (id) from the
 // provided DB. An error is returned if the version fails to load, or if called with a positive
 // version on an empty tree.
-func LoadStoreWithInitialVersion(db dbm.DB, id types.CommitID, lazyLoading bool, initialVersion uint64) (types.CommitKVStore, error) {
+func LoadStoreWithInitialVersion(db dbm.DB, logger log.Logger, id types.CommitID, lazyLoading bool, initialVersion uint64) (types.CommitKVStore, error) {
 	tree, err := iavl.NewMutableTreeWithOpts(db, defaultIAVLCacheSize, &iavl.Options{InitialVersion: initialVersion})
 	if err != nil {
 		return nil, err
 	}
 
+	if tree.IsUpgradeable() && logger != nil {
+		logger.Info(
+			"Upgrading IAVL storage for faster queries + execution on live state. This may take a while",
+			"version", initialVersion,
+			"commit", fmt.Sprintf("%X", id),
+			"is_lazy", lazyLoading,
+		)
+	}
+
 	if lazyLoading {
 		_, err = tree.LazyLoadVersion(id.Version)
 	} else {
@@ -65,6 +75,10 @@ func LoadStoreWithInitialVersion(db dbm.DB, id types.CommitID, lazyLoading bool,
 		return nil, err
 	}
 
+	if logger != nil {
+		logger.Debug("Finished loading IAVL tree")
+	}
+
 	return &Store{
 		tree: tree,
 	}, nil
diff --git a/store/iavl/store_test.go b/store/iavl/store_test.go
index 26cf27db8bf0..3f635a707129 100644
--- a/store/iavl/store_test.go
+++ b/store/iavl/store_test.go
@@ -3,6 +3,7 @@ package iavl
 import (
 	crand "crypto/rand"
 	"fmt"
+	"github.com/tendermint/tendermint/libs/log"
 	"testing"
 
 	"github.com/cosmos/cosmos-sdk/store/cachekv"
@@ -93,17 +94,17 @@ func TestLoadStore(t *testing.T) {
 	require.Equal(t, string(hcStore.Get([]byte("hello"))), "ciao")
 
 	// Querying a new store at some previous non-pruned height H
-	newHStore, err := LoadStore(db, cIDH, false)
+	newHStore, err := LoadStore(db, log.NewNopLogger(), cIDH, false)
 	require.NoError(t, err)
 	require.Equal(t, string(newHStore.Get([]byte("hello"))), "hallo")
 
 	// Querying a new store at some previous pruned height Hp
-	newHpStore, err := LoadStore(db, cIDHp, false)
+	newHpStore, err := LoadStore(db, log.NewNopLogger(), cIDHp, false)
 	require.NoError(t, err)
 	require.Equal(t, string(newHpStore.Get([]byte("hello"))), "hola")
 
 	// Querying a new store at current height H
-	newHcStore, err := LoadStore(db, cIDHc, false)
+	newHcStore, err := LoadStore(db, log.NewNopLogger(), cIDHc, false)
 	require.NoError(t, err)
 	require.Equal(t, string(newHcStore.Get([]byte("hello"))), "ciao")
 }
diff --git a/store/rootmulti/proof_test.go b/store/rootmulti/proof_test.go
index f0bd29063ad1..2c301a3b2ac9 100644
--- a/store/rootmulti/proof_test.go
+++ b/store/rootmulti/proof_test.go
@@ -1,6 +1,7 @@
 package rootmulti
 
 import (
+	"github.com/tendermint/tendermint/libs/log"
 	"testing"
 
 	"github.com/stretchr/testify/require"
@@ -14,7 +15,7 @@ import (
 func TestVerifyIAVLStoreQueryProof(t *testing.T) {
 	// Create main tree for testing.
 	db := dbm.NewMemDB()
-	iStore, err := iavl.LoadStore(db, types.CommitID{}, false)
+	iStore, err := iavl.LoadStore(db, nil, types.CommitID{}, false)
 	store := iStore.(*iavl.Store)
 	require.Nil(t, err)
 	store.Set([]byte("MYKEY"), []byte("MYVALUE"))
@@ -57,7 +58,7 @@ func TestVerifyIAVLStoreQueryProof(t *testing.T) {
 func TestVerifyMultiStoreQueryProof(t *testing.T) {
 	// Create main tree for testing.
 	db := dbm.NewMemDB()
-	store := NewStore(db)
+	store := NewStore(db, nil)
 	iavlStoreKey := types.NewKVStoreKey("iavlStoreKey")
 
 	store.MountStoreWithDB(iavlStoreKey, types.StoreTypeIAVL, nil)
@@ -112,7 +113,7 @@ func TestVerifyMultiStoreQueryProof(t *testing.T) {
 func TestVerifyMultiStoreQueryProofAbsence(t *testing.T) {
 	// Create main tree for testing.
 	db := dbm.NewMemDB()
-	store := NewStore(db)
+	store := NewStore(db, log.NewNopLogger())
 	iavlStoreKey := types.NewKVStoreKey("iavlStoreKey")
 
 	store.MountStoreWithDB(iavlStoreKey, types.StoreTypeIAVL, nil)
diff --git a/store/rootmulti/store.go b/store/rootmulti/store.go
index 07dd864de1e3..3a8e2592f19e 100644
--- a/store/rootmulti/store.go
+++ b/store/rootmulti/store.go
@@ -5,6 +5,7 @@ import (
 	"compress/zlib"
 	"encoding/binary"
 	"fmt"
+	"github.com/tendermint/tendermint/libs/log"
 	"io"
 	"math"
 	"sort"
@@ -46,6 +47,7 @@ const (
 // the CommitMultiStore interface.
 type Store struct {
 	db             dbm.DB
+	logger         log.Logger
 	lastCommitInfo *types.CommitInfo
 	pruningOpts    types.PruningOptions
 	storesParams   map[types.StoreKey]storeParams
@@ -72,9 +74,10 @@ var (
 // store will be created with a PruneNothing pruning strategy by default. After
 // a store is created, KVStores must be mounted and finally LoadLatestVersion or
 // LoadVersion must be called.
-func NewStore(db dbm.DB) *Store {
+func NewStore(db dbm.DB, logger log.Logger) *Store {
 	return &Store{
 		db:           db,
+		logger:       logger,
 		pruningOpts:  types.PruneNothing,
 		storesParams: make(map[types.StoreKey]storeParams),
 		stores:       make(map[types.StoreKey]types.CommitKVStore),
@@ -876,9 +879,9 @@ func (rs *Store) loadCommitStoreFromParams(key types.StoreKey, id types.CommitID
 		var err error
 
 		if params.initialVersion == 0 {
-			store, err = iavl.LoadStore(db, id, rs.lazyLoading)
+			store, err = iavl.LoadStore(db, rs.logger, id, rs.lazyLoading)
 		} else {
-			store, err = iavl.LoadStoreWithInitialVersion(db, id, rs.lazyLoading, params.initialVersion)
+			store, err = iavl.LoadStoreWithInitialVersion(db, rs.logger, id, rs.lazyLoading, params.initialVersion)
 		}
 
 		if err != nil {
diff --git a/store/rootmulti/store_test.go b/store/rootmulti/store_test.go
index cf7653b076cb..254efdfa1614 100644
--- a/store/rootmulti/store_test.go
+++ b/store/rootmulti/store_test.go
@@ -7,6 +7,7 @@ import (
 	"encoding/hex"
 	"errors"
 	"fmt"
+	"github.com/tendermint/tendermint/libs/log"
 	"io"
 	"io/ioutil"
 	"math/rand"
@@ -30,7 +31,7 @@ import (
 
 func TestStoreType(t *testing.T) {
 	db := dbm.NewMemDB()
-	store := NewStore(db)
+	store := NewStore(db, log.NewNopLogger())
 	store.MountStoreWithDB(types.NewKVStoreKey("store1"), types.StoreTypeIAVL, db)
 }
 
@@ -53,7 +54,7 @@ func TestGetCommitKVStore(t *testing.T) {
 
 func TestStoreMount(t *testing.T) {
 	db := dbm.NewMemDB()
-	store := NewStore(db)
+	store := NewStore(db, log.NewNopLogger())
 
 	key1 := types.NewKVStoreKey("store1")
 	key2 := types.NewKVStoreKey("store2")
@@ -831,7 +832,7 @@ func benchmarkMultistoreSnapshot(b *testing.B, stores uint8, storeKeys uint64) {
 	b.StartTimer()
 
 	for i := 0; i < b.N; i++ {
-		target := NewStore(dbm.NewMemDB())
+		target := NewStore(dbm.NewMemDB(), log.NewNopLogger())
 		for key := range source.stores {
 			target.MountStoreWithDB(key, types.StoreTypeIAVL, nil)
 		}
@@ -861,7 +862,7 @@ func benchmarkMultistoreSnapshotRestore(b *testing.B, stores uint8, storeKeys ui
 	b.StartTimer()
 
 	for i := 0; i < b.N; i++ {
-		target := NewStore(dbm.NewMemDB())
+		target := NewStore(dbm.NewMemDB(), log.NewNopLogger())
 		for key := range source.stores {
 			target.MountStoreWithDB(key, types.StoreTypeIAVL, nil)
 		}
@@ -887,7 +888,7 @@ var (
 )
 
 func newMultiStoreWithMounts(db dbm.DB, pruningOpts types.PruningOptions) *Store {
-	store := NewStore(db)
+	store := NewStore(db, log.NewNopLogger())
 	store.pruningOpts = pruningOpts
 
 	store.MountStoreWithDB(testStoreKey1, types.StoreTypeIAVL, nil)
@@ -898,7 +899,7 @@ func newMultiStoreWithMounts(db dbm.DB, pruningOpts types.PruningOptions) *Store
 }
 
 func newMultiStoreWithMixedMounts(db dbm.DB) *Store {
-	store := NewStore(db)
+	store := NewStore(db, log.NewNopLogger())
 	store.MountStoreWithDB(types.NewKVStoreKey("iavl1"), types.StoreTypeIAVL, nil)
 	store.MountStoreWithDB(types.NewKVStoreKey("iavl2"), types.StoreTypeIAVL, nil)
 	store.MountStoreWithDB(types.NewKVStoreKey("iavl3"), types.StoreTypeIAVL, nil)
@@ -935,7 +936,7 @@ func newMultiStoreWithMixedMountsAndBasicData(db dbm.DB) *Store {
 }
 
 func newMultiStoreWithGeneratedData(db dbm.DB, stores uint8, storeKeys uint64) *Store {
-	multiStore := NewStore(db)
+	multiStore := NewStore(db, log.NewNopLogger())
 	r := rand.New(rand.NewSource(49872768940)) // Fixed seed for deterministic tests
 
 	keys := []*types.KVStoreKey{}
@@ -967,7 +968,7 @@ func newMultiStoreWithGeneratedData(db dbm.DB, stores uint8, storeKeys uint64) *
 }
 
 func newMultiStoreWithModifiedMounts(db dbm.DB, pruningOpts types.PruningOptions) (*Store, *types.StoreUpgrades) {
-	store := NewStore(db)
+	store := NewStore(db, log.NewNopLogger())
 	store.pruningOpts = pruningOpts
 
 	store.MountStoreWithDB(types.NewKVStoreKey("store1"), types.StoreTypeIAVL, nil)
diff --git a/store/store.go b/store/store.go
index 2c068c413f47..a367e4ee3dfc 100644
--- a/store/store.go
+++ b/store/store.go
@@ -1,6 +1,7 @@
 package store
 
 import (
+	"github.com/tendermint/tendermint/libs/log"
 	dbm "github.com/tendermint/tm-db"
 
 	"github.com/cosmos/cosmos-sdk/store/cache"
@@ -8,8 +9,8 @@ import (
 	"github.com/cosmos/cosmos-sdk/store/types"
 )
 
-func NewCommitMultiStore(db dbm.DB) types.CommitMultiStore {
-	return rootmulti.NewStore(db)
+func NewCommitMultiStore(db dbm.DB, logger log.Logger) types.CommitMultiStore {
+	return rootmulti.NewStore(db, logger)
 }
 
 func NewCommitKVStoreCacheManager() types.MultiStorePersistentCache {
diff --git a/store/types/iterator_test.go b/store/types/iterator_test.go
index 3086917b605b..942983683c9e 100644
--- a/store/types/iterator_test.go
+++ b/store/types/iterator_test.go
@@ -1,6 +1,7 @@
 package types_test
 
 import (
+	"github.com/tendermint/tendermint/libs/log"
 	"testing"
 
 	"github.com/stretchr/testify/require"
@@ -12,7 +13,7 @@ import (
 
 func newMemTestKVStore(t *testing.T) types.KVStore {
 	db := dbm.NewMemDB()
-	store, err := iavl.LoadStore(db, types.CommitID{}, false)
+	store, err := iavl.LoadStore(db, log.NewNopLogger(), types.CommitID{}, false)
 	require.NoError(t, err)
 	return store
 }
diff --git a/store/types/utils_test.go b/store/types/utils_test.go
index 32064d7e1821..391b42b33023 100644
--- a/store/types/utils_test.go
+++ b/store/types/utils_test.go
@@ -2,6 +2,7 @@ package types_test
 
 import (
 	"bytes"
+	"github.com/tendermint/tendermint/libs/log"
 	"testing"
 
 	"github.com/stretchr/testify/require"
@@ -13,7 +14,7 @@ import (
 
 func initTestStores(t *testing.T) (types.KVStore, types.KVStore) {
 	db := dbm.NewMemDB()
-	ms := rootmulti.NewStore(db)
+	ms := rootmulti.NewStore(db, log.NewNopLogger())
 
 	key1 := types.NewKVStoreKey("store1")
 	key2 := types.NewKVStoreKey("store2")
diff --git a/testutil/context.go b/testutil/context.go
index 2fb9865a2696..bf1ef78a5471 100644
--- a/testutil/context.go
+++ b/testutil/context.go
@@ -12,7 +12,7 @@ import (
 // DefaultContext creates a sdk.Context with a fresh MemDB that can be used in tests.
 func DefaultContext(key sdk.StoreKey, tkey sdk.StoreKey) sdk.Context {
 	db := dbm.NewMemDB()
-	cms := store.NewCommitMultiStore(db)
+	cms := store.NewCommitMultiStore(db, log.NewNopLogger())
 	cms.MountStoreWithDB(key, sdk.StoreTypeIAVL, db)
 	cms.MountStoreWithDB(tkey, sdk.StoreTypeTransient, db)
 	err := cms.LoadLatestVersion()
diff --git a/types/query/pagination_test.go b/types/query/pagination_test.go
index da07a5e1b093..529200515d70 100644
--- a/types/query/pagination_test.go
+++ b/types/query/pagination_test.go
@@ -3,6 +3,7 @@ package query_test
 import (
 	gocontext "context"
 	"fmt"
+	"github.com/tendermint/tendermint/libs/log"
 	"testing"
 
 	"github.com/stretchr/testify/suite"
@@ -340,7 +341,7 @@ func setupTest() (*simapp.SimApp, sdk.Context, codec.Codec) {
 	appCodec := app.AppCodec()
 
 	db := dbm.NewMemDB()
-	ms := store.NewCommitMultiStore(db)
+	ms := store.NewCommitMultiStore(db, log.NewNopLogger())
 
 	ms.LoadLatestVersion()
 
diff --git a/types/store_test.go b/types/store_test.go
index 9c3ef2f79dd6..645d4eb6917b 100644
--- a/types/store_test.go
+++ b/types/store_test.go
@@ -1,6 +1,7 @@
 package types_test
 
 import (
+	"github.com/tendermint/tendermint/libs/log"
 	"testing"
 
 	"github.com/stretchr/testify/suite"
@@ -108,7 +109,7 @@ func (s *storeTestSuite) TestDiffKVStores() {
 
 func (s *storeTestSuite) initTestStores() (types.KVStore, types.KVStore) {
 	db := dbm.NewMemDB()
-	ms := rootmulti.NewStore(db)
+	ms := rootmulti.NewStore(db, log.NewNopLogger())
 
 	key1 := types.NewKVStoreKey("store1")
 	key2 := types.NewKVStoreKey("store2")
diff --git a/x/params/types/subspace_test.go b/x/params/types/subspace_test.go
index a347a5f5427e..4aa785bbb307 100644
--- a/x/params/types/subspace_test.go
+++ b/x/params/types/subspace_test.go
@@ -29,7 +29,7 @@ type SubspaceTestSuite struct {
 func (suite *SubspaceTestSuite) SetupTest() {
 	db := dbm.NewMemDB()
 
-	ms := store.NewCommitMultiStore(db)
+	ms := store.NewCommitMultiStore(db, log.NewNopLogger())
 	ms.MountStoreWithDB(key, sdk.StoreTypeIAVL, db)
 	ms.MountStoreWithDB(tkey, sdk.StoreTypeTransient, db)
 	suite.NoError(ms.LoadLatestVersion())
diff --git a/x/upgrade/types/storeloader_test.go b/x/upgrade/types/storeloader_test.go
index ec2bfa824d07..c339aa4045f9 100644
--- a/x/upgrade/types/storeloader_test.go
+++ b/x/upgrade/types/storeloader_test.go
@@ -30,7 +30,7 @@ func defaultLogger() log.Logger {
 }
 
 func initStore(t *testing.T, db dbm.DB, storeKey string, k, v []byte) {
-	rs := rootmulti.NewStore(db)
+	rs := rootmulti.NewStore(db, log.NewNopLogger())
 	rs.SetPruning(store.PruneNothing)
 	key := sdk.NewKVStoreKey(storeKey)
 	rs.MountStoreWithDB(key, store.StoreTypeIAVL, nil)
@@ -47,7 +47,7 @@ func initStore(t *testing.T, db dbm.DB, storeKey string, k, v []byte) {
 }
 
 func checkStore(t *testing.T, db dbm.DB, ver int64, storeKey string, k, v []byte) {
-	rs := rootmulti.NewStore(db)
+	rs := rootmulti.NewStore(db, log.NewNopLogger())
 	rs.SetPruning(store.PruneNothing)
 	key := sdk.NewKVStoreKey(storeKey)
 	rs.MountStoreWithDB(key, store.StoreTypeIAVL, nil)