diff --git a/CHANGELOG.md b/CHANGELOG.md
index d5e72935bf2..b4770773536 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -77,6 +77,7 @@ which acts as a fuzz testing tool tailored for the SDK state machine.
 * [#2206](https://github.com/osmosis-labs/osmosis/pull/2283) Register all Amino interfaces and concrete types on the authz Amino codec. This will allow the authz module to properly serialize and de-serializes instances using Amino.
 * [#2405](https://github.com/osmosis-labs/osmosis/pull/2405) Make SpotPrice have a max value of 2^160, and no longer be able to panic
 * [#2473](https://github.com/osmosis-labs/osmosis/pull/2473) x/superfluid `AddNewSuperfluidAsset` now returns error, if any occurs instead of ignoring it.
+* [#2714](https://github.com/osmosis-labs/osmosis/pull/2714) Upgrade wasmd to v0.28.0.
 
 #### Golang API breaks
 
diff --git a/go.mod b/go.mod
index 371c66fa722..477fa5b1613 100644
--- a/go.mod
+++ b/go.mod
@@ -3,7 +3,7 @@ module github.com/osmosis-labs/osmosis/v12
 go 1.18
 
 require (
-	github.com/CosmWasm/wasmd v0.27.0
+	github.com/CosmWasm/wasmd v0.28.0-osmo-v12
 	github.com/cosmos/cosmos-proto v1.0.0-alpha7
 	github.com/cosmos/cosmos-sdk v0.46.1
 	github.com/cosmos/go-bip39 v1.0.0
@@ -291,8 +291,8 @@ require (
 )
 
 replace (
-	// branch: v0.27.0.rc3-osmo, current tag: v0.27.0.rc3-osmo
-	github.com/CosmWasm/wasmd => github.com/osmosis-labs/wasmd v0.27.0-rc2.0.20220517191021-59051aa18d58
+	// branch: v0.28.0x-osmo-v12, current tag: v0.28.0-osmo-v12.1
+	github.com/CosmWasm/wasmd => github.com/osmosis-labs/wasmd v0.28.0-osmo-v12.1
 	// Our cosmos-sdk branch is:  https://github.com/osmosis-labs/cosmos-sdk/tree/v0.45.0x-osmo-v12, Tag: https://github.com/osmosis-labs/cosmos-sdk/releases/tag/v0.45.0-osmo-v12
 	github.com/cosmos/cosmos-sdk => github.com/osmosis-labs/cosmos-sdk v0.45.0-osmo-v12
 	// Use Osmosis fast iavl
diff --git a/go.sum b/go.sum
index f029dcb1028..7e7124956fd 100644
--- a/go.sum
+++ b/go.sum
@@ -882,8 +882,8 @@ github.com/osmosis-labs/go-mutesting v0.0.0-20220811235203-65a53b4ea8e3 h1:/imbK
 github.com/osmosis-labs/go-mutesting v0.0.0-20220811235203-65a53b4ea8e3/go.mod h1:lV6KnqXYD/ayTe7310MHtM3I2q8Z6bBfMAi+bhwPYtI=
 github.com/osmosis-labs/iavl v0.17.3-osmo-v7 h1:6KcADC/WhL7yDmNQxUIJt2XmzNt4FfRmq9gRke45w74=
 github.com/osmosis-labs/iavl v0.17.3-osmo-v7/go.mod h1:lJEOIlsd3sVO0JDyXWIXa9/Ur5FBscP26zJx0KxHjto=
-github.com/osmosis-labs/wasmd v0.27.0-rc2.0.20220517191021-59051aa18d58 h1:15l3Iss2oCGCeJRi2g3CuCnqmEjpAr3Le7cDnoN/LS0=
-github.com/osmosis-labs/wasmd v0.27.0-rc2.0.20220517191021-59051aa18d58/go.mod h1:0h8WBsFhyingomsrN+34JVZe/qRySHYHICyTEokCkYU=
+github.com/osmosis-labs/wasmd v0.28.0-osmo-v12.1 h1:CZJSa65banZjQNyDhp+nGPr9MRYrIfOU/aO3ww2V1Rg=
+github.com/osmosis-labs/wasmd v0.28.0-osmo-v12.1/go.mod h1:7YWBfoD6zPuu6pmqnq/kMNpc+xqOaxEtolJ5/7xHzB8=
 github.com/otiai10/copy v1.2.0/go.mod h1:rrF5dJ5F0t/EWSYODDu4j9/vEeYHMkc8jt0zJChqQWw=
 github.com/otiai10/copy v1.7.0 h1:hVoPiN+t+7d2nzzwMiDHPSOogsWAStewq3TwU05+clE=
 github.com/otiai10/curr v0.0.0-20150429015615-9b4961190c95/go.mod h1:9qAhocn7zKJG+0mI8eUu6xqkFDYS2kb2saOteoSB3cE=
diff --git a/simulation/executor/simulate_dev.go b/simulation/executor/simulate_dev.go
index a606e36a0c3..2ba1d85e9b3 100644
--- a/simulation/executor/simulate_dev.go
+++ b/simulation/executor/simulate_dev.go
@@ -101,7 +101,7 @@ func (simState *simState) SimulateBlock(simCtx *simtypes.SimCtx, blockSimulator
 	}
 
 	requestBeginBlock := simState.beginBlock(simCtx)
-	ctx := simCtx.BaseApp().NewContext(false, simState.header)
+	ctx := simCtx.BaseApp().NewContext(false, simState.header).WithBlockTime(simState.header.Time)
 
 	// Run queued operations. Ignores blocksize if blocksize is too small
 	numQueuedOpsRan, err := simState.runQueuedOperations(simCtx, ctx)
diff --git a/tests/simulator/state.go b/tests/simulator/state.go
index 9244362f1c7..5ef50d30680 100644
--- a/tests/simulator/state.go
+++ b/tests/simulator/state.go
@@ -29,7 +29,10 @@ func AppStateFn() osmosim.AppStateFn {
 	return func(simManager *osmosimtypes.Manager, r *rand.Rand, accs []simtypes.Account, config osmosim.InitializationConfig,
 	) (appState json.RawMessage, simAccs []simtypes.Account, chainID string, genesisTimestamp time.Time) {
 		if osmosim.FlagGenesisTimeValue == 0 {
-			genesisTimestamp = simtypes.RandTimestamp(r)
+			// N.B.: wasmd has the following check in its simulator:
+			// https://github.com/osmosis-labs/wasmd/blob/c2ec9092d086b5ac6dd367f33ce8b5cce8e4c5f5/x/wasm/types/types.go#L261-L264
+			// As a result, it is easy to overflow and become negative if seconds are set too large.
+			genesisTimestamp = time.Unix(0, r.Int63())
 		} else {
 			genesisTimestamp = time.Unix(osmosim.FlagGenesisTimeValue, 0)
 		}
diff --git a/x/gamm/simulation/sim_msgs.go b/x/gamm/simulation/sim_msgs.go
index 5728380c420..7ceebefe190 100644
--- a/x/gamm/simulation/sim_msgs.go
+++ b/x/gamm/simulation/sim_msgs.go
@@ -355,7 +355,7 @@ func RandomExitSwapShareAmountIn(k keeper.Keeper, sim *simtypes.SimCtx, ctx sdk.
 		PoolId:            pool_id,
 		TokenOutDenom:     tokenOut.Denom,
 		ShareInAmount:     gammShares.Amount.Quo(sdk.NewInt(2)),
-		TokenOutMinAmount: tokenOut.Amount,
+		TokenOutMinAmount: tokenOut.Amount.Quo(sdk.NewInt(2)),
 	}, nil
 }