diff --git a/CHANGELOG b/CHANGELOG
index ea2fc9d..f061751 100644
--- a/CHANGELOG
+++ b/CHANGELOG
@@ -1,3 +1,32 @@
+2022-06-17 v1.12.0 "Torrent Duck"
+  This release adds optimizations for Loongarch, adds support for vp8 in the
+  real-time rate control library, upgrades GoogleTest to v1.11.0, updates
+  libwebm to libwebm-1.0.0.28-20-g206d268, and includes numerous bug fixes.
+
+  - Upgrading:
+    This release is ABI compatible with the previous release.
+
+    vp8 support in the real-time rate control library.
+    New codec control VP8E_SET_RTC_EXTERNAL_RATECTRL is added.
+
+    Configure support for darwin21 is added.
+
+    GoogleTest is upgraded to v1.11.0.
+
+    libwebm is updated to libwebm-1.0.0.28-20-g206d268.
+
+  - Enhancement:
+    Numerous improvements on checking memory allocations.
+    Optimizations for Loongarch.
+    Code clean-up.
+
+  - Bug fixes:
+    Fix to a crash related to {vp8/vp9}_set_roi_map.
+    Fix to compiling failure with -Wformat-nonliteral.
+    Fix to integer overflow with vp9 with high resolution content.
+    Fix to AddNoiseTest failure with ARMv7.
+    Fix to libvpx Null-dereference READ in vp8.
+
 2021-09-27 v1.11.0 "Smew Duck"
   This maintenance release adds support for VBR mode in VP9 rate control
   interface, new codec controls to get quantization parameters and loop filter
diff --git a/libs.mk b/libs.mk
index b59bb45..00e49a1 100644
--- a/libs.mk
+++ b/libs.mk
@@ -313,7 +313,7 @@
 # SO_VERSION_* then follow the rules in the link to detemine the new version
 # (c1, a1, r1) and set MAJOR to [c1-a1], MINOR to a1 and PATCH to r1
 SO_VERSION_MAJOR := 7
-SO_VERSION_MINOR := 0
+SO_VERSION_MINOR := 1
 SO_VERSION_PATCH := 0
 ifeq ($(filter darwin%,$(TGT_OS)),$(TGT_OS))
 LIBVPX_SO               := libvpx.$(SO_VERSION_MAJOR).dylib