diff --git a/ChangeLog b/ChangeLog
index af41ef62640..ff8d856fcf7 100644
--- a/ChangeLog
+++ b/ChangeLog
@@ -1,3 +1,17 @@
+Tue Aug 16 2022 Łukasz Plewa <lukasz.plewa@intel.com>
+
+	* Version 1.12.1-rc1
+
+ 	- common: Allow long links in commit messages
+ 	- common: Do not run self-hosted jobs on forks
+ 	- obj: always perform cleanup of logs with leftover state
+ 	- pmem2: actually skip msync with noflush on non-pmem
+ 	- pmem2: make sure async functions use proper vdm flags
+ 	- common: fix default cflags in makefiles
+ 	- obj: ensure zones are reclaimed prior to free
+ 	- pmem2: enable movdir64b compilation but disable it in the runtime
+
+
 Tue May 24 2022 Łukasz Plewa <lukasz.plewa@intel.com>
 
 	* Version 1.12.0
diff --git a/GIT_VERSION b/GIT_VERSION
deleted file mode 100644
index 6002f22fa25..00000000000
--- a/GIT_VERSION
+++ /dev/null
@@ -1 +0,0 @@
-$Format:%h$
\ No newline at end of file
diff --git a/VERSION b/VERSION
new file mode 100644
index 00000000000..e8e560f21cf
--- /dev/null
+++ b/VERSION
@@ -0,0 +1 @@
+1.12.1-rc1