diff --git a/Lake/Version.lean b/Lake/Version.lean
index da275f7970..fc8f4b16a3 100644
--- a/Lake/Version.lean
+++ b/Lake/Version.lean
@@ -7,11 +7,12 @@ Authors: Mac Malone
 namespace Lake
 
 def version.major := 3
-def version.minor := 1
-def version.patch := 0
+def version.minor := 0
+def version.patch := 1
 
-def version.isRelease := false
-def version.specialDesc := "pre"
+def version.isPrerelease := false
+def version.isRelease := !isPrerelease
+def version.specialDesc := if isPrerelease then "pre" else ""
 
 def versionStringCore :=
   s!"{version.major}.{version.minor}.{version.patch}"