diff --git a/x/stablestake/migrations/v3_migration.go b/x/stablestake/migrations/v3_migration.go
new file mode 100644
index 000000000..5b0184c70
--- /dev/null
+++ b/x/stablestake/migrations/v3_migration.go
@@ -0,0 +1,13 @@
+package migrations
+
+import (
+	sdk "github.com/cosmos/cosmos-sdk/types"
+)
+
+func (m Migrator) V3Migration(ctx sdk.Context) error {
+	params := m.keeper.GetParams(ctx)
+	params.InterestRateMin = sdk.NewDecWithPrec(10, 2) // 10%
+	params.InterestRateMax = sdk.NewDecWithPrec(50, 2) // 50%
+	m.keeper.SetParams(ctx, params)
+	return nil
+}
diff --git a/x/stablestake/module.go b/x/stablestake/module.go
index ed2ef7b88..16ea46d57 100644
--- a/x/stablestake/module.go
+++ b/x/stablestake/module.go
@@ -117,7 +117,7 @@ func (am AppModule) RegisterServices(cfg module.Configurator) {
 	types.RegisterMsgServer(cfg.MsgServer(), keeper.NewMsgServerImpl(am.keeper))
 	types.RegisterQueryServer(cfg.QueryServer(), am.keeper)
 	m := migrations.NewMigrator(am.keeper)
-	err := cfg.RegisterMigration(types.ModuleName, 1, m.V2Migration)
+	err := cfg.RegisterMigration(types.ModuleName, 2, m.V3Migration)
 	if err != nil {
 		panic(err)
 	}