diff --git a/CHANGELOG.md b/CHANGELOG.md
new file mode 100644
index 0000000..e738cc1
--- /dev/null
+++ b/CHANGELOG.md
@@ -0,0 +1,12 @@
+
+# Changelog
+All notable changes to this project will be documented in this file.
+
+The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
+and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
+
+## [Unreleased]
+
+## [14.0.0-rc.1] - 2021-07-30
+### Added
+- Metadata V14
\ No newline at end of file
diff --git a/README.md b/README.md
index 9a1650b..69b5868 100644
--- a/README.md
+++ b/README.md
@@ -1,2 +1,11 @@
 # frame-metadata
-A set of tools to parse FRAME metadata retrieved from Substrate-based nodes.
+
+Defines FRAME metadata types for [Substrate](https://github.com/paritytech/substrate) runtimes.
+
+Originally part of the `substrate` repository, it was extracted here as part of https://github.com/paritytech/substrate/pull/8615.
+
+## Versioning
+Starting from `v12`, all historical metadata type definitions are retained. These can be enabled via features e.g. `v13`. The latest version is enabled by default.
+
+### Tooling
+The intention is to provide tooling here in the future to handle the different versions of metadata.
diff --git a/frame-metadata/Cargo.toml b/frame-metadata/Cargo.toml
index d311547..0157e72 100644
--- a/frame-metadata/Cargo.toml
+++ b/frame-metadata/Cargo.toml
@@ -1,12 +1,12 @@
 [package]
 name = "frame-metadata"
-version = "14.0.0"
+version = "14.0.0-rc.1"
 authors = ["Parity Technologies <admin@parity.io>"]
 edition = "2018"
 license = "Apache-2.0"
 homepage = "https://substrate.dev"
-repository = "https://github.com/paritytech/substrate/"
-description = "Decodable variant of the RuntimeMetadata."
+repository = "https://github.com/paritytech/frame-metadata/"
+description = "Metadata types for Substrate runtimes"
 readme = "README.md"
 
 [package.metadata.docs.rs]