diff --git a/substrate/client/executor/src/executor.rs b/substrate/client/executor/src/executor.rs
index 499bb704b1699..d56a3b389ef42 100644
--- a/substrate/client/executor/src/executor.rs
+++ b/substrate/client/executor/src/executor.rs
@@ -518,7 +518,7 @@ where
 			runtime_code,
 			ext,
 			heap_alloc_strategy,
-			|_, mut instance, _onchain_version, mut ext| {
+			|_, mut instance, _on_chain_version, mut ext| {
 				with_externalities_safe(&mut **ext, move || instance.call_export(method, data))
 			},
 		);
@@ -682,18 +682,18 @@ impl<D: NativeExecutionDispatch + 'static> CodeExecutor for NativeElseWasmExecut
 			runtime_code,
 			ext,
 			heap_alloc_strategy,
-			|_, mut instance, onchain_version, mut ext| {
-				let onchain_version =
-					onchain_version.ok_or_else(|| Error::ApiError("Unknown version".into()))?;
+			|_, mut instance, on_chain_version, mut ext| {
+				let on_chain_version =
+					on_chain_version.ok_or_else(|| Error::ApiError("Unknown version".into()))?;
 
 				let can_call_with =
-					onchain_version.can_call_with(&self.native_version.runtime_version);
+					on_chain_version.can_call_with(&self.native_version.runtime_version);
 
 				if use_native && can_call_with {
 					tracing::trace!(
 						target: "executor",
 						native = %self.native_version.runtime_version,
-						chain = %onchain_version,
+						chain = %on_chain_version,
 						"Request for native execution succeeded",
 					);
 
@@ -705,7 +705,7 @@ impl<D: NativeExecutionDispatch + 'static> CodeExecutor for NativeElseWasmExecut
 						tracing::trace!(
 							target: "executor",
 							native = %self.native_version.runtime_version,
-							chain = %onchain_version,
+							chain = %on_chain_version,
 							"Request for native execution failed",
 						);
 					}
diff --git a/substrate/frame/alliance/src/migration.rs b/substrate/frame/alliance/src/migration.rs
index e3a44a7887e97..432f09a16f477 100644
--- a/substrate/frame/alliance/src/migration.rs
+++ b/substrate/frame/alliance/src/migration.rs
@@ -19,19 +19,19 @@ use crate::{Config, Pallet, Weight, LOG_TARGET};
 use frame_support::{pallet_prelude::*, storage::migration, traits::OnRuntimeUpgrade};
 use log;
 
-/// The current storage version.
+/// The in-code storage version.
 pub const STORAGE_VERSION: StorageVersion = StorageVersion::new(2);
 
 /// Wrapper for all migrations of this pallet.
 pub fn migrate<T: Config<I>, I: 'static>() -> Weight {
-	let onchain_version = Pallet::<T, I>::on_chain_storage_version();
+	let on_chain_version = Pallet::<T, I>::on_chain_storage_version();
 	let mut weight: Weight = Weight::zero();
 
-	if onchain_version < 1 {
+	if on_chain_version < 1 {
 		weight = weight.saturating_add(v0_to_v1::migrate::<T, I>());
 	}
 
-	if onchain_version < 2 {
+	if on_chain_version < 2 {
 		weight = weight.saturating_add(v1_to_v2::migrate::<T, I>());
 	}
 
diff --git a/substrate/frame/assets/src/lib.rs b/substrate/frame/assets/src/lib.rs
index cafe7bb1a3b53..60316f8cdcf1f 100644
--- a/substrate/frame/assets/src/lib.rs
+++ b/substrate/frame/assets/src/lib.rs
@@ -208,7 +208,7 @@ pub mod pallet {
 	};
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/assets/src/migration.rs b/substrate/frame/assets/src/migration.rs
index ff0ffbff0d362..dd7c12293e80f 100644
--- a/substrate/frame/assets/src/migration.rs
+++ b/substrate/frame/assets/src/migration.rs
@@ -67,9 +67,9 @@ pub mod v1 {
 	pub struct MigrateToV1<T>(core::marker::PhantomData<T>);
 	impl<T: Config> OnRuntimeUpgrade for MigrateToV1<T> {
 		fn on_runtime_upgrade() -> Weight {
-			let current_version = Pallet::<T>::current_storage_version();
-			let onchain_version = Pallet::<T>::on_chain_storage_version();
-			if onchain_version == 0 && current_version == 1 {
+			let in_code_version = Pallet::<T>::in_code_storage_version();
+			let on_chain_version = Pallet::<T>::on_chain_storage_version();
+			if on_chain_version == 0 && in_code_version == 1 {
 				let mut translated = 0u64;
 				Asset::<T>::translate::<
 					OldAssetDetails<T::Balance, T::AccountId, DepositBalanceOf<T>>,
@@ -78,12 +78,12 @@ pub mod v1 {
 					translated.saturating_inc();
 					Some(old_value.migrate_to_v1())
 				});
-				current_version.put::<Pallet<T>>();
+				in_code_version.put::<Pallet<T>>();
 				log::info!(
 					target: LOG_TARGET,
 					"Upgraded {} pools, storage to version {:?}",
 					translated,
-					current_version
+					in_code_version
 				);
 				T::DbWeight::get().reads_writes(translated + 1, translated + 1)
 			} else {
@@ -116,13 +116,13 @@ pub mod v1 {
 				"the asset count before and after the migration should be the same"
 			);
 
-			let current_version = Pallet::<T>::current_storage_version();
-			let onchain_version = Pallet::<T>::on_chain_storage_version();
+			let in_code_version = Pallet::<T>::in_code_storage_version();
+			let on_chain_version = Pallet::<T>::on_chain_storage_version();
 
-			frame_support::ensure!(current_version == 1, "must_upgrade");
+			frame_support::ensure!(in_code_version == 1, "must_upgrade");
 			ensure!(
-				current_version == onchain_version,
-				"after migration, the current_version and onchain_version should be the same"
+				in_code_version == on_chain_version,
+				"after migration, the in_code_version and on_chain_version should be the same"
 			);
 
 			Asset::<T>::iter().try_for_each(|(_id, asset)| -> Result<(), TryRuntimeError> {
diff --git a/substrate/frame/balances/src/lib.rs b/substrate/frame/balances/src/lib.rs
index 7dd087eabd634..e87aa6f9311e3 100644
--- a/substrate/frame/balances/src/lib.rs
+++ b/substrate/frame/balances/src/lib.rs
@@ -320,7 +320,7 @@ pub mod pallet {
 		type MaxFreezes: Get<u32>;
 	}
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: frame_support::traits::StorageVersion =
 		frame_support::traits::StorageVersion::new(1);
 
diff --git a/substrate/frame/balances/src/migration.rs b/substrate/frame/balances/src/migration.rs
index ba6819ec6e814..38d9c07ff7e00 100644
--- a/substrate/frame/balances/src/migration.rs
+++ b/substrate/frame/balances/src/migration.rs
@@ -22,9 +22,9 @@ use frame_support::{
 };
 
 fn migrate_v0_to_v1<T: Config<I>, I: 'static>(accounts: &[T::AccountId]) -> Weight {
-	let onchain_version = Pallet::<T, I>::on_chain_storage_version();
+	let on_chain_version = Pallet::<T, I>::on_chain_storage_version();
 
-	if onchain_version == 0 {
+	if on_chain_version == 0 {
 		let total = accounts
 			.iter()
 			.map(|a| Pallet::<T, I>::total_balance(a))
@@ -76,9 +76,9 @@ impl<T: Config<I>, A: Get<Vec<T::AccountId>>, I: 'static> OnRuntimeUpgrade
 pub struct ResetInactive<T, I = ()>(PhantomData<(T, I)>);
 impl<T: Config<I>, I: 'static> OnRuntimeUpgrade for ResetInactive<T, I> {
 	fn on_runtime_upgrade() -> Weight {
-		let onchain_version = Pallet::<T, I>::on_chain_storage_version();
+		let on_chain_version = Pallet::<T, I>::on_chain_storage_version();
 
-		if onchain_version == 1 {
+		if on_chain_version == 1 {
 			// Remove the old `StorageVersion` type.
 			frame_support::storage::unhashed::kill(&frame_support::storage::storage_prefix(
 				Pallet::<T, I>::name().as_bytes(),
diff --git a/substrate/frame/collective/src/lib.rs b/substrate/frame/collective/src/lib.rs
index c084784e0a9bc..dd481b5368146 100644
--- a/substrate/frame/collective/src/lib.rs
+++ b/substrate/frame/collective/src/lib.rs
@@ -176,7 +176,7 @@ pub mod pallet {
 	use frame_support::pallet_prelude::*;
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(4);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/contracts/src/lib.rs b/substrate/frame/contracts/src/lib.rs
index d8939ee88baf9..32d789a458f9b 100644
--- a/substrate/frame/contracts/src/lib.rs
+++ b/substrate/frame/contracts/src/lib.rs
@@ -234,7 +234,7 @@ pub mod pallet {
 	use frame_system::pallet_prelude::*;
 	use sp_runtime::Perbill;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	pub(crate) const STORAGE_VERSION: StorageVersion = StorageVersion::new(15);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/contracts/src/migration.rs b/substrate/frame/contracts/src/migration.rs
index 6d61cb6b1e1af..f30ae1ebfadee 100644
--- a/substrate/frame/contracts/src/migration.rs
+++ b/substrate/frame/contracts/src/migration.rs
@@ -263,10 +263,10 @@ impl<T: Config, const TEST_ALL_STEPS: bool> Migration<T, TEST_ALL_STEPS> {
 impl<T: Config, const TEST_ALL_STEPS: bool> OnRuntimeUpgrade for Migration<T, TEST_ALL_STEPS> {
 	fn on_runtime_upgrade() -> Weight {
 		let name = <Pallet<T>>::name();
-		let current_version = <Pallet<T>>::current_storage_version();
+		let in_code_version = <Pallet<T>>::in_code_storage_version();
 		let on_chain_version = <Pallet<T>>::on_chain_storage_version();
 
-		if on_chain_version == current_version {
+		if on_chain_version == in_code_version {
 			log::warn!(
 				target: LOG_TARGET,
 				"{name}: No Migration performed storage_version = latest_version = {:?}",
@@ -289,7 +289,7 @@ impl<T: Config, const TEST_ALL_STEPS: bool> OnRuntimeUpgrade for Migration<T, TE
 
 		log::info!(
 			target: LOG_TARGET,
-			"{name}: Upgrading storage from {on_chain_version:?} to {current_version:?}.",
+			"{name}: Upgrading storage from {on_chain_version:?} to {in_code_version:?}.",
 		);
 
 		let cursor = T::Migrations::new(on_chain_version + 1);
@@ -309,21 +309,21 @@ impl<T: Config, const TEST_ALL_STEPS: bool> OnRuntimeUpgrade for Migration<T, TE
 		// Instead, we call the migrations `pre_upgrade` and `post_upgrade` hooks when we iterate
 		// over our migrations.
 		let on_chain_version = <Pallet<T>>::on_chain_storage_version();
-		let current_version = <Pallet<T>>::current_storage_version();
+		let in_code_version = <Pallet<T>>::in_code_storage_version();
 
-		if on_chain_version == current_version {
+		if on_chain_version == in_code_version {
 			return Ok(Default::default())
 		}
 
 		log::debug!(
 			target: LOG_TARGET,
-			"Requested migration of {} from {:?}(on-chain storage version) to {:?}(current storage version)",
-			<Pallet<T>>::name(), on_chain_version, current_version
+			"Requested migration of {} from {:?}(on-chain storage version) to {:?}(in-code storage version)",
+			<Pallet<T>>::name(), on_chain_version, in_code_version
 		);
 
 		ensure!(
-			T::Migrations::is_upgrade_supported(on_chain_version, current_version),
-			"Unsupported upgrade: VERSION_RANGE should be (on-chain storage version + 1, current storage version)"
+			T::Migrations::is_upgrade_supported(on_chain_version, in_code_version),
+			"Unsupported upgrade: VERSION_RANGE should be (on-chain storage version + 1, in-code storage version)"
 		);
 
 		Ok(Default::default())
@@ -421,7 +421,7 @@ impl<T: Config, const TEST_ALL_STEPS: bool> Migration<T, TEST_ALL_STEPS> {
 				},
 				StepResult::Completed { steps_done } => {
 					in_progress_version.put::<Pallet<T>>();
-					if <Pallet<T>>::current_storage_version() != in_progress_version {
+					if <Pallet<T>>::in_code_storage_version() != in_progress_version {
 						log::info!(
 							target: LOG_TARGET,
 							"{name}: Next migration is {:?},",
diff --git a/substrate/frame/contracts/src/migration/v09.rs b/substrate/frame/contracts/src/migration/v09.rs
index 98fcccc2c0bec..f19bff9d6747f 100644
--- a/substrate/frame/contracts/src/migration/v09.rs
+++ b/substrate/frame/contracts/src/migration/v09.rs
@@ -28,7 +28,7 @@ use frame_support::{pallet_prelude::*, storage_alias, DefaultNoBound, Identity};
 use sp_runtime::TryRuntimeError;
 use sp_std::prelude::*;
 
-mod old {
+mod v8 {
 	use super::*;
 
 	#[derive(Encode, Decode)]
@@ -50,14 +50,14 @@ mod old {
 #[cfg(feature = "runtime-benchmarks")]
 pub fn store_old_dummy_code<T: Config>(len: usize) {
 	use sp_runtime::traits::Hash;
-	let module = old::PrefabWasmModule {
+	let module = v8::PrefabWasmModule {
 		instruction_weights_version: 0,
 		initial: 0,
 		maximum: 0,
 		code: vec![42u8; len],
 	};
 	let hash = T::Hashing::hash(&module.code);
-	old::CodeStorage::<T>::insert(hash, module);
+	v8::CodeStorage::<T>::insert(hash, module);
 }
 
 #[derive(Encode, Decode)]
@@ -89,9 +89,9 @@ impl<T: Config> MigrationStep for Migration<T> {
 
 	fn step(&mut self) -> (IsFinished, Weight) {
 		let mut iter = if let Some(last_key) = self.last_code_hash.take() {
-			old::CodeStorage::<T>::iter_from(old::CodeStorage::<T>::hashed_key_for(last_key))
+			v8::CodeStorage::<T>::iter_from(v8::CodeStorage::<T>::hashed_key_for(last_key))
 		} else {
-			old::CodeStorage::<T>::iter()
+			v8::CodeStorage::<T>::iter()
 		};
 
 		if let Some((key, old)) = iter.next() {
@@ -115,7 +115,7 @@ impl<T: Config> MigrationStep for Migration<T> {
 
 	#[cfg(feature = "try-runtime")]
 	fn pre_upgrade_step() -> Result<Vec<u8>, TryRuntimeError> {
-		let sample: Vec<_> = old::CodeStorage::<T>::iter().take(100).collect();
+		let sample: Vec<_> = v8::CodeStorage::<T>::iter().take(100).collect();
 
 		log::debug!(target: LOG_TARGET, "Taking sample of {} contract codes", sample.len());
 		Ok(sample.encode())
@@ -123,7 +123,7 @@ impl<T: Config> MigrationStep for Migration<T> {
 
 	#[cfg(feature = "try-runtime")]
 	fn post_upgrade_step(state: Vec<u8>) -> Result<(), TryRuntimeError> {
-		let sample = <Vec<(CodeHash<T>, old::PrefabWasmModule)> as Decode>::decode(&mut &state[..])
+		let sample = <Vec<(CodeHash<T>, v8::PrefabWasmModule)> as Decode>::decode(&mut &state[..])
 			.expect("pre_upgrade_step provides a valid state; qed");
 
 		log::debug!(target: LOG_TARGET, "Validating sample of {} contract codes", sample.len());
diff --git a/substrate/frame/contracts/src/migration/v10.rs b/substrate/frame/contracts/src/migration/v10.rs
index d64673aac7d26..1bee86e6a773a 100644
--- a/substrate/frame/contracts/src/migration/v10.rs
+++ b/substrate/frame/contracts/src/migration/v10.rs
@@ -47,7 +47,7 @@ use sp_runtime::{
 };
 use sp_std::prelude::*;
 
-mod old {
+mod v9 {
 	use super::*;
 
 	pub type BalanceOf<T, OldCurrency> = <OldCurrency as frame_support::traits::Currency<
@@ -85,7 +85,7 @@ pub fn store_old_contract_info<T: Config, OldCurrency>(
 ) where
 	OldCurrency: ReservableCurrency<<T as frame_system::Config>::AccountId> + 'static,
 {
-	let info = old::ContractInfo {
+	let info = v9::ContractInfo {
 		trie_id: info.trie_id,
 		code_hash: info.code_hash,
 		storage_bytes: Default::default(),
@@ -94,7 +94,7 @@ pub fn store_old_contract_info<T: Config, OldCurrency>(
 		storage_item_deposit: Default::default(),
 		storage_base_deposit: Default::default(),
 	};
-	old::ContractInfoOf::<T, OldCurrency>::insert(account, info);
+	v9::ContractInfoOf::<T, OldCurrency>::insert(account, info);
 }
 
 #[derive(Encode, Decode, Clone, PartialEq, Eq, RuntimeDebugNoBound, TypeInfo, MaxEncodedLen)]
@@ -120,9 +120,9 @@ where
 	pub code_hash: CodeHash<T>,
 	storage_bytes: u32,
 	storage_items: u32,
-	pub storage_byte_deposit: old::BalanceOf<T, OldCurrency>,
-	storage_item_deposit: old::BalanceOf<T, OldCurrency>,
-	storage_base_deposit: old::BalanceOf<T, OldCurrency>,
+	pub storage_byte_deposit: v9::BalanceOf<T, OldCurrency>,
+	storage_item_deposit: v9::BalanceOf<T, OldCurrency>,
+	storage_base_deposit: v9::BalanceOf<T, OldCurrency>,
 }
 
 #[derive(Encode, Decode, MaxEncodedLen, DefaultNoBound)]
@@ -152,7 +152,7 @@ fn deposit_address<T: Config>(
 impl<T: Config, OldCurrency: 'static> MigrationStep for Migration<T, OldCurrency>
 where
 	OldCurrency: ReservableCurrency<<T as frame_system::Config>::AccountId>
-		+ Inspect<<T as frame_system::Config>::AccountId, Balance = old::BalanceOf<T, OldCurrency>>,
+		+ Inspect<<T as frame_system::Config>::AccountId, Balance = v9::BalanceOf<T, OldCurrency>>,
 {
 	const VERSION: u16 = 10;
 
@@ -162,11 +162,11 @@ where
 
 	fn step(&mut self) -> (IsFinished, Weight) {
 		let mut iter = if let Some(last_account) = self.last_account.take() {
-			old::ContractInfoOf::<T, OldCurrency>::iter_from(
-				old::ContractInfoOf::<T, OldCurrency>::hashed_key_for(last_account),
+			v9::ContractInfoOf::<T, OldCurrency>::iter_from(
+				v9::ContractInfoOf::<T, OldCurrency>::hashed_key_for(last_account),
 			)
 		} else {
-			old::ContractInfoOf::<T, OldCurrency>::iter()
+			v9::ContractInfoOf::<T, OldCurrency>::iter()
 		};
 
 		if let Some((account, contract)) = iter.next() {
@@ -276,7 +276,7 @@ where
 
 	#[cfg(feature = "try-runtime")]
 	fn pre_upgrade_step() -> Result<Vec<u8>, TryRuntimeError> {
-		let sample: Vec<_> = old::ContractInfoOf::<T, OldCurrency>::iter().take(10).collect();
+		let sample: Vec<_> = v9::ContractInfoOf::<T, OldCurrency>::iter().take(10).collect();
 
 		log::debug!(target: LOG_TARGET, "Taking sample of {} contracts", sample.len());
 		Ok(sample.encode())
@@ -284,7 +284,7 @@ where
 
 	#[cfg(feature = "try-runtime")]
 	fn post_upgrade_step(state: Vec<u8>) -> Result<(), TryRuntimeError> {
-		let sample = <Vec<(T::AccountId, old::ContractInfo<T, OldCurrency>)> as Decode>::decode(
+		let sample = <Vec<(T::AccountId, v9::ContractInfo<T, OldCurrency>)> as Decode>::decode(
 			&mut &state[..],
 		)
 		.expect("pre_upgrade_step provides a valid state; qed");
diff --git a/substrate/frame/contracts/src/migration/v11.rs b/substrate/frame/contracts/src/migration/v11.rs
index a5b11f6e08977..9bfbb25edfb44 100644
--- a/substrate/frame/contracts/src/migration/v11.rs
+++ b/substrate/frame/contracts/src/migration/v11.rs
@@ -29,7 +29,7 @@ use sp_runtime::TryRuntimeError;
 use codec::{Decode, Encode};
 use frame_support::{pallet_prelude::*, storage_alias, DefaultNoBound};
 use sp_std::{marker::PhantomData, prelude::*};
-mod old {
+mod v10 {
 	use super::*;
 
 	#[derive(Encode, Decode, TypeInfo, MaxEncodedLen)]
@@ -51,11 +51,11 @@ pub struct DeletionQueueManager<T: Config> {
 
 #[cfg(any(feature = "runtime-benchmarks", feature = "try-runtime"))]
 pub fn fill_old_queue<T: Config>(len: usize) {
-	let queue: Vec<old::DeletedContract> =
-		core::iter::repeat_with(|| old::DeletedContract { trie_id: Default::default() })
+	let queue: Vec<v10::DeletedContract> =
+		core::iter::repeat_with(|| v10::DeletedContract { trie_id: Default::default() })
 			.take(len)
 			.collect();
-	old::DeletionQueue::<T>::set(Some(queue));
+	v10::DeletionQueue::<T>::set(Some(queue));
 }
 
 #[storage_alias]
@@ -80,7 +80,7 @@ impl<T: Config> MigrationStep for Migration<T> {
 	}
 
 	fn step(&mut self) -> (IsFinished, Weight) {
-		let Some(old_queue) = old::DeletionQueue::<T>::take() else {
+		let Some(old_queue) = v10::DeletionQueue::<T>::take() else {
 			return (IsFinished::Yes, Weight::zero())
 		};
 		let len = old_queue.len();
@@ -106,7 +106,7 @@ impl<T: Config> MigrationStep for Migration<T> {
 
 	#[cfg(feature = "try-runtime")]
 	fn pre_upgrade_step() -> Result<Vec<u8>, TryRuntimeError> {
-		let old_queue = old::DeletionQueue::<T>::take().unwrap_or_default();
+		let old_queue = v10::DeletionQueue::<T>::take().unwrap_or_default();
 
 		if old_queue.is_empty() {
 			let len = 10u32;
diff --git a/substrate/frame/contracts/src/migration/v12.rs b/substrate/frame/contracts/src/migration/v12.rs
index 7dee31503101b..d9128286df389 100644
--- a/substrate/frame/contracts/src/migration/v12.rs
+++ b/substrate/frame/contracts/src/migration/v12.rs
@@ -34,7 +34,7 @@ use sp_runtime::TryRuntimeError;
 use sp_runtime::{traits::Zero, FixedPointNumber, FixedU128, Saturating};
 use sp_std::prelude::*;
 
-mod old {
+mod v11 {
 	use super::*;
 
 	pub type BalanceOf<T, OldCurrency> = <OldCurrency as frame_support::traits::Currency<
@@ -87,7 +87,7 @@ where
 {
 	owner: AccountIdOf<T>,
 	#[codec(compact)]
-	deposit: old::BalanceOf<T, OldCurrency>,
+	deposit: v11::BalanceOf<T, OldCurrency>,
 	#[codec(compact)]
 	refcount: u64,
 	determinism: Determinism,
@@ -112,17 +112,17 @@ where
 	let hash = T::Hashing::hash(&code);
 	PristineCode::<T>::insert(hash, code.clone());
 
-	let module = old::PrefabWasmModule {
+	let module = v11::PrefabWasmModule {
 		instruction_weights_version: Default::default(),
 		initial: Default::default(),
 		maximum: Default::default(),
 		code,
 		determinism: Determinism::Enforced,
 	};
-	old::CodeStorage::<T>::insert(hash, module);
+	v11::CodeStorage::<T>::insert(hash, module);
 
-	let info = old::OwnerInfo { owner: account, deposit: u32::MAX.into(), refcount: u64::MAX };
-	old::OwnerInfoOf::<T, OldCurrency>::insert(hash, info);
+	let info = v11::OwnerInfo { owner: account, deposit: u32::MAX.into(), refcount: u64::MAX };
+	v11::OwnerInfoOf::<T, OldCurrency>::insert(hash, info);
 }
 
 #[derive(Encode, Decode, MaxEncodedLen, DefaultNoBound)]
@@ -148,16 +148,16 @@ where
 
 	fn step(&mut self) -> (IsFinished, Weight) {
 		let mut iter = if let Some(last_key) = self.last_code_hash.take() {
-			old::OwnerInfoOf::<T, OldCurrency>::iter_from(
-				old::OwnerInfoOf::<T, OldCurrency>::hashed_key_for(last_key),
+			v11::OwnerInfoOf::<T, OldCurrency>::iter_from(
+				v11::OwnerInfoOf::<T, OldCurrency>::hashed_key_for(last_key),
 			)
 		} else {
-			old::OwnerInfoOf::<T, OldCurrency>::iter()
+			v11::OwnerInfoOf::<T, OldCurrency>::iter()
 		};
 		if let Some((hash, old_info)) = iter.next() {
 			log::debug!(target: LOG_TARGET, "Migrating OwnerInfo for code_hash {:?}", hash);
 
-			let module = old::CodeStorage::<T>::take(hash)
+			let module = v11::CodeStorage::<T>::take(hash)
 				.expect(format!("No PrefabWasmModule found for code_hash: {:?}", hash).as_str());
 
 			let code_len = module.code.len();
@@ -184,7 +184,7 @@ where
 			let bytes_before = module
 				.encoded_size()
 				.saturating_add(code_len)
-				.saturating_add(old::OwnerInfo::<T, OldCurrency>::max_encoded_len())
+				.saturating_add(v11::OwnerInfo::<T, OldCurrency>::max_encoded_len())
 				as u32;
 			let items_before = 3u32;
 			let deposit_expected_before = price_per_byte
@@ -241,10 +241,10 @@ where
 	fn pre_upgrade_step() -> Result<Vec<u8>, TryRuntimeError> {
 		let len = 100;
 		log::debug!(target: LOG_TARGET, "Taking sample of {} OwnerInfo(s)", len);
-		let sample: Vec<_> = old::OwnerInfoOf::<T, OldCurrency>::iter()
+		let sample: Vec<_> = v11::OwnerInfoOf::<T, OldCurrency>::iter()
 			.take(len)
 			.map(|(k, v)| {
-				let module = old::CodeStorage::<T>::get(k)
+				let module = v11::CodeStorage::<T>::get(k)
 					.expect("No PrefabWasmModule found for code_hash: {:?}");
 				let info: CodeInfo<T, OldCurrency> = CodeInfo {
 					determinism: module.determinism,
@@ -258,9 +258,9 @@ where
 			.collect();
 
 		let storage: u32 =
-			old::CodeStorage::<T>::iter().map(|(_k, v)| v.encoded_size() as u32).sum();
-		let mut deposit: old::BalanceOf<T, OldCurrency> = Default::default();
-		old::OwnerInfoOf::<T, OldCurrency>::iter().for_each(|(_k, v)| deposit += v.deposit);
+			v11::CodeStorage::<T>::iter().map(|(_k, v)| v.encoded_size() as u32).sum();
+		let mut deposit: v11::BalanceOf<T, OldCurrency> = Default::default();
+		v11::OwnerInfoOf::<T, OldCurrency>::iter().for_each(|(_k, v)| deposit += v.deposit);
 
 		Ok((sample, deposit, storage).encode())
 	}
@@ -269,7 +269,7 @@ where
 	fn post_upgrade_step(state: Vec<u8>) -> Result<(), TryRuntimeError> {
 		let state = <(
 			Vec<(CodeHash<T>, CodeInfo<T, OldCurrency>)>,
-			old::BalanceOf<T, OldCurrency>,
+			v11::BalanceOf<T, OldCurrency>,
 			u32,
 		) as Decode>::decode(&mut &state[..])
 		.unwrap();
@@ -283,7 +283,7 @@ where
 			ensure!(info.refcount == old.refcount, "invalid refcount");
 		}
 
-		if let Some((k, _)) = old::CodeStorage::<T>::iter().next() {
+		if let Some((k, _)) = v11::CodeStorage::<T>::iter().next() {
 			log::warn!(
 				target: LOG_TARGET,
 				"CodeStorage is still NOT empty, found code_hash: {:?}",
@@ -292,7 +292,7 @@ where
 		} else {
 			log::debug!(target: LOG_TARGET, "CodeStorage is empty.");
 		}
-		if let Some((k, _)) = old::OwnerInfoOf::<T, OldCurrency>::iter().next() {
+		if let Some((k, _)) = v11::OwnerInfoOf::<T, OldCurrency>::iter().next() {
 			log::warn!(
 				target: LOG_TARGET,
 				"OwnerInfoOf is still NOT empty, found code_hash: {:?}",
@@ -302,7 +302,7 @@ where
 			log::debug!(target: LOG_TARGET, "OwnerInfoOf is empty.");
 		}
 
-		let mut deposit: old::BalanceOf<T, OldCurrency> = Default::default();
+		let mut deposit: v11::BalanceOf<T, OldCurrency> = Default::default();
 		let mut items = 0u32;
 		let mut storage_info = 0u32;
 		CodeInfoOf::<T, OldCurrency>::iter().for_each(|(_k, v)| {
diff --git a/substrate/frame/contracts/src/migration/v13.rs b/substrate/frame/contracts/src/migration/v13.rs
index dd2eb12eb62a5..498c44d53abce 100644
--- a/substrate/frame/contracts/src/migration/v13.rs
+++ b/substrate/frame/contracts/src/migration/v13.rs
@@ -28,7 +28,7 @@ use frame_support::{pallet_prelude::*, storage_alias, DefaultNoBound};
 use sp_runtime::BoundedBTreeMap;
 use sp_std::prelude::*;
 
-mod old {
+mod v12 {
 	use super::*;
 
 	#[derive(Encode, Decode, Clone, PartialEq, Eq, RuntimeDebug, TypeInfo, MaxEncodedLen)]
@@ -59,7 +59,7 @@ pub fn store_old_contract_info<T: Config>(account: T::AccountId, info: crate::Co
 	let entropy = (b"contract_depo_v1", account.clone()).using_encoded(T::Hashing::hash);
 	let deposit_account = Decode::decode(&mut TrailingZeroInput::new(entropy.as_ref()))
 		.expect("infinite length input; no invalid inputs for type; qed");
-	let info = old::ContractInfo {
+	let info = v12::ContractInfo {
 		trie_id: info.trie_id.clone(),
 		deposit_account,
 		code_hash: info.code_hash,
@@ -69,7 +69,7 @@ pub fn store_old_contract_info<T: Config>(account: T::AccountId, info: crate::Co
 		storage_item_deposit: Default::default(),
 		storage_base_deposit: Default::default(),
 	};
-	old::ContractInfoOf::<T>::insert(account, info);
+	v12::ContractInfoOf::<T>::insert(account, info);
 }
 
 #[storage_alias]
@@ -104,11 +104,11 @@ impl<T: Config> MigrationStep for Migration<T> {
 
 	fn step(&mut self) -> (IsFinished, Weight) {
 		let mut iter = if let Some(last_account) = self.last_account.take() {
-			old::ContractInfoOf::<T>::iter_from(old::ContractInfoOf::<T>::hashed_key_for(
+			v12::ContractInfoOf::<T>::iter_from(v12::ContractInfoOf::<T>::hashed_key_for(
 				last_account,
 			))
 		} else {
-			old::ContractInfoOf::<T>::iter()
+			v12::ContractInfoOf::<T>::iter()
 		};
 
 		if let Some((key, old)) = iter.next() {
diff --git a/substrate/frame/contracts/src/migration/v14.rs b/substrate/frame/contracts/src/migration/v14.rs
index 94534d05fdf88..09da09e5bcfb1 100644
--- a/substrate/frame/contracts/src/migration/v14.rs
+++ b/substrate/frame/contracts/src/migration/v14.rs
@@ -44,7 +44,7 @@ use sp_runtime::{traits::Zero, Saturating};
 #[cfg(feature = "try-runtime")]
 use sp_std::collections::btree_map::BTreeMap;
 
-mod old {
+mod v13 {
 	use super::*;
 
 	pub type BalanceOf<T, OldCurrency> = <OldCurrency as frame_support::traits::Currency<
@@ -61,7 +61,7 @@ mod old {
 	{
 		pub owner: AccountIdOf<T>,
 		#[codec(compact)]
-		pub deposit: old::BalanceOf<T, OldCurrency>,
+		pub deposit: v13::BalanceOf<T, OldCurrency>,
 		#[codec(compact)]
 		pub refcount: u64,
 		pub determinism: Determinism,
@@ -86,14 +86,14 @@ where
 	let code = vec![42u8; len as usize];
 	let hash = T::Hashing::hash(&code);
 
-	let info = old::CodeInfo {
+	let info = v13::CodeInfo {
 		owner: account,
 		deposit: 10_000u32.into(),
 		refcount: u64::MAX,
 		determinism: Determinism::Enforced,
 		code_len: len,
 	};
-	old::CodeInfoOf::<T, OldCurrency>::insert(hash, info);
+	v13::CodeInfoOf::<T, OldCurrency>::insert(hash, info);
 }
 
 #[cfg(feature = "try-runtime")]
@@ -105,9 +105,9 @@ where
 	OldCurrency: ReservableCurrency<<T as frame_system::Config>::AccountId>,
 {
 	/// Total reserved balance as code upload deposit for the owner.
-	reserved: old::BalanceOf<T, OldCurrency>,
+	reserved: v13::BalanceOf<T, OldCurrency>,
 	/// Total balance of the owner.
-	total: old::BalanceOf<T, OldCurrency>,
+	total: v13::BalanceOf<T, OldCurrency>,
 }
 
 #[derive(Encode, Decode, MaxEncodedLen, DefaultNoBound)]
@@ -134,11 +134,11 @@ where
 
 	fn step(&mut self) -> (IsFinished, Weight) {
 		let mut iter = if let Some(last_hash) = self.last_code_hash.take() {
-			old::CodeInfoOf::<T, OldCurrency>::iter_from(
-				old::CodeInfoOf::<T, OldCurrency>::hashed_key_for(last_hash),
+			v13::CodeInfoOf::<T, OldCurrency>::iter_from(
+				v13::CodeInfoOf::<T, OldCurrency>::hashed_key_for(last_hash),
 			)
 		} else {
-			old::CodeInfoOf::<T, OldCurrency>::iter()
+			v13::CodeInfoOf::<T, OldCurrency>::iter()
 		};
 
 		if let Some((hash, code_info)) = iter.next() {
@@ -194,7 +194,7 @@ where
 
 	#[cfg(feature = "try-runtime")]
 	fn pre_upgrade_step() -> Result<Vec<u8>, TryRuntimeError> {
-		let info: Vec<_> = old::CodeInfoOf::<T, OldCurrency>::iter().collect();
+		let info: Vec<_> = v13::CodeInfoOf::<T, OldCurrency>::iter().collect();
 
 		let mut owner_balance_allocation =
 			BTreeMap::<AccountIdOf<T>, BalanceAllocation<T, OldCurrency>>::new();
diff --git a/substrate/frame/contracts/src/migration/v15.rs b/substrate/frame/contracts/src/migration/v15.rs
index 180fe855ca667..c77198d6fea0f 100644
--- a/substrate/frame/contracts/src/migration/v15.rs
+++ b/substrate/frame/contracts/src/migration/v15.rs
@@ -46,7 +46,7 @@ use sp_runtime::{traits::Zero, Saturating};
 #[cfg(feature = "try-runtime")]
 use sp_std::vec::Vec;
 
-mod old {
+mod v14 {
 	use super::*;
 
 	#[derive(
@@ -81,7 +81,7 @@ pub fn store_old_contract_info<T: Config>(account: T::AccountId, info: crate::Co
 	let entropy = (b"contract_depo_v1", account.clone()).using_encoded(T::Hashing::hash);
 	let deposit_account = Decode::decode(&mut TrailingZeroInput::new(entropy.as_ref()))
 		.expect("infinite length input; no invalid inputs for type; qed");
-	let info = old::ContractInfo {
+	let info = v14::ContractInfo {
 		trie_id: info.trie_id.clone(),
 		deposit_account,
 		code_hash: info.code_hash,
@@ -92,7 +92,7 @@ pub fn store_old_contract_info<T: Config>(account: T::AccountId, info: crate::Co
 		storage_base_deposit: info.storage_base_deposit(),
 		delegate_dependencies: info.delegate_dependencies().clone(),
 	};
-	old::ContractInfoOf::<T>::insert(account, info);
+	v14::ContractInfoOf::<T>::insert(account, info);
 }
 
 #[derive(Encode, Decode, CloneNoBound, PartialEq, Eq, RuntimeDebug, TypeInfo, MaxEncodedLen)]
@@ -127,11 +127,11 @@ impl<T: Config> MigrationStep for Migration<T> {
 
 	fn step(&mut self) -> (IsFinished, Weight) {
 		let mut iter = if let Some(last_account) = self.last_account.take() {
-			old::ContractInfoOf::<T>::iter_from(old::ContractInfoOf::<T>::hashed_key_for(
+			v14::ContractInfoOf::<T>::iter_from(v14::ContractInfoOf::<T>::hashed_key_for(
 				last_account,
 			))
 		} else {
-			old::ContractInfoOf::<T>::iter()
+			v14::ContractInfoOf::<T>::iter()
 		};
 
 		if let Some((account, old_contract)) = iter.next() {
@@ -243,11 +243,11 @@ impl<T: Config> MigrationStep for Migration<T> {
 
 	#[cfg(feature = "try-runtime")]
 	fn pre_upgrade_step() -> Result<Vec<u8>, TryRuntimeError> {
-		let sample: Vec<_> = old::ContractInfoOf::<T>::iter().take(100).collect();
+		let sample: Vec<_> = v14::ContractInfoOf::<T>::iter().take(100).collect();
 
 		log::debug!(target: LOG_TARGET, "Taking sample of {} contracts", sample.len());
 
-		let state: Vec<(T::AccountId, old::ContractInfo<T>, BalanceOf<T>, BalanceOf<T>)> = sample
+		let state: Vec<(T::AccountId, v14::ContractInfo<T>, BalanceOf<T>, BalanceOf<T>)> = sample
 			.iter()
 			.map(|(account, contract)| {
 				(
@@ -265,7 +265,7 @@ impl<T: Config> MigrationStep for Migration<T> {
 	#[cfg(feature = "try-runtime")]
 	fn post_upgrade_step(state: Vec<u8>) -> Result<(), TryRuntimeError> {
 		let sample =
-			<Vec<(T::AccountId, old::ContractInfo<T>, BalanceOf<T>, BalanceOf<T>)> as Decode>::decode(
+			<Vec<(T::AccountId, v14::ContractInfo<T>, BalanceOf<T>, BalanceOf<T>)> as Decode>::decode(
 				&mut &state[..],
 			)
 			.expect("pre_upgrade_step provides a valid state; qed");
diff --git a/substrate/frame/democracy/src/lib.rs b/substrate/frame/democracy/src/lib.rs
index 089556191cd14..08e2a7599f554 100644
--- a/substrate/frame/democracy/src/lib.rs
+++ b/substrate/frame/democracy/src/lib.rs
@@ -211,7 +211,7 @@ pub mod pallet {
 	use frame_support::pallet_prelude::*;
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/election-provider-multi-phase/src/lib.rs b/substrate/frame/election-provider-multi-phase/src/lib.rs
index 4f43f89abed22..6bf4dfe4f1eb9 100644
--- a/substrate/frame/election-provider-multi-phase/src/lib.rs
+++ b/substrate/frame/election-provider-multi-phase/src/lib.rs
@@ -1343,7 +1343,7 @@ pub mod pallet {
 	#[pallet::getter(fn minimum_untrusted_score)]
 	pub type MinimumUntrustedScore<T: Config> = StorageValue<_, ElectionScore>;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	///
 	/// v1: https://github.com/paritytech/substrate/pull/12237/
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
diff --git a/substrate/frame/election-provider-multi-phase/src/migrations.rs b/substrate/frame/election-provider-multi-phase/src/migrations.rs
index 50b821e6db6ae..156f1c02e27cd 100644
--- a/substrate/frame/election-provider-multi-phase/src/migrations.rs
+++ b/substrate/frame/election-provider-multi-phase/src/migrations.rs
@@ -27,12 +27,12 @@ pub mod v1 {
 	pub struct MigrateToV1<T>(sp_std::marker::PhantomData<T>);
 	impl<T: Config> OnRuntimeUpgrade for MigrateToV1<T> {
 		fn on_runtime_upgrade() -> Weight {
-			let current = Pallet::<T>::current_storage_version();
+			let current = Pallet::<T>::in_code_storage_version();
 			let onchain = Pallet::<T>::on_chain_storage_version();
 
 			log!(
 				info,
-				"Running migration with current storage version {:?} / onchain {:?}",
+				"Running migration with in-code storage version {:?} / onchain {:?}",
 				current,
 				onchain
 			);
diff --git a/substrate/frame/elections-phragmen/src/lib.rs b/substrate/frame/elections-phragmen/src/lib.rs
index a078361a5f713..308f2cdc1aada 100644
--- a/substrate/frame/elections-phragmen/src/lib.rs
+++ b/substrate/frame/elections-phragmen/src/lib.rs
@@ -188,7 +188,7 @@ pub mod pallet {
 	use frame_support::pallet_prelude::*;
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(4);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/examples/Cargo.toml b/substrate/frame/examples/Cargo.toml
index eb6355edd312a..45c7440eb8913 100644
--- a/substrate/frame/examples/Cargo.toml
+++ b/substrate/frame/examples/Cargo.toml
@@ -23,6 +23,7 @@ pallet-example-frame-crate = { path = "frame-crate", default-features = false }
 pallet-example-kitchensink = { path = "kitchensink", default-features = false }
 pallet-example-offchain-worker = { path = "offchain-worker", default-features = false }
 pallet-example-split = { path = "split", default-features = false }
+pallet-example-single-block-migrations = { path = "single-block-migrations", default-features = false }
 pallet-example-tasks = { path = "tasks", default-features = false }
 
 [features]
@@ -34,6 +35,7 @@ std = [
 	"pallet-example-frame-crate/std",
 	"pallet-example-kitchensink/std",
 	"pallet-example-offchain-worker/std",
+	"pallet-example-single-block-migrations/std",
 	"pallet-example-split/std",
 	"pallet-example-tasks/std",
 ]
@@ -43,6 +45,7 @@ try-runtime = [
 	"pallet-example-basic/try-runtime",
 	"pallet-example-kitchensink/try-runtime",
 	"pallet-example-offchain-worker/try-runtime",
+	"pallet-example-single-block-migrations/try-runtime",
 	"pallet-example-split/try-runtime",
 	"pallet-example-tasks/try-runtime",
 ]
diff --git a/substrate/frame/examples/single-block-migrations/Cargo.toml b/substrate/frame/examples/single-block-migrations/Cargo.toml
new file mode 100644
index 0000000000000..5059b2433c771
--- /dev/null
+++ b/substrate/frame/examples/single-block-migrations/Cargo.toml
@@ -0,0 +1,61 @@
+[package]
+name = "pallet-example-single-block-migrations"
+version = "0.0.1"
+authors.workspace = true
+edition.workspace = true
+license = "MIT-0"
+homepage = "https://substrate.io"
+repository.workspace = true
+description = "FRAME example pallet demonstrating best-practices for writing storage migrations."
+publish = false
+
+[package.metadata.docs.rs]
+targets = ["x86_64-unknown-linux-gnu"]
+
+[dependencies]
+docify = { version = "0.2.3", default-features = false }
+log = { version = "0.4.20", default-features = false }
+codec = { package = "parity-scale-codec", version = "3.6.1", default-features = false, features = ["derive"] }
+scale-info = { version = "2.5.0", default-features = false, features = ["derive"] }
+frame-support = { path = "../../support", default-features = false }
+frame-executive = { path = "../../executive", default-features = false }
+frame-system = { path = "../../system", default-features = false }
+frame-try-runtime = { path = "../../try-runtime", default-features = false, optional = true }
+pallet-balances = { path = "../../balances", default-features = false }
+sp-std = { path = "../../../primitives/std", default-features = false }
+sp-runtime = { path = "../../../primitives/runtime", default-features = false }
+sp-core = { path = "../../../primitives/core", default-features = false }
+sp-io = { path = "../../../primitives/io", default-features = false }
+sp-version = { path = "../../../primitives/version", default-features = false }
+
+[features]
+default = ["std"]
+std = [
+	"codec/std",
+	"frame-executive/std",
+	"frame-support/std",
+	"frame-system/std",
+	"frame-try-runtime/std",
+	"log/std",
+	"pallet-balances/std",
+	"scale-info/std",
+	"sp-core/std",
+	"sp-io/std",
+	"sp-runtime/std",
+	"sp-std/std",
+	"sp-version/std",
+]
+runtime-benchmarks = [
+	"frame-support/runtime-benchmarks",
+	"frame-system/runtime-benchmarks",
+	"pallet-balances/runtime-benchmarks",
+	"sp-runtime/runtime-benchmarks",
+]
+try-runtime = [
+	"frame-executive/try-runtime",
+	"frame-support/try-runtime",
+	"frame-system/try-runtime",
+	"frame-try-runtime/try-runtime",
+	"pallet-balances/try-runtime",
+	"sp-runtime/try-runtime",
+]
diff --git a/substrate/frame/examples/single-block-migrations/src/lib.rs b/substrate/frame/examples/single-block-migrations/src/lib.rs
new file mode 100644
index 0000000000000..86a9e5d6e95bb
--- /dev/null
+++ b/substrate/frame/examples/single-block-migrations/src/lib.rs
@@ -0,0 +1,213 @@
+// This file is part of Substrate.
+
+// Copyright (C) Parity Technologies (UK) Ltd.
+// SPDX-License-Identifier: Apache-2.0
+
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+//
+// 	http://www.apache.org/licenses/LICENSE-2.0
+//
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+//! # Single Block Migration Example Pallet
+//!
+//! An example pallet demonstrating best-practices for writing single-block migrations in the
+//! context of upgrading pallet storage.
+//!
+//! ## Forwarning
+//!
+//! Single block migrations **MUST** execute in a single block, therefore when executed on a
+//! parachain are only appropriate when guaranteed to not exceed block weight limits. If a
+//! parachain submits a block that exceeds the block weight limit it will **brick the chain**!
+//!
+//! If weight is a concern or you are not sure which type of migration to use, you should probably
+//! use a multi-block migration.
+//!
+//! TODO: Link above to multi-block migration example.
+//!
+//! ## Pallet Overview
+//!
+//! This example pallet contains a single storage item [`Value`](pallet::Value), which may be set by
+//! any signed origin by calling the [`set_value`](crate::Call::set_value) extrinsic.
+//!
+//! For the purposes of this exercise, we imagine that in [`StorageVersion`] V0 of this pallet
+//! [`Value`](pallet::Value) is a `u32`, and this what is currently stored on-chain.
+//!
+//! ```ignore
+//! // (Old) Storage Version V0 representation of `Value`
+//! #[pallet::storage]
+//! pub type Value<T: Config> = StorageValue<_, u32>;
+//! ```
+//!
+//! In [`StorageVersion`] V1 of the pallet a new struct [`CurrentAndPreviousValue`] is introduced:
+#![doc = docify::embed!("src/lib.rs", CurrentAndPreviousValue)]
+//! and [`Value`](pallet::Value) is updated to store this new struct instead of a `u32`:
+#![doc = docify::embed!("src/lib.rs", Value)]
+//!
+//! In StorageVersion V1 of the pallet when [`set_value`](crate::Call::set_value) is called, the
+//! new value is stored in the `current` field of [`CurrentAndPreviousValue`], and the previous
+//! value (if it exists) is stored in the `previous` field.
+#![doc = docify::embed!("src/lib.rs", pallet_calls)]
+//!
+//! ## Why a migration is necessary
+//!
+//! Without a migration, there will be a discrepancy between the on-chain storage for [`Value`] (in
+//! V0 it is a `u32`) and the current storage for [`Value`] (in V1 it was changed to a
+//! [`CurrentAndPreviousValue`] struct).
+//!
+//! The on-chain storage for [`Value`] would be a `u32` but the runtime would try to read it as a
+//! [`CurrentAndPreviousValue`]. This would result in unacceptable undefined behavior.
+//!
+//! ## Adding a migration module
+//!
+//! Writing a pallets migrations in a seperate module is strongly recommended.
+//!
+//! Here's how the migration module is defined for this pallet:
+//!
+//! ```text
+//! substrate/frame/examples/single-block-migrations/src/
+//! ├── lib.rs       <-- pallet definition
+//! ├── Cargo.toml   <-- pallet manifest
+//! └── migrations/
+//!    ├── mod.rs    <-- migrations module definition
+//!    └── v1.rs     <-- migration logic for the V0 to V1 transition
+//! ```
+//!
+//! This structure allows keeping migration logic separate from the pallet logic and
+//! easily adding new migrations in the future.
+//!
+//! ## Writing the Migration
+//!
+//! All code related to the migration can be found under
+//! [`v1.rs`](migrations::v1).
+//!
+//! See the migration source code for detailed comments.
+//!
+//! To keep the migration logic organised, it is split across additional modules:
+//!
+//! ### `mod v0`
+//!
+//! Here we define a [`storage_alias`](frame_support::storage_alias) for the old v0 [`Value`]
+//! format.
+//!
+//! This allows reading the old v0 value from storage during the migration.
+//!
+//! ### `mod version_unchecked`
+//!
+//! Here we define our raw migration logic,
+//! `version_unchecked::MigrateV0ToV1` which implements the [`OnRuntimeUpgrade`] trait.
+//!
+//! Importantly, it is kept in a private module so that it cannot be accidentally used in a runtime.
+//!
+//! Private modules cannot be referenced in docs, so please read the code directly.
+//!
+//! #### Standalone Struct or Pallet Hook?
+//!
+//! Note that the storage migration logic is attached to a standalone struct implementing
+//! [`OnRuntimeUpgrade`], rather than implementing the
+//! [`Hooks::on_runtime_upgrade`](frame_support::traits::Hooks::on_runtime_upgrade) hook directly on
+//! the pallet. The pallet hook is better suited for special types of logic that need to execute on
+//! every runtime upgrade, but not so much for one-off storage migrations.
+//!
+//! ### `pub mod versioned`
+//!
+//! Here, `version_unchecked::MigrateV0ToV1` is wrapped in a
+//! [`VersionedMigration`] to define
+//! [`versioned::MigrateV0ToV1`](crate::migrations::v1::versioned::MigrateV0ToV1), which may be used
+//! in runtimes.
+//!
+//! Using [`VersionedMigration`] ensures that
+//! - The migration only runs once when the on-chain storage version is `0`
+//! - The on-chain storage version is updated to `1` after the migration executes
+//! - Reads and writes from checking and setting the on-chain storage version are accounted for in
+//!   the final [`Weight`](frame_support::weights::Weight)
+//!
+//! This is the only public module exported from `v1`.
+//!
+//! ### `mod test`
+//!
+//! Here basic unit tests are defined for the migration.
+//!
+//! When writing migration tests, don't forget to check:
+//! - `on_runtime_upgrade` returns the expected weight
+//! - `post_upgrade` succeeds when given the bytes returned by `pre_upgrade`
+//! - Pallet storage is in the expected state after the migration
+//!
+//! [`VersionedMigration`]: frame_support::migrations::VersionedMigration
+//! [`GetStorageVersion`]: frame_support::traits::GetStorageVersion
+//! [`OnRuntimeUpgrade`]: frame_support::traits::OnRuntimeUpgrade
+//! [`MigrateV0ToV1`]: crate::migrations::v1::versioned::MigrationV0ToV1
+
+// We make sure this pallet uses `no_std` for compiling to Wasm.
+#![cfg_attr(not(feature = "std"), no_std)]
+// allow non-camel-case names for storage version V0 value
+#![allow(non_camel_case_types)]
+
+// Re-export pallet items so that they can be accessed from the crate namespace.
+pub use pallet::*;
+
+// Export migrations so they may be used in the runtime.
+pub mod migrations;
+#[doc(hidden)]
+mod mock;
+use codec::{Decode, Encode, MaxEncodedLen};
+use frame_support::traits::StorageVersion;
+use sp_runtime::RuntimeDebug;
+
+/// Example struct holding the most recently set [`u32`] and the
+/// second most recently set [`u32`] (if one existed).
+#[docify::export]
+#[derive(
+	Clone, Eq, PartialEq, Encode, Decode, RuntimeDebug, scale_info::TypeInfo, MaxEncodedLen,
+)]
+pub struct CurrentAndPreviousValue {
+	/// The most recently set value.
+	pub current: u32,
+	/// The previous value, if one existed.
+	pub previous: Option<u32>,
+}
+
+// Pallet for demonstrating storage migrations.
+#[frame_support::pallet(dev_mode)]
+pub mod pallet {
+	use super::*;
+	use frame_support::pallet_prelude::*;
+	use frame_system::pallet_prelude::*;
+
+	/// Define the current [`StorageVersion`] of the pallet.
+	const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
+
+	#[pallet::pallet]
+	#[pallet::storage_version(STORAGE_VERSION)]
+	pub struct Pallet<T>(_);
+
+	#[pallet::config]
+	pub trait Config: frame_system::Config {}
+
+	/// [`StorageVersion`] V1 of [`Value`].
+	///
+	/// Currently used.
+	#[docify::export]
+	#[pallet::storage]
+	pub type Value<T: Config> = StorageValue<_, CurrentAndPreviousValue>;
+
+	#[docify::export(pallet_calls)]
+	#[pallet::call]
+	impl<T: Config> Pallet<T> {
+		pub fn set_value(origin: OriginFor<T>, value: u32) -> DispatchResult {
+			ensure_signed(origin)?;
+
+			let previous = Value::<T>::get().map(|v| v.current);
+			let new_struct = CurrentAndPreviousValue { current: value, previous };
+			<Value<T>>::put(new_struct);
+
+			Ok(())
+		}
+	}
+}
diff --git a/substrate/frame/examples/single-block-migrations/src/migrations/mod.rs b/substrate/frame/examples/single-block-migrations/src/migrations/mod.rs
new file mode 100644
index 0000000000000..80a33f69941aa
--- /dev/null
+++ b/substrate/frame/examples/single-block-migrations/src/migrations/mod.rs
@@ -0,0 +1,20 @@
+// This file is part of Substrate.
+
+// Copyright (C) Parity Technologies (UK) Ltd.
+// SPDX-License-Identifier: Apache-2.0
+
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+//
+// 	http://www.apache.org/licenses/LICENSE-2.0
+//
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+/// Module containing all logic associated with the example migration from
+/// [`StorageVersion`](frame_support::traits::StorageVersion) V0 to V1.
+pub mod v1;
diff --git a/substrate/frame/examples/single-block-migrations/src/migrations/v1.rs b/substrate/frame/examples/single-block-migrations/src/migrations/v1.rs
new file mode 100644
index 0000000000000..b46640a320207
--- /dev/null
+++ b/substrate/frame/examples/single-block-migrations/src/migrations/v1.rs
@@ -0,0 +1,222 @@
+// This file is part of Substrate.
+
+// Copyright (C) Parity Technologies (UK) Ltd.
+// SPDX-License-Identifier: Apache-2.0
+
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+//
+// 	http://www.apache.org/licenses/LICENSE-2.0
+//
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+use frame_support::{
+	storage_alias,
+	traits::{Get, OnRuntimeUpgrade},
+};
+
+#[cfg(feature = "try-runtime")]
+use sp_std::vec::Vec;
+
+/// Collection of storage item formats from the previous storage version.
+///
+/// Required so we can read values in the v0 storage format during the migration.
+mod v0 {
+	use super::*;
+
+	/// V0 type for [`crate::Value`].
+	#[storage_alias]
+	pub type Value<T: crate::Config> = StorageValue<crate::Pallet<T>, u32>;
+}
+
+/// Private module containing *version unchecked* migration logic.
+///
+/// Should only be used by the [`VersionedMigration`](frame_support::migrations::VersionedMigration)
+/// type in this module to create something to export.
+///
+/// The unversioned migration should be kept private so the unversioned migration cannot
+/// accidentally be used in any runtimes.
+///
+/// For more about this pattern of keeping items private, see
+/// - <https://github.com/rust-lang/rust/issues/30905>
+/// - <https://internals.rust-lang.org/t/lang-team-minutes-private-in-public-rules/4504/40>
+mod version_unchecked {
+	use super::*;
+
+	/// Implements [`OnRuntimeUpgrade`], migrating the state of this pallet from V0 to V1.
+	///
+	/// In V0 of the template [`crate::Value`] is just a `u32`. In V1, it has been upgraded to
+	/// contain the struct [`crate::CurrentAndPreviousValue`].
+	///
+	/// In this migration, update the on-chain storage for the pallet to reflect the new storage
+	/// layout.
+	pub struct MigrateV0ToV1<T: crate::Config>(sp_std::marker::PhantomData<T>);
+
+	impl<T: crate::Config> OnRuntimeUpgrade for MigrateV0ToV1<T> {
+		/// Return the existing [`crate::Value`] so we can check that it was correctly set in
+		/// `version_unchecked::MigrateV0ToV1::post_upgrade`.
+		#[cfg(feature = "try-runtime")]
+		fn pre_upgrade() -> Result<Vec<u8>, sp_runtime::TryRuntimeError> {
+			use codec::Encode;
+
+			// Access the old value using the `storage_alias` type
+			let old_value = v0::Value::<T>::get();
+			// Return it as an encoded `Vec<u8>`
+			Ok(old_value.encode())
+		}
+
+		/// Migrate the storage from V0 to V1.
+		///
+		/// - If the value doesn't exist, there is nothing to do.
+		/// - If the value exists, it is read and then written back to storage inside a
+		/// [`crate::CurrentAndPreviousValue`].
+		fn on_runtime_upgrade() -> frame_support::weights::Weight {
+			// Read the old value from storage
+			if let Some(old_value) = v0::Value::<T>::take() {
+				// Write the new value to storage
+				let new = crate::CurrentAndPreviousValue { current: old_value, previous: None };
+				crate::Value::<T>::put(new);
+				// One read for the old value, one write for the new value
+				T::DbWeight::get().reads_writes(1, 1)
+			} else {
+				// One read for trying to access the old value
+				T::DbWeight::get().reads(1)
+			}
+		}
+
+		/// Verifies the storage was migrated correctly.
+		///
+		/// - If there was no old value, the new value should not be set.
+		/// - If there was an old value, the new value should be a
+		///   [`crate::CurrentAndPreviousValue`].
+		#[cfg(feature = "try-runtime")]
+		fn post_upgrade(state: Vec<u8>) -> Result<(), sp_runtime::TryRuntimeError> {
+			use codec::Decode;
+			use frame_support::ensure;
+
+			let maybe_old_value = Option::<u32>::decode(&mut &state[..]).map_err(|_| {
+				sp_runtime::TryRuntimeError::Other("Failed to decode old value from storage")
+			})?;
+
+			match maybe_old_value {
+				Some(old_value) => {
+					let expected_new_value =
+						crate::CurrentAndPreviousValue { current: old_value, previous: None };
+					let actual_new_value = crate::Value::<T>::get();
+
+					ensure!(actual_new_value.is_some(), "New value not set");
+					ensure!(
+						actual_new_value == Some(expected_new_value),
+						"New value not set correctly"
+					);
+				},
+				None => {
+					ensure!(crate::Value::<T>::get().is_none(), "New value unexpectedly set");
+				},
+			};
+			Ok(())
+		}
+	}
+}
+
+/// Public module containing *version checked* migration logic.
+///
+/// This is the only module that should be exported from this module.
+///
+/// See [`VersionedMigration`](frame_support::migrations::VersionedMigration) docs for more about
+/// how it works.
+pub mod versioned {
+	use super::*;
+
+	/// `version_unchecked::MigrateV0ToV1` wrapped in a
+	/// [`VersionedMigration`](frame_support::migrations::VersionedMigration), which ensures that:
+	/// - The migration only runs once when the on-chain storage version is 0
+	/// - The on-chain storage version is updated to `1` after the migration executes
+	/// - Reads/Writes from checking/settings the on-chain storage version are accounted for
+	pub type MigrateV0ToV1<T> = frame_support::migrations::VersionedMigration<
+		0, // The migration will only execute when the on-chain storage version is 0
+		1, // The on-chain storage version will be set to 1 after the migration is complete
+		version_unchecked::MigrateV0ToV1<T>,
+		crate::pallet::Pallet<T>,
+		<T as frame_system::Config>::DbWeight,
+	>;
+}
+
+/// Tests for our migration.
+///
+/// When writing migration tests, it is important to check:
+/// 1. `on_runtime_upgrade` returns the expected weight
+/// 2. `post_upgrade` succeeds when given the bytes returned by `pre_upgrade`
+/// 3. The storage is in the expected state after the migration
+#[cfg(any(all(feature = "try-runtime", test), doc))]
+mod test {
+	use super::*;
+	use crate::mock::{new_test_ext, MockRuntime};
+	use frame_support::assert_ok;
+	use version_unchecked::MigrateV0ToV1;
+
+	#[test]
+	fn handles_no_existing_value() {
+		new_test_ext().execute_with(|| {
+			// By default, no value should be set. Verify this assumption.
+			assert!(crate::Value::<MockRuntime>::get().is_none());
+			assert!(v0::Value::<MockRuntime>::get().is_none());
+
+			// Get the pre_upgrade bytes
+			let bytes = match MigrateV0ToV1::<MockRuntime>::pre_upgrade() {
+				Ok(bytes) => bytes,
+				Err(e) => panic!("pre_upgrade failed: {:?}", e),
+			};
+
+			// Execute the migration
+			let weight = MigrateV0ToV1::<MockRuntime>::on_runtime_upgrade();
+
+			// Verify post_upgrade succeeds
+			assert_ok!(MigrateV0ToV1::<MockRuntime>::post_upgrade(bytes));
+
+			// The weight should be just 1 read for trying to access the old value.
+			assert_eq!(weight, <MockRuntime as frame_system::Config>::DbWeight::get().reads(1));
+
+			// After the migration, no value should have been set.
+			assert!(crate::Value::<MockRuntime>::get().is_none());
+		})
+	}
+
+	#[test]
+	fn handles_existing_value() {
+		new_test_ext().execute_with(|| {
+			// Set up an initial value
+			let initial_value = 42;
+			v0::Value::<MockRuntime>::put(initial_value);
+
+			// Get the pre_upgrade bytes
+			let bytes = match MigrateV0ToV1::<MockRuntime>::pre_upgrade() {
+				Ok(bytes) => bytes,
+				Err(e) => panic!("pre_upgrade failed: {:?}", e),
+			};
+
+			// Execute the migration
+			let weight = MigrateV0ToV1::<MockRuntime>::on_runtime_upgrade();
+
+			// Verify post_upgrade succeeds
+			assert_ok!(MigrateV0ToV1::<MockRuntime>::post_upgrade(bytes));
+
+			// The weight used should be 1 read for the old value, and 1 write for the new
+			// value.
+			assert_eq!(
+				weight,
+				<MockRuntime as frame_system::Config>::DbWeight::get().reads_writes(1, 1)
+			);
+
+			// After the migration, the new value should be set as the `current` value.
+			let expected_new_value =
+				crate::CurrentAndPreviousValue { current: initial_value, previous: None };
+			assert_eq!(crate::Value::<MockRuntime>::get(), Some(expected_new_value));
+		})
+	}
+}
diff --git a/substrate/frame/examples/single-block-migrations/src/mock.rs b/substrate/frame/examples/single-block-migrations/src/mock.rs
new file mode 100644
index 0000000000000..02f72e01836f2
--- /dev/null
+++ b/substrate/frame/examples/single-block-migrations/src/mock.rs
@@ -0,0 +1,69 @@
+// This file is part of Substrate.
+
+// Copyright (C) Parity Technologies (UK) Ltd.
+// SPDX-License-Identifier: Apache-2.0
+
+// Licensed under the Apache License, Version 2.0 (the "License");
+// you may not use this file except in compliance with the License.
+// You may obtain a copy of the License at
+//
+// 	http://www.apache.org/licenses/LICENSE-2.0
+//
+// Unless required by applicable law or agreed to in writing, software
+// distributed under the License is distributed on an "AS IS" BASIS,
+// WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+// See the License for the specific language governing permissions and
+// limitations under the License.
+
+#![cfg(any(all(feature = "try-runtime", test), doc))]
+
+use crate::*;
+use frame_support::{derive_impl, traits::ConstU64, weights::constants::ParityDbWeight};
+
+// Re-export crate as its pallet name for construct_runtime.
+use crate as pallet_example_storage_migration;
+
+type Block = frame_system::mocking::MockBlock<MockRuntime>;
+
+// For testing the pallet, we construct a mock runtime.
+frame_support::construct_runtime!(
+	pub struct MockRuntime {
+		System: frame_system::{Pallet, Call, Config<T>, Storage, Event<T>},
+		Balances: pallet_balances::{Pallet, Call, Storage, Config<T>, Event<T>},
+		Example: pallet_example_storage_migration::{Pallet, Call, Storage},
+	}
+);
+
+#[derive_impl(frame_system::config_preludes::TestDefaultConfig as frame_system::DefaultConfig)]
+impl frame_system::Config for MockRuntime {
+	type Block = Block;
+	type AccountData = pallet_balances::AccountData<u64>;
+	type DbWeight = ParityDbWeight;
+}
+
+impl pallet_balances::Config for MockRuntime {
+	type RuntimeHoldReason = RuntimeHoldReason;
+	type RuntimeFreezeReason = RuntimeFreezeReason;
+	type MaxLocks = ();
+	type MaxReserves = ();
+	type ReserveIdentifier = [u8; 8];
+	type Balance = u64;
+	type DustRemoval = ();
+	type RuntimeEvent = RuntimeEvent;
+	type ExistentialDeposit = ConstU64<1>;
+	type AccountStore = System;
+	type WeightInfo = ();
+	type FreezeIdentifier = ();
+	type MaxFreezes = ();
+}
+
+impl Config for MockRuntime {}
+
+pub fn new_test_ext() -> sp_io::TestExternalities {
+	use sp_runtime::BuildStorage;
+
+	let t = RuntimeGenesisConfig { system: Default::default(), balances: Default::default() }
+		.build_storage()
+		.unwrap();
+	t.into()
+}
diff --git a/substrate/frame/examples/src/lib.rs b/substrate/frame/examples/src/lib.rs
index f38bbe52dc114..dee23a41379fc 100644
--- a/substrate/frame/examples/src/lib.rs
+++ b/substrate/frame/examples/src/lib.rs
@@ -43,6 +43,9 @@
 //! - [`pallet_example_frame_crate`]: Example pallet showcasing how one can be
 //! built using only the `frame` umbrella crate.
 //!
+//! - [`pallet_example_single_block_migrations`]: An example pallet demonstrating best-practices for
+//!   writing storage migrations.
+//!
 //! - [`pallet_example_tasks`]: This pallet demonstrates the use of `Tasks` to execute service work.
 //!
 //! **Tip**: Use `cargo doc --package <pallet-name> --open` to view each pallet's documentation.
diff --git a/substrate/frame/fast-unstake/src/migrations.rs b/substrate/frame/fast-unstake/src/migrations.rs
index 564388407045e..97ad86bfff42b 100644
--- a/substrate/frame/fast-unstake/src/migrations.rs
+++ b/substrate/frame/fast-unstake/src/migrations.rs
@@ -33,12 +33,12 @@ pub mod v1 {
 	pub struct MigrateToV1<T>(sp_std::marker::PhantomData<T>);
 	impl<T: Config> OnRuntimeUpgrade for MigrateToV1<T> {
 		fn on_runtime_upgrade() -> Weight {
-			let current = Pallet::<T>::current_storage_version();
+			let current = Pallet::<T>::in_code_storage_version();
 			let onchain = Pallet::<T>::on_chain_storage_version();
 
 			log!(
 				info,
-				"Running migration with current storage version {:?} / onchain {:?}",
+				"Running migration with in-code storage version {:?} / onchain {:?}",
 				current,
 				onchain
 			);
diff --git a/substrate/frame/grandpa/src/lib.rs b/substrate/frame/grandpa/src/lib.rs
index 0b9f2b3582792..90bcd8721dfa1 100644
--- a/substrate/frame/grandpa/src/lib.rs
+++ b/substrate/frame/grandpa/src/lib.rs
@@ -73,7 +73,7 @@ pub mod pallet {
 	use frame_support::{dispatch::DispatchResult, pallet_prelude::*};
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(5);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/im-online/src/lib.rs b/substrate/frame/im-online/src/lib.rs
index 1de89dd00c812..f14093aa09afa 100644
--- a/substrate/frame/im-online/src/lib.rs
+++ b/substrate/frame/im-online/src/lib.rs
@@ -251,7 +251,7 @@ type OffchainResult<T, A> = Result<A, OffchainErr<BlockNumberFor<T>>>;
 pub mod pallet {
 	use super::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/im-online/src/migration.rs b/substrate/frame/im-online/src/migration.rs
index 0d2c0a055b6d8..754a2e672e6cf 100644
--- a/substrate/frame/im-online/src/migration.rs
+++ b/substrate/frame/im-online/src/migration.rs
@@ -72,7 +72,7 @@ pub mod v1 {
 			if StorageVersion::get::<Pallet<T>>() != 0 {
 				log::warn!(
 					target: TARGET,
-					"Skipping migration because current storage version is not 0"
+					"Skipping migration because in-code storage version is not 0"
 				);
 				return weight
 			}
diff --git a/substrate/frame/membership/src/lib.rs b/substrate/frame/membership/src/lib.rs
index f32263970038d..f4ac697130de8 100644
--- a/substrate/frame/membership/src/lib.rs
+++ b/substrate/frame/membership/src/lib.rs
@@ -46,7 +46,7 @@ pub mod pallet {
 	use frame_support::pallet_prelude::*;
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(4);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/multisig/src/lib.rs b/substrate/frame/multisig/src/lib.rs
index e4426c64b4125..a83b78e316f50 100644
--- a/substrate/frame/multisig/src/lib.rs
+++ b/substrate/frame/multisig/src/lib.rs
@@ -168,7 +168,7 @@ pub mod pallet {
 		type WeightInfo: WeightInfo;
 	}
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/multisig/src/migrations.rs b/substrate/frame/multisig/src/migrations.rs
index d03e42a66a5b5..e6402600d0d36 100644
--- a/substrate/frame/multisig/src/migrations.rs
+++ b/substrate/frame/multisig/src/migrations.rs
@@ -51,7 +51,7 @@ pub mod v1 {
 		fn on_runtime_upgrade() -> Weight {
 			use sp_runtime::Saturating;
 
-			let current = Pallet::<T>::current_storage_version();
+			let current = Pallet::<T>::in_code_storage_version();
 			let onchain = Pallet::<T>::on_chain_storage_version();
 
 			if onchain > 0 {
diff --git a/substrate/frame/nfts/src/lib.rs b/substrate/frame/nfts/src/lib.rs
index a7d505e2e397d..7cf7cdc61a7d5 100644
--- a/substrate/frame/nfts/src/lib.rs
+++ b/substrate/frame/nfts/src/lib.rs
@@ -76,7 +76,7 @@ pub mod pallet {
 	use frame_support::{pallet_prelude::*, traits::ExistenceRequirement};
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/nfts/src/migration.rs b/substrate/frame/nfts/src/migration.rs
index d4cdf7e820d15..8f82e092262fb 100644
--- a/substrate/frame/nfts/src/migration.rs
+++ b/substrate/frame/nfts/src/migration.rs
@@ -54,17 +54,17 @@ pub mod v1 {
 	pub struct MigrateToV1<T>(core::marker::PhantomData<T>);
 	impl<T: Config> OnRuntimeUpgrade for MigrateToV1<T> {
 		fn on_runtime_upgrade() -> Weight {
-			let current_version = Pallet::<T>::current_storage_version();
-			let onchain_version = Pallet::<T>::on_chain_storage_version();
+			let in_code_version = Pallet::<T>::in_code_storage_version();
+			let on_chain_version = Pallet::<T>::on_chain_storage_version();
 
 			log::info!(
 				target: LOG_TARGET,
-				"Running migration with current storage version {:?} / onchain {:?}",
-				current_version,
-				onchain_version
+				"Running migration with in-code storage version {:?} / onchain {:?}",
+				in_code_version,
+				on_chain_version
 			);
 
-			if onchain_version == 0 && current_version == 1 {
+			if on_chain_version == 0 && in_code_version == 1 {
 				let mut translated = 0u64;
 				let mut configs_iterated = 0u64;
 				Collection::<T>::translate::<
@@ -77,13 +77,13 @@ pub mod v1 {
 					Some(old_value.migrate_to_v1(item_configs))
 				});
 
-				current_version.put::<Pallet<T>>();
+				in_code_version.put::<Pallet<T>>();
 
 				log::info!(
 					target: LOG_TARGET,
 					"Upgraded {} records, storage to version {:?}",
 					translated,
-					current_version
+					in_code_version
 				);
 				T::DbWeight::get().reads_writes(translated + configs_iterated + 1, translated + 1)
 			} else {
diff --git a/substrate/frame/nomination-pools/src/lib.rs b/substrate/frame/nomination-pools/src/lib.rs
index 074d59931ade7..c64db9ed69262 100644
--- a/substrate/frame/nomination-pools/src/lib.rs
+++ b/substrate/frame/nomination-pools/src/lib.rs
@@ -1576,7 +1576,7 @@ pub mod pallet {
 	use frame_system::{ensure_signed, pallet_prelude::*};
 	use sp_runtime::Perbill;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(8);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/nomination-pools/src/migration.rs b/substrate/frame/nomination-pools/src/migration.rs
index 6887fcfa7ecad..14410339f59a4 100644
--- a/substrate/frame/nomination-pools/src/migration.rs
+++ b/substrate/frame/nomination-pools/src/migration.rs
@@ -342,25 +342,25 @@ pub mod v5 {
 	pub struct MigrateToV5<T>(sp_std::marker::PhantomData<T>);
 	impl<T: Config> OnRuntimeUpgrade for MigrateToV5<T> {
 		fn on_runtime_upgrade() -> Weight {
-			let current = Pallet::<T>::current_storage_version();
+			let in_code = Pallet::<T>::in_code_storage_version();
 			let onchain = Pallet::<T>::on_chain_storage_version();
 
 			log!(
 				info,
-				"Running migration with current storage version {:?} / onchain {:?}",
-				current,
+				"Running migration with in-code storage version {:?} / onchain {:?}",
+				in_code,
 				onchain
 			);
 
-			if current == 5 && onchain == 4 {
+			if in_code == 5 && onchain == 4 {
 				let mut translated = 0u64;
 				RewardPools::<T>::translate::<OldRewardPool<T>, _>(|_id, old_value| {
 					translated.saturating_inc();
 					Some(old_value.migrate_to_v5())
 				});
 
-				current.put::<Pallet<T>>();
-				log!(info, "Upgraded {} pools, storage to version {:?}", translated, current);
+				in_code.put::<Pallet<T>>();
+				log!(info, "Upgraded {} pools, storage to version {:?}", translated, in_code);
 
 				// reads: translated + onchain version.
 				// writes: translated + current.put.
@@ -498,12 +498,12 @@ pub mod v4 {
 	#[allow(deprecated)]
 	impl<T: Config, U: Get<Perbill>> OnRuntimeUpgrade for MigrateToV4<T, U> {
 		fn on_runtime_upgrade() -> Weight {
-			let current = Pallet::<T>::current_storage_version();
+			let current = Pallet::<T>::in_code_storage_version();
 			let onchain = Pallet::<T>::on_chain_storage_version();
 
 			log!(
 				info,
-				"Running migration with current storage version {:?} / onchain {:?}",
+				"Running migration with in-code storage version {:?} / onchain {:?}",
 				current,
 				onchain
 			);
@@ -579,13 +579,13 @@ pub mod v3 {
 	pub struct MigrateToV3<T>(sp_std::marker::PhantomData<T>);
 	impl<T: Config> OnRuntimeUpgrade for MigrateToV3<T> {
 		fn on_runtime_upgrade() -> Weight {
-			let current = Pallet::<T>::current_storage_version();
+			let current = Pallet::<T>::in_code_storage_version();
 			let onchain = Pallet::<T>::on_chain_storage_version();
 
 			if onchain == 2 {
 				log!(
 					info,
-					"Running migration with current storage version {:?} / onchain {:?}",
+					"Running migration with in-code storage version {:?} / onchain {:?}",
 					current,
 					onchain
 				);
@@ -859,12 +859,12 @@ pub mod v2 {
 
 	impl<T: Config> OnRuntimeUpgrade for MigrateToV2<T> {
 		fn on_runtime_upgrade() -> Weight {
-			let current = Pallet::<T>::current_storage_version();
+			let current = Pallet::<T>::in_code_storage_version();
 			let onchain = Pallet::<T>::on_chain_storage_version();
 
 			log!(
 				info,
-				"Running migration with current storage version {:?} / onchain {:?}",
+				"Running migration with in-code storage version {:?} / onchain {:?}",
 				current,
 				onchain
 			);
@@ -976,12 +976,12 @@ pub mod v1 {
 	pub struct MigrateToV1<T>(sp_std::marker::PhantomData<T>);
 	impl<T: Config> OnRuntimeUpgrade for MigrateToV1<T> {
 		fn on_runtime_upgrade() -> Weight {
-			let current = Pallet::<T>::current_storage_version();
+			let current = Pallet::<T>::in_code_storage_version();
 			let onchain = Pallet::<T>::on_chain_storage_version();
 
 			log!(
 				info,
-				"Running migration with current storage version {:?} / onchain {:?}",
+				"Running migration with in-code storage version {:?} / onchain {:?}",
 				current,
 				onchain
 			);
diff --git a/substrate/frame/preimage/src/lib.rs b/substrate/frame/preimage/src/lib.rs
index e344bdfe2d8fe..4e47468516663 100644
--- a/substrate/frame/preimage/src/lib.rs
+++ b/substrate/frame/preimage/src/lib.rs
@@ -102,7 +102,7 @@ pub const MAX_HASH_UPGRADE_BULK_COUNT: u32 = 1024;
 pub mod pallet {
 	use super::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
 
 	#[pallet::config]
diff --git a/substrate/frame/referenda/src/lib.rs b/substrate/frame/referenda/src/lib.rs
index c5bf2266e6725..e616056c3022a 100644
--- a/substrate/frame/referenda/src/lib.rs
+++ b/substrate/frame/referenda/src/lib.rs
@@ -143,7 +143,7 @@ pub mod pallet {
 	use frame_support::{pallet_prelude::*, traits::EnsureOriginWithArg};
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/referenda/src/migration.rs b/substrate/frame/referenda/src/migration.rs
index a80897242eec6..631eb7340e567 100644
--- a/substrate/frame/referenda/src/migration.rs
+++ b/substrate/frame/referenda/src/migration.rs
@@ -109,16 +109,16 @@ pub mod v1 {
 		}
 
 		fn on_runtime_upgrade() -> Weight {
-			let current_version = Pallet::<T, I>::current_storage_version();
-			let onchain_version = Pallet::<T, I>::on_chain_storage_version();
+			let in_code_version = Pallet::<T, I>::in_code_storage_version();
+			let on_chain_version = Pallet::<T, I>::on_chain_storage_version();
 			let mut weight = T::DbWeight::get().reads(1);
 			log::info!(
 				target: TARGET,
-				"running migration with current storage version {:?} / onchain {:?}.",
-				current_version,
-				onchain_version
+				"running migration with in-code storage version {:?} / onchain {:?}.",
+				in_code_version,
+				on_chain_version
 			);
-			if onchain_version != 0 {
+			if on_chain_version != 0 {
 				log::warn!(target: TARGET, "skipping migration from v0 to v1.");
 				return weight
 			}
@@ -149,8 +149,8 @@ pub mod v1 {
 
 		#[cfg(feature = "try-runtime")]
 		fn post_upgrade(state: Vec<u8>) -> Result<(), TryRuntimeError> {
-			let onchain_version = Pallet::<T, I>::on_chain_storage_version();
-			ensure!(onchain_version == 1, "must upgrade from version 0 to 1.");
+			let on_chain_version = Pallet::<T, I>::on_chain_storage_version();
+			ensure!(on_chain_version == 1, "must upgrade from version 0 to 1.");
 			let pre_referendum_count: u32 = Decode::decode(&mut &state[..])
 				.expect("failed to decode the state from pre-upgrade.");
 			let post_referendum_count = ReferendumInfoFor::<T, I>::iter().count() as u32;
diff --git a/substrate/frame/scheduler/src/lib.rs b/substrate/frame/scheduler/src/lib.rs
index daebebdee9956..af3abd8ac4f2a 100644
--- a/substrate/frame/scheduler/src/lib.rs
+++ b/substrate/frame/scheduler/src/lib.rs
@@ -229,7 +229,7 @@ pub mod pallet {
 	use frame_support::{dispatch::PostDispatchInfo, pallet_prelude::*};
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(4);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/session/src/historical/mod.rs b/substrate/frame/session/src/historical/mod.rs
index d74e9dd0b7c54..b9cecea1a7f71 100644
--- a/substrate/frame/session/src/historical/mod.rs
+++ b/substrate/frame/session/src/historical/mod.rs
@@ -58,7 +58,7 @@ pub mod pallet {
 	use super::*;
 	use frame_support::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(1);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/session/src/lib.rs b/substrate/frame/session/src/lib.rs
index fc35cd6ddd82a..7d8128dbc1fe6 100644
--- a/substrate/frame/session/src/lib.rs
+++ b/substrate/frame/session/src/lib.rs
@@ -368,7 +368,7 @@ pub mod pallet {
 	use frame_support::pallet_prelude::*;
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(0);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/society/src/migrations.rs b/substrate/frame/society/src/migrations.rs
index dafb1e0b9e5e9..6a1029114519d 100644
--- a/substrate/frame/society/src/migrations.rs
+++ b/substrate/frame/society/src/migrations.rs
@@ -40,11 +40,11 @@ impl<
 {
 	#[cfg(feature = "try-runtime")]
 	fn pre_upgrade() -> Result<Vec<u8>, TryRuntimeError> {
-		let current = Pallet::<T, I>::current_storage_version();
-		let onchain = Pallet::<T, I>::on_chain_storage_version();
-		ensure!(onchain == 0 && current == 2, "pallet_society: invalid version");
+		let in_code = Pallet::<T, I>::in_code_storage_version();
+		let on_chain = Pallet::<T, I>::on_chain_storage_version();
+		ensure!(on_chain == 0 && in_code == 2, "pallet_society: invalid version");
 
-		Ok((old::Candidates::<T, I>::get(), old::Members::<T, I>::get()).encode())
+		Ok((v0::Candidates::<T, I>::get(), v0::Members::<T, I>::get()).encode())
 	}
 
 	fn on_runtime_upgrade() -> Weight {
@@ -103,7 +103,7 @@ pub type MigrateToV2<T, I, PastPayouts> = frame_support::migrations::VersionedMi
 	<T as frame_system::Config>::DbWeight,
 >;
 
-pub(crate) mod old {
+pub(crate) mod v0 {
 	use super::*;
 	use frame_support::storage_alias;
 
@@ -230,37 +230,37 @@ pub fn assert_internal_consistency<T: Config<I>, I: Instance + 'static>() {
 	}
 
 	// We don't use these - make sure they don't exist.
-	assert_eq!(old::SuspendedCandidates::<T, I>::iter().count(), 0);
-	assert_eq!(old::Strikes::<T, I>::iter().count(), 0);
-	assert_eq!(old::Vouching::<T, I>::iter().count(), 0);
-	assert!(!old::Defender::<T, I>::exists());
-	assert!(!old::Members::<T, I>::exists());
+	assert_eq!(v0::SuspendedCandidates::<T, I>::iter().count(), 0);
+	assert_eq!(v0::Strikes::<T, I>::iter().count(), 0);
+	assert_eq!(v0::Vouching::<T, I>::iter().count(), 0);
+	assert!(!v0::Defender::<T, I>::exists());
+	assert!(!v0::Members::<T, I>::exists());
 }
 
 pub fn from_original<T: Config<I>, I: Instance + 'static>(
 	past_payouts: &mut [(<T as frame_system::Config>::AccountId, BalanceOf<T, I>)],
 ) -> Result<Weight, &'static str> {
 	// Migrate Bids from old::Bids (just a trunctation).
-	Bids::<T, I>::put(BoundedVec::<_, T::MaxBids>::truncate_from(old::Bids::<T, I>::take()));
+	Bids::<T, I>::put(BoundedVec::<_, T::MaxBids>::truncate_from(v0::Bids::<T, I>::take()));
 
 	// Initialise round counter.
 	RoundCount::<T, I>::put(0);
 
 	// Migrate Candidates from old::Candidates
-	for Bid { who: candidate, kind, value } in old::Candidates::<T, I>::take().into_iter() {
+	for Bid { who: candidate, kind, value } in v0::Candidates::<T, I>::take().into_iter() {
 		let mut tally = Tally::default();
 		// Migrate Votes from old::Votes
 		// No need to drain, since we're overwriting values.
-		for (voter, vote) in old::Votes::<T, I>::iter_prefix(&candidate) {
+		for (voter, vote) in v0::Votes::<T, I>::iter_prefix(&candidate) {
 			Votes::<T, I>::insert(
 				&candidate,
 				&voter,
-				Vote { approve: vote == old::Vote::Approve, weight: 1 },
+				Vote { approve: vote == v0::Vote::Approve, weight: 1 },
 			);
 			match vote {
-				old::Vote::Approve => tally.approvals.saturating_inc(),
-				old::Vote::Reject => tally.rejections.saturating_inc(),
-				old::Vote::Skeptic => Skeptic::<T, I>::put(&voter),
+				v0::Vote::Approve => tally.approvals.saturating_inc(),
+				v0::Vote::Reject => tally.rejections.saturating_inc(),
+				v0::Vote::Skeptic => Skeptic::<T, I>::put(&voter),
 			}
 		}
 		Candidates::<T, I>::insert(
@@ -271,9 +271,9 @@ pub fn from_original<T: Config<I>, I: Instance + 'static>(
 
 	// Migrate Members from old::Members old::Strikes old::Vouching
 	let mut member_count = 0;
-	for member in old::Members::<T, I>::take() {
-		let strikes = old::Strikes::<T, I>::take(&member);
-		let vouching = old::Vouching::<T, I>::take(&member);
+	for member in v0::Members::<T, I>::take() {
+		let strikes = v0::Strikes::<T, I>::take(&member);
+		let vouching = v0::Vouching::<T, I>::take(&member);
 		let record = MemberRecord { index: member_count, rank: 0, strikes, vouching };
 		Members::<T, I>::insert(&member, record);
 		MemberByIndex::<T, I>::insert(member_count, &member);
@@ -314,7 +314,7 @@ pub fn from_original<T: Config<I>, I: Instance + 'static>(
 	// Migrate Payouts from: old::Payouts and raw info (needed since we can't query old chain
 	// state).
 	past_payouts.sort();
-	for (who, mut payouts) in old::Payouts::<T, I>::iter() {
+	for (who, mut payouts) in v0::Payouts::<T, I>::iter() {
 		payouts.truncate(T::MaxPayouts::get() as usize);
 		// ^^ Safe since we already truncated.
 		let paid = past_payouts
@@ -329,19 +329,19 @@ pub fn from_original<T: Config<I>, I: Instance + 'static>(
 	}
 
 	// Migrate SuspendedMembers from old::SuspendedMembers old::Strikes old::Vouching.
-	for who in old::SuspendedMembers::<T, I>::iter_keys() {
-		let strikes = old::Strikes::<T, I>::take(&who);
-		let vouching = old::Vouching::<T, I>::take(&who);
+	for who in v0::SuspendedMembers::<T, I>::iter_keys() {
+		let strikes = v0::Strikes::<T, I>::take(&who);
+		let vouching = v0::Vouching::<T, I>::take(&who);
 		let record = MemberRecord { index: 0, rank: 0, strikes, vouching };
 		SuspendedMembers::<T, I>::insert(&who, record);
 	}
 
 	// Any suspended candidates remaining are rejected.
-	let _ = old::SuspendedCandidates::<T, I>::clear(u32::MAX, None);
+	let _ = v0::SuspendedCandidates::<T, I>::clear(u32::MAX, None);
 
 	// We give the current defender the benefit of the doubt.
-	old::Defender::<T, I>::kill();
-	let _ = old::DefenderVotes::<T, I>::clear(u32::MAX, None);
+	v0::Defender::<T, I>::kill();
+	let _ = v0::DefenderVotes::<T, I>::clear(u32::MAX, None);
 
 	Ok(T::BlockWeights::get().max_block)
 }
diff --git a/substrate/frame/society/src/tests.rs b/substrate/frame/society/src/tests.rs
index 940643168fb41..411567e1dedfd 100644
--- a/substrate/frame/society/src/tests.rs
+++ b/substrate/frame/society/src/tests.rs
@@ -18,7 +18,7 @@
 //! Tests for the module.
 
 use super::*;
-use migrations::old;
+use migrations::v0;
 use mock::*;
 
 use frame_support::{assert_noop, assert_ok};
@@ -32,41 +32,41 @@ use RuntimeOrigin as Origin;
 #[test]
 fn migration_works() {
 	EnvBuilder::new().founded(false).execute(|| {
-		use old::Vote::*;
+		use v0::Vote::*;
 
 		// Initialise the old storage items.
 		Founder::<Test>::put(10);
 		Head::<Test>::put(30);
-		old::Members::<Test, ()>::put(vec![10, 20, 30]);
-		old::Vouching::<Test, ()>::insert(30, Vouching);
-		old::Vouching::<Test, ()>::insert(40, Banned);
-		old::Strikes::<Test, ()>::insert(20, 1);
-		old::Strikes::<Test, ()>::insert(30, 2);
-		old::Strikes::<Test, ()>::insert(40, 5);
-		old::Payouts::<Test, ()>::insert(20, vec![(1, 1)]);
-		old::Payouts::<Test, ()>::insert(
+		v0::Members::<Test, ()>::put(vec![10, 20, 30]);
+		v0::Vouching::<Test, ()>::insert(30, Vouching);
+		v0::Vouching::<Test, ()>::insert(40, Banned);
+		v0::Strikes::<Test, ()>::insert(20, 1);
+		v0::Strikes::<Test, ()>::insert(30, 2);
+		v0::Strikes::<Test, ()>::insert(40, 5);
+		v0::Payouts::<Test, ()>::insert(20, vec![(1, 1)]);
+		v0::Payouts::<Test, ()>::insert(
 			30,
 			(0..=<Test as Config>::MaxPayouts::get())
 				.map(|i| (i as u64, i as u64))
 				.collect::<Vec<_>>(),
 		);
-		old::SuspendedMembers::<Test, ()>::insert(40, true);
+		v0::SuspendedMembers::<Test, ()>::insert(40, true);
 
-		old::Defender::<Test, ()>::put(20);
-		old::DefenderVotes::<Test, ()>::insert(10, Approve);
-		old::DefenderVotes::<Test, ()>::insert(20, Approve);
-		old::DefenderVotes::<Test, ()>::insert(30, Reject);
+		v0::Defender::<Test, ()>::put(20);
+		v0::DefenderVotes::<Test, ()>::insert(10, Approve);
+		v0::DefenderVotes::<Test, ()>::insert(20, Approve);
+		v0::DefenderVotes::<Test, ()>::insert(30, Reject);
 
-		old::SuspendedCandidates::<Test, ()>::insert(50, (10, Deposit(100)));
+		v0::SuspendedCandidates::<Test, ()>::insert(50, (10, Deposit(100)));
 
-		old::Candidates::<Test, ()>::put(vec![
+		v0::Candidates::<Test, ()>::put(vec![
 			Bid { who: 60, kind: Deposit(100), value: 200 },
 			Bid { who: 70, kind: Vouch(30, 30), value: 100 },
 		]);
-		old::Votes::<Test, ()>::insert(60, 10, Approve);
-		old::Votes::<Test, ()>::insert(70, 10, Reject);
-		old::Votes::<Test, ()>::insert(70, 20, Approve);
-		old::Votes::<Test, ()>::insert(70, 30, Approve);
+		v0::Votes::<Test, ()>::insert(60, 10, Approve);
+		v0::Votes::<Test, ()>::insert(70, 10, Reject);
+		v0::Votes::<Test, ()>::insert(70, 20, Approve);
+		v0::Votes::<Test, ()>::insert(70, 30, Approve);
 
 		let bids = (0..=<Test as Config>::MaxBids::get())
 			.map(|i| Bid {
@@ -75,7 +75,7 @@ fn migration_works() {
 				value: 10u64 + i as u64,
 			})
 			.collect::<Vec<_>>();
-		old::Bids::<Test, ()>::put(bids);
+		v0::Bids::<Test, ()>::put(bids);
 
 		migrations::from_original::<Test, ()>(&mut [][..]).expect("migration failed");
 		migrations::assert_internal_consistency::<Test, ()>();
diff --git a/substrate/frame/staking/src/migrations.rs b/substrate/frame/staking/src/migrations.rs
index 98984be9920d7..3e3b1113a8198 100644
--- a/substrate/frame/staking/src/migrations.rs
+++ b/substrate/frame/staking/src/migrations.rs
@@ -67,11 +67,11 @@ pub mod v14 {
 	pub struct MigrateToV14<T>(core::marker::PhantomData<T>);
 	impl<T: Config> OnRuntimeUpgrade for MigrateToV14<T> {
 		fn on_runtime_upgrade() -> Weight {
-			let current = Pallet::<T>::current_storage_version();
+			let in_code = Pallet::<T>::in_code_storage_version();
 			let on_chain = Pallet::<T>::on_chain_storage_version();
 
-			if current == 14 && on_chain == 13 {
-				current.put::<Pallet<T>>();
+			if in_code == 14 && on_chain == 13 {
+				in_code.put::<Pallet<T>>();
 
 				log!(info, "v14 applied successfully.");
 				T::DbWeight::get().reads_writes(1, 1)
@@ -108,12 +108,12 @@ pub mod v13 {
 		}
 
 		fn on_runtime_upgrade() -> Weight {
-			let current = Pallet::<T>::current_storage_version();
+			let in_code = Pallet::<T>::in_code_storage_version();
 			let onchain = StorageVersion::<T>::get();
 
-			if current == 13 && onchain == ObsoleteReleases::V12_0_0 {
+			if in_code == 13 && onchain == ObsoleteReleases::V12_0_0 {
 				StorageVersion::<T>::kill();
-				current.put::<Pallet<T>>();
+				in_code.put::<Pallet<T>>();
 
 				log!(info, "v13 applied successfully");
 				T::DbWeight::get().reads_writes(1, 2)
diff --git a/substrate/frame/staking/src/pallet/mod.rs b/substrate/frame/staking/src/pallet/mod.rs
index e0213efd507fd..992a7fe2c9c62 100644
--- a/substrate/frame/staking/src/pallet/mod.rs
+++ b/substrate/frame/staking/src/pallet/mod.rs
@@ -66,7 +66,7 @@ pub mod pallet {
 
 	use super::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(14);
 
 	#[pallet::pallet]
diff --git a/substrate/frame/support/procedural/src/lib.rs b/substrate/frame/support/procedural/src/lib.rs
index 78729ee3dc3f8..5840377d72259 100644
--- a/substrate/frame/support/procedural/src/lib.rs
+++ b/substrate/frame/support/procedural/src/lib.rs
@@ -555,6 +555,42 @@ pub fn __create_tt_macro(input: TokenStream) -> TokenStream {
 	tt_macro::create_tt_return_macro(input)
 }
 
+/// Allows accessing on-chain pallet storage that is no longer accessible via the pallet.
+///
+/// This is especially useful when writing storage migrations, when types of storage items are
+/// modified or outright removed, but the previous definition is required to perform the migration.
+///
+/// ## Example
+///
+/// Imagine a pallet with the following storage definition:
+/// ```ignore
+/// #[pallet::storage]
+/// pub type Value<T: Config> = StorageValue<_, u32>;
+/// ```
+/// `Value` can be accessed by calling `Value::<T>::get()`.
+///
+/// Now imagine the definition of `Value` is updated to a `(u32, u32)`:
+/// ```ignore
+/// #[pallet::storage]
+/// pub type Value<T: Config> = StorageValue<_, (u32, u32)>;
+/// ```
+/// The on-chain value of `Value` is `u32`, but `Value::<T>::get()` expects it to be `(u32, u32)`.
+///
+/// In this instance the developer must write a storage migration to reading the old value of
+/// `Value` and writing it back to storage in the new format, so that the on-chain storage layout is
+/// consistent with what is defined in the pallet.
+///
+/// We can read the old v0 value of `Value` in the migration by creating a `storage_alias`:
+/// ```ignore
+/// pub(crate) mod v0 {
+/// 	use super::*;
+///
+/// 	#[storage_alias]
+/// 	pub type Value<T: crate::Config> = StorageValue<crate::Pallet<T>, u32>;
+/// }
+/// ```
+///
+/// The developer can now access the old value of `Value` by calling `v0::Value::<T>::get()`.
 #[proc_macro_attribute]
 pub fn storage_alias(attributes: TokenStream, input: TokenStream) -> TokenStream {
 	storage_alias::storage_alias(attributes.into(), input.into())
@@ -1058,7 +1094,7 @@ pub fn generate_store(_: TokenStream, _: TokenStream) -> TokenStream {
 /// pub struct Pallet<T>(_);
 /// ```
 ///
-/// If not present, the current storage version is set to the default value.
+/// If not present, the in-code storage version is set to the default value.
 #[proc_macro_attribute]
 pub fn storage_version(_: TokenStream, _: TokenStream) -> TokenStream {
 	pallet_macro_stub()
diff --git a/substrate/frame/support/procedural/src/pallet/expand/hooks.rs b/substrate/frame/support/procedural/src/pallet/expand/hooks.rs
index 5044d4285bb64..6b25ddcba1a7a 100644
--- a/substrate/frame/support/procedural/src/pallet/expand/hooks.rs
+++ b/substrate/frame/support/procedural/src/pallet/expand/hooks.rs
@@ -42,7 +42,7 @@ pub fn expand_hooks(def: &mut Def) -> proc_macro2::TokenStream {
 		>::name::<Self>().unwrap_or("<unknown pallet name>")
 	};
 
-	let initialize_on_chain_storage_version = if let Some(current_version) =
+	let initialize_on_chain_storage_version = if let Some(in_code_version) =
 		&def.pallet_struct.storage_version
 	{
 		quote::quote! {
@@ -50,9 +50,9 @@ pub fn expand_hooks(def: &mut Def) -> proc_macro2::TokenStream {
 				target: #frame_support::LOG_TARGET,
 				"🐥 New pallet {:?} detected in the runtime. Initializing the on-chain storage version to match the storage version defined in the pallet: {:?}",
 				#pallet_name,
-				#current_version
+				#in_code_version
 			);
-			#current_version.put::<Self>();
+			#in_code_version.put::<Self>();
 		}
 	} else {
 		quote::quote! {
@@ -73,10 +73,10 @@ pub fn expand_hooks(def: &mut Def) -> proc_macro2::TokenStream {
 			#frame_support::__private::log::info!(
 				target: #frame_support::LOG_TARGET,
 				"⚠️ {} declares internal migrations (which *might* execute). \
-				 On-chain `{:?}` vs current storage version `{:?}`",
+				 On-chain `{:?}` vs in-code storage version `{:?}`",
 				#pallet_name,
 				<Self as #frame_support::traits::GetStorageVersion>::on_chain_storage_version(),
-				<Self as #frame_support::traits::GetStorageVersion>::current_storage_version(),
+				<Self as #frame_support::traits::GetStorageVersion>::in_code_storage_version(),
 			);
 		}
 	} else {
@@ -102,23 +102,23 @@ pub fn expand_hooks(def: &mut Def) -> proc_macro2::TokenStream {
 	};
 
 	// If a storage version is set, we should ensure that the storage version on chain matches the
-	// current storage version. This assumes that `Executive` is running custom migrations before
+	// in-code storage version. This assumes that `Executive` is running custom migrations before
 	// the pallets are called.
 	let post_storage_version_check = if def.pallet_struct.storage_version.is_some() {
 		quote::quote! {
 			let on_chain_version = <Self as #frame_support::traits::GetStorageVersion>::on_chain_storage_version();
-			let current_version = <Self as #frame_support::traits::GetStorageVersion>::current_storage_version();
+			let in_code_version = <Self as #frame_support::traits::GetStorageVersion>::in_code_storage_version();
 
-			if on_chain_version != current_version {
+			if on_chain_version != in_code_version {
 				#frame_support::__private::log::error!(
 					target: #frame_support::LOG_TARGET,
-					"{}: On chain storage version {:?} doesn't match current storage version {:?}.",
+					"{}: On chain storage version {:?} doesn't match in-code storage version {:?}.",
 					#pallet_name,
 					on_chain_version,
-					current_version,
+					in_code_version,
 				);
 
-				return Err("On chain and current storage version do not match. Missing runtime upgrade?".into());
+				return Err("On chain and in-code storage version do not match. Missing runtime upgrade?".into());
 			}
 		}
 	} else {
diff --git a/substrate/frame/support/procedural/src/pallet/expand/pallet_struct.rs b/substrate/frame/support/procedural/src/pallet/expand/pallet_struct.rs
index c2102f0284dbe..7cdf6bde9de87 100644
--- a/substrate/frame/support/procedural/src/pallet/expand/pallet_struct.rs
+++ b/substrate/frame/support/procedural/src/pallet/expand/pallet_struct.rs
@@ -160,7 +160,7 @@ pub fn expand_pallet_struct(def: &mut Def) -> proc_macro2::TokenStream {
 		}
 	);
 
-	let (storage_version, current_storage_version_ty) =
+	let (storage_version, in_code_storage_version_ty) =
 		if let Some(v) = def.pallet_struct.storage_version.as_ref() {
 			(quote::quote! { #v }, quote::quote! { #frame_support::traits::StorageVersion })
 		} else {
@@ -203,9 +203,9 @@ pub fn expand_pallet_struct(def: &mut Def) -> proc_macro2::TokenStream {
 			for #pallet_ident<#type_use_gen>
 			#config_where_clause
 		{
-			type CurrentStorageVersion = #current_storage_version_ty;
+			type InCodeStorageVersion = #in_code_storage_version_ty;
 
-			fn current_storage_version() -> Self::CurrentStorageVersion {
+			fn in_code_storage_version() -> Self::InCodeStorageVersion {
 				#storage_version
 			}
 
diff --git a/substrate/frame/support/procedural/src/pallet/parse/pallet_struct.rs b/substrate/frame/support/procedural/src/pallet/parse/pallet_struct.rs
index f4af86aa3e993..c2855ae38ef05 100644
--- a/substrate/frame/support/procedural/src/pallet/parse/pallet_struct.rs
+++ b/substrate/frame/support/procedural/src/pallet/parse/pallet_struct.rs
@@ -44,7 +44,7 @@ pub struct PalletStructDef {
 	/// Whether to specify the storages max encoded len when implementing `StorageInfoTrait`.
 	/// Contains the span of the attribute.
 	pub without_storage_info: Option<proc_macro2::Span>,
-	/// The current storage version of the pallet.
+	/// The in-code storage version of the pallet.
 	pub storage_version: Option<syn::Path>,
 }
 
diff --git a/substrate/frame/support/src/lib.rs b/substrate/frame/support/src/lib.rs
index 3e97a3842756a..d2d9a33053fbe 100644
--- a/substrate/frame/support/src/lib.rs
+++ b/substrate/frame/support/src/lib.rs
@@ -1178,7 +1178,7 @@ pub mod pallet_prelude {
 /// # `pallet::storage_version`
 ///
 /// Because the [`pallet::pallet`](#pallet-struct-placeholder-palletpallet-mandatory) macro
-/// implements [`traits::GetStorageVersion`], the current storage version needs to be
+/// implements [`traits::GetStorageVersion`], the in-code storage version needs to be
 /// communicated to the macro. This can be done by using the `pallet::storage_version`
 /// attribute:
 ///
@@ -1190,7 +1190,7 @@ pub mod pallet_prelude {
 /// pub struct Pallet<T>(_);
 /// ```
 ///
-/// If not present, the current storage version is set to the default value.
+/// If not present, the in-code storage version is set to the default value.
 ///
 /// Also see [`pallet::storage_version`](`frame_support::pallet_macros::storage_version`)
 ///
diff --git a/substrate/frame/support/src/migrations.rs b/substrate/frame/support/src/migrations.rs
index d059a992a8664..f754105902323 100644
--- a/substrate/frame/support/src/migrations.rs
+++ b/substrate/frame/support/src/migrations.rs
@@ -43,12 +43,30 @@ use sp_std::marker::PhantomData;
 /// Otherwise, a warning is logged notifying the developer that the upgrade was a noop and should
 /// probably be removed.
 ///
+/// It is STRONGLY RECOMMENDED to write the unversioned migration logic in a private module and
+/// only export the versioned migration logic to prevent accidentally using the unversioned
+/// migration in any runtimes.
+///
 /// ### Examples
 /// ```ignore
 /// // In file defining migrations
-/// pub struct VersionUncheckedMigrateV5ToV6<T>(sp_std::marker::PhantomData<T>);
-/// impl<T: Config> OnRuntimeUpgrade for VersionUncheckedMigrateV5ToV6<T> {
-/// 	// OnRuntimeUpgrade implementation...
+///
+/// /// Private module containing *version unchecked* migration logic.
+/// ///
+/// /// Should only be used by the [`VersionedMigration`] type in this module to create something to
+/// /// export.
+/// ///
+/// /// We keep this private so the unversioned migration cannot accidentally be used in any runtimes.
+/// ///
+/// /// For more about this pattern of keeping items private, see
+/// /// - https://github.com/rust-lang/rust/issues/30905
+/// /// - https://internals.rust-lang.org/t/lang-team-minutes-private-in-public-rules/4504/40
+/// mod version_unchecked {
+/// 	use super::*;
+/// 	pub struct MigrateV5ToV6<T>(sp_std::marker::PhantomData<T>);
+/// 	impl<T: Config> OnRuntimeUpgrade for  VersionUncheckedMigrateV5ToV6<T> {
+/// 		// OnRuntimeUpgrade implementation...
+/// 	}
 /// }
 ///
 /// pub type MigrateV5ToV6<T, I> =
@@ -91,7 +109,7 @@ impl<
 		const FROM: u16,
 		const TO: u16,
 		Inner: crate::traits::OnRuntimeUpgrade,
-		Pallet: GetStorageVersion<CurrentStorageVersion = StorageVersion> + PalletInfoAccess,
+		Pallet: GetStorageVersion<InCodeStorageVersion = StorageVersion> + PalletInfoAccess,
 		DbWeight: Get<RuntimeDbWeight>,
 	> crate::traits::OnRuntimeUpgrade for VersionedMigration<FROM, TO, Inner, Pallet, DbWeight>
 {
@@ -163,25 +181,25 @@ impl<
 	}
 }
 
-/// Can store the current pallet version in storage.
-pub trait StoreCurrentStorageVersion<T: GetStorageVersion + PalletInfoAccess> {
-	/// Write the current storage version to the storage.
-	fn store_current_storage_version();
+/// Can store the in-code pallet version on-chain.
+pub trait StoreInCodeStorageVersion<T: GetStorageVersion + PalletInfoAccess> {
+	/// Write the in-code storage version on-chain.
+	fn store_in_code_storage_version();
 }
 
-impl<T: GetStorageVersion<CurrentStorageVersion = StorageVersion> + PalletInfoAccess>
-	StoreCurrentStorageVersion<T> for StorageVersion
+impl<T: GetStorageVersion<InCodeStorageVersion = StorageVersion> + PalletInfoAccess>
+	StoreInCodeStorageVersion<T> for StorageVersion
 {
-	fn store_current_storage_version() {
-		let version = <T as GetStorageVersion>::current_storage_version();
+	fn store_in_code_storage_version() {
+		let version = <T as GetStorageVersion>::in_code_storage_version();
 		version.put::<T>();
 	}
 }
 
-impl<T: GetStorageVersion<CurrentStorageVersion = NoStorageVersionSet> + PalletInfoAccess>
-	StoreCurrentStorageVersion<T> for NoStorageVersionSet
+impl<T: GetStorageVersion<InCodeStorageVersion = NoStorageVersionSet> + PalletInfoAccess>
+	StoreInCodeStorageVersion<T> for NoStorageVersionSet
 {
-	fn store_current_storage_version() {
+	fn store_in_code_storage_version() {
 		StorageVersion::default().put::<T>();
 	}
 }
@@ -193,7 +211,7 @@ pub trait PalletVersionToStorageVersionHelper {
 
 impl<T: GetStorageVersion + PalletInfoAccess> PalletVersionToStorageVersionHelper for T
 where
-	T::CurrentStorageVersion: StoreCurrentStorageVersion<T>,
+	T::InCodeStorageVersion: StoreInCodeStorageVersion<T>,
 {
 	fn migrate(db_weight: &RuntimeDbWeight) -> Weight {
 		const PALLET_VERSION_STORAGE_KEY_POSTFIX: &[u8] = b":__PALLET_VERSION__:";
@@ -204,8 +222,7 @@ where
 
 		sp_io::storage::clear(&pallet_version_key(<T as PalletInfoAccess>::name()));
 
-		<T::CurrentStorageVersion as StoreCurrentStorageVersion<T>>::store_current_storage_version(
-		);
+		<T::InCodeStorageVersion as StoreInCodeStorageVersion<T>>::store_in_code_storage_version();
 
 		db_weight.writes(2)
 	}
@@ -226,7 +243,7 @@ impl PalletVersionToStorageVersionHelper for T {
 
 /// Migrate from the `PalletVersion` struct to the new [`StorageVersion`] struct.
 ///
-/// This will remove all `PalletVersion's` from the state and insert the current storage version.
+/// This will remove all `PalletVersion's` from the state and insert the in-code storage version.
 pub fn migrate_from_pallet_version_to_storage_version<
 	Pallets: PalletVersionToStorageVersionHelper,
 >(
diff --git a/substrate/frame/support/src/traits/hooks.rs b/substrate/frame/support/src/traits/hooks.rs
index 20788ce932d8b..72f047c3a73d3 100644
--- a/substrate/frame/support/src/traits/hooks.rs
+++ b/substrate/frame/support/src/traits/hooks.rs
@@ -90,7 +90,7 @@ impl<BlockNumber: Copy + AtLeast32BitUnsigned> OnIdle<BlockNumber> for Tuple {
 ///
 /// Implementing this trait for a pallet let's you express operations that should
 /// happen at genesis. It will be called in an externalities provided environment and
-/// will see the genesis state after all pallets have written their genesis state.
+/// will set the genesis state after all pallets have written their genesis state.
 #[cfg_attr(all(not(feature = "tuples-96"), not(feature = "tuples-128")), impl_for_tuples(64))]
 #[cfg_attr(all(feature = "tuples-96", not(feature = "tuples-128")), impl_for_tuples(96))]
 #[cfg_attr(feature = "tuples-128", impl_for_tuples(128))]
@@ -306,19 +306,23 @@ pub trait IntegrityTest {
 /// end
 /// ```
 ///
-/// * `OnRuntimeUpgrade` is only executed before everything else if a code
-/// * `OnRuntimeUpgrade` is mandatorily at the beginning of the block body (extrinsics) being
-///   processed. change is detected.
-/// * Extrinsics start with inherents, and continue with other signed or unsigned extrinsics.
-/// * `OnIdle` optionally comes after extrinsics.
-/// `OnFinalize` mandatorily comes after `OnIdle`.
+/// * [`OnRuntimeUpgrade`](Hooks::OnRuntimeUpgrade) hooks are only executed when a code change is
+///   detected.
+/// * [`OnRuntimeUpgrade`](Hooks::OnRuntimeUpgrade) hooks are mandatorily executed at the very
+///   beginning of the block body, before any extrinsics are processed.
+/// * [`Inherents`](sp_inherents) are always executed before any other other signed or unsigned
+///   extrinsics.
+/// * [`OnIdle`](Hooks::OnIdle) hooks are executed after extrinsics if there is weight remaining in
+///   the block.
+/// * [`OnFinalize`](Hooks::OnFinalize) hooks are mandatorily executed after
+///   [`OnIdle`](Hooks::OnIdle).
 ///
-/// > `OffchainWorker` is not part of this flow, as it is not really part of the consensus/main
-/// > block import path, and is called optionally, and in other circumstances. See
-/// > [`crate::traits::misc::OffchainWorker`] for more information.
+/// > [`OffchainWorker`](crate::traits::misc::OffchainWorker) hooks are not part of this flow,
+/// > because they are not part of the consensus/main block building logic. See
+/// > [`OffchainWorker`](crate::traits::misc::OffchainWorker) for more information.
 ///
-/// To learn more about the execution of hooks see `frame-executive` as this component is is charge
-/// of dispatching extrinsics and placing the hooks in the correct order.
+/// To learn more about the execution of hooks see the FRAME `Executive` pallet which is in charge
+/// of dispatching extrinsics and calling hooks in the correct order.
 pub trait Hooks<BlockNumber> {
 	/// Block initialization hook. This is called at the very beginning of block execution.
 	///
@@ -370,30 +374,38 @@ pub trait Hooks<BlockNumber> {
 		Weight::zero()
 	}
 
-	/// Hook executed when a code change (aka. a "runtime upgrade") is detected by FRAME.
+	/// Hook executed when a code change (aka. a "runtime upgrade") is detected by the FRAME
+	/// `Executive` pallet.
 	///
 	/// Be aware that this is called before [`Hooks::on_initialize`] of any pallet; therefore, a lot
 	/// of the critical storage items such as `block_number` in system pallet might have not been
-	/// set.
+	/// set yet.
 	///
-	/// Vert similar to [`Hooks::on_initialize`], any code in this block is mandatory and MUST
-	/// execute. Use with care.
+	/// Similar to [`Hooks::on_initialize`], any code in this block is mandatory and MUST execute.
+	/// It is strongly recommended to dry-run the execution of these hooks using
+	/// [try-runtime-cli](https://github.com/paritytech/try-runtime-cli) to ensure they will not
+	/// produce and overweight block which can brick your chain. Use with care!
 	///
-	/// ## Implementation Note: Versioning
+	/// ## Implementation Note: Standalone Migrations
 	///
-	/// 1. An implementation of this should typically follow a pattern where the version of the
-	/// pallet is checked against the onchain version, and a decision is made about what needs to be
-	/// done. This is helpful to prevent accidental repetitive execution of this hook, which can be
-	/// catastrophic.
+	/// Additional migrations can be created by directly implementing [`OnRuntimeUpgrade`] on
+	/// structs and passing them to `Executive`.
 	///
-	/// Alternatively, [`frame_support::migrations::VersionedMigration`] can be used to assist with
-	/// this.
+	/// ## Implementation Note: Pallet Versioning
 	///
-	/// ## Implementation Note: Runtime Level Migration
+	/// Implementations of this hook are typically wrapped in
+	/// [`crate::migrations::VersionedMigration`] to ensure the migration is executed exactly
+	/// once and only when it is supposed to.
 	///
-	/// Additional "upgrade hooks" can be created by pallets by a manual implementation of
-	/// [`Hooks::on_runtime_upgrade`] which can be passed on to `Executive` at the top level
-	/// runtime.
+	/// Alternatively, developers can manually implement version checks.
+	///
+	/// Failure to adequately check storage versions can result in accidental repetitive execution
+	/// of the hook, which can be catastrophic.
+	///
+	/// ## Implementation Note: Weight
+	///
+	/// Typically, implementations of this method are simple enough that weights can be calculated
+	/// manually. However, if required, a benchmark can also be used.
 	fn on_runtime_upgrade() -> Weight {
 		Weight::zero()
 	}
@@ -403,7 +415,7 @@ pub trait Hooks<BlockNumber> {
 	/// It should focus on certain checks to ensure that the state is sensible. This is never
 	/// executed in a consensus code-path, therefore it can consume as much weight as it needs.
 	///
-	/// This hook should not alter any storage.
+	/// This hook must not alter any storage.
 	#[cfg(feature = "try-runtime")]
 	fn try_state(_n: BlockNumber) -> Result<(), TryRuntimeError> {
 		Ok(())
@@ -415,7 +427,7 @@ pub trait Hooks<BlockNumber> {
 	/// which will be passed to `post_upgrade` after upgrading for post-check. An empty vector
 	/// should be returned if there is no such need.
 	///
-	/// This hook is never meant to be executed on-chain but is meant to be used by testing tools.
+	/// This hook is never executed on-chain but instead used by testing tools.
 	#[cfg(feature = "try-runtime")]
 	fn pre_upgrade() -> Result<Vec<u8>, TryRuntimeError> {
 		Ok(Vec::new())
diff --git a/substrate/frame/support/src/traits/metadata.rs b/substrate/frame/support/src/traits/metadata.rs
index 586af20511a89..8bda4186bc967 100644
--- a/substrate/frame/support/src/traits/metadata.rs
+++ b/substrate/frame/support/src/traits/metadata.rs
@@ -261,41 +261,64 @@ impl Add<u16> for StorageVersion {
 	}
 }
 
-/// Special marker struct if no storage version is set for a pallet.
+/// Special marker struct used when [`storage_version`](crate::pallet_macros::storage_version) is
+/// not defined for a pallet.
 ///
 /// If you (the reader) end up here, it probably means that you tried to compare
 /// [`GetStorageVersion::on_chain_storage_version`] against
-/// [`GetStorageVersion::current_storage_version`]. This basically means that the
-/// [`storage_version`](crate::pallet_macros::storage_version) is missing in the pallet where the
-/// mentioned functions are being called.
+/// [`GetStorageVersion::in_code_storage_version`]. This basically means that the
+/// [`storage_version`](crate::pallet_macros::storage_version) is missing from the pallet where the
+/// mentioned functions are being called, and needs to be defined.
 #[derive(Debug, Default)]
 pub struct NoStorageVersionSet;
 
-/// Provides information about the storage version of a pallet.
+/// Provides information about a pallet's storage versions.
 ///
-/// It differentiates between current and on-chain storage version. Both should be only out of sync
-/// when a new runtime upgrade was applied and the runtime migrations did not yet executed.
-/// Otherwise it means that the pallet works with an unsupported storage version and unforeseen
-/// stuff can happen.
+/// Every pallet has two storage versions:
+/// 1. An in-code storage version
+/// 2. An on-chain storage version
 ///
-/// The current storage version is the version of the pallet as supported at runtime. The active
-/// storage version is the version of the pallet in the storage.
+/// The in-code storage version is the version of the pallet as defined in the runtime blob, and the
+/// on-chain storage version is the version of the pallet stored on-chain.
 ///
-/// It is required to update the on-chain storage version manually when a migration was applied.
+/// Storage versions should be only ever be out of sync when a pallet has been updated to a new
+/// version and the in-code version is incremented, but the migration has not yet been executed
+/// on-chain as part of a runtime upgrade.
+///
+/// It is the responsibility of the developer to ensure that the on-chain storage version is set
+/// correctly during a migration so that it matches the in-code storage version.
 pub trait GetStorageVersion {
-	/// This will be filled out by the [`pallet`](crate::pallet) macro.
+	/// This type is generated by the [`pallet`](crate::pallet) macro.
+	///
+	/// If the [`storage_version`](crate::pallet_macros::storage_version) attribute isn't specified,
+	/// this is set to [`NoStorageVersionSet`] to signify that it is missing.
+	///
+	/// If the [`storage_version`](crate::pallet_macros::storage_version) attribute is specified,
+	/// this is be set to a [`StorageVersion`] corresponding to the attribute.
 	///
-	/// If the [`storage_version`](crate::pallet_macros::storage_version) attribute isn't given
-	/// this is set to [`NoStorageVersionSet`] to inform the user that the attribute is missing.
-	/// This should prevent that the user forgets to set a storage version when required. However,
-	/// this will only work when the user actually tries to call [`Self::current_storage_version`]
-	/// to compare it against the [`Self::on_chain_storage_version`]. If the attribute is given,
-	/// this will be set to [`StorageVersion`].
-	type CurrentStorageVersion;
-
-	/// Returns the current storage version as supported by the pallet.
-	fn current_storage_version() -> Self::CurrentStorageVersion;
-	/// Returns the on-chain storage version of the pallet as stored in the storage.
+	/// The intention of using [`NoStorageVersionSet`] instead of defaulting to a [`StorageVersion`]
+	/// of zero is to prevent developers from forgetting to set
+	/// [`storage_version`](crate::pallet_macros::storage_version) when it is required, like in the
+	/// case that they wish to compare the in-code storage version to the on-chain storage version.
+	type InCodeStorageVersion;
+
+	#[deprecated(
+		note = "This method has been renamed to `in_code_storage_version` and will be removed after March 2024."
+	)]
+	/// DEPRECATED: Use [`Self::current_storage_version`] instead.
+	///
+	/// Returns the in-code storage version as specified in the
+	/// [`storage_version`](crate::pallet_macros::storage_version) attribute, or
+	/// [`NoStorageVersionSet`] if the attribute is missing.
+	fn current_storage_version() -> Self::InCodeStorageVersion {
+		Self::in_code_storage_version()
+	}
+
+	/// Returns the in-code storage version as specified in the
+	/// [`storage_version`](crate::pallet_macros::storage_version) attribute, or
+	/// [`NoStorageVersionSet`] if the attribute is missing.
+	fn in_code_storage_version() -> Self::InCodeStorageVersion;
+	/// Returns the storage version of the pallet as last set in the actual on-chain storage.
 	fn on_chain_storage_version() -> StorageVersion;
 }
 
diff --git a/substrate/frame/support/test/tests/construct_runtime.rs b/substrate/frame/support/test/tests/construct_runtime.rs
index b8341b25cb098..b769868188677 100644
--- a/substrate/frame/support/test/tests/construct_runtime.rs
+++ b/substrate/frame/support/test/tests/construct_runtime.rs
@@ -683,7 +683,7 @@ fn test_metadata() {
 					name: "Version",
 					ty: meta_type::<RuntimeVersion>(),
 					value: RuntimeVersion::default().encode(),
-					docs: maybe_docs(vec![ " Get the chain's current version."]),
+					docs: maybe_docs(vec![ " Get the chain's in-code version."]),
 				},
 				PalletConstantMetadata {
 					name: "SS58Prefix",
diff --git a/substrate/frame/support/test/tests/pallet.rs b/substrate/frame/support/test/tests/pallet.rs
index 9b4381c2f82bd..7bee4b7c8206b 100644
--- a/substrate/frame/support/test/tests/pallet.rs
+++ b/substrate/frame/support/test/tests/pallet.rs
@@ -590,7 +590,7 @@ pub mod pallet2 {
 			Self::deposit_event(Event::Something(31));
 
 			if UpdateStorageVersion::get() {
-				Self::current_storage_version().put::<Self>();
+				Self::in_code_storage_version().put::<Self>();
 			}
 
 			Weight::zero()
@@ -1310,7 +1310,7 @@ fn pallet_on_genesis() {
 		assert_eq!(pallet::Pallet::<Runtime>::on_chain_storage_version(), StorageVersion::new(0));
 		pallet::Pallet::<Runtime>::on_genesis();
 		assert_eq!(
-			pallet::Pallet::<Runtime>::current_storage_version(),
+			pallet::Pallet::<Runtime>::in_code_storage_version(),
 			pallet::Pallet::<Runtime>::on_chain_storage_version(),
 		);
 	})
@@ -2257,10 +2257,10 @@ fn pallet_on_chain_storage_version_initializes_correctly() {
 		AllPalletsWithSystem,
 	>;
 
-	// Simple example of a pallet with current version 10 being added to the runtime for the first
+	// Simple example of a pallet with in-code version 10 being added to the runtime for the first
 	// time.
 	TestExternalities::default().execute_with(|| {
-		let current_version = Example::current_storage_version();
+		let in_code_version = Example::in_code_storage_version();
 
 		// Check the pallet has no storage items set.
 		let pallet_hashed_prefix = twox_128(Example::name().as_bytes());
@@ -2271,14 +2271,14 @@ fn pallet_on_chain_storage_version_initializes_correctly() {
 		// version.
 		Executive::execute_on_runtime_upgrade();
 
-		// Check that the storage version was initialized to the current version
+		// Check that the storage version was initialized to the in-code version
 		let on_chain_version_after = StorageVersion::get::<Example>();
-		assert_eq!(on_chain_version_after, current_version);
+		assert_eq!(on_chain_version_after, in_code_version);
 	});
 
-	// Pallet with no current storage version should have the on-chain version initialized to 0.
+	// Pallet with no in-code storage version should have the on-chain version initialized to 0.
 	TestExternalities::default().execute_with(|| {
-		// Example4 current_storage_version is NoStorageVersionSet.
+		// Example4 in_code_storage_version is NoStorageVersionSet.
 
 		// Check the pallet has no storage items set.
 		let pallet_hashed_prefix = twox_128(Example4::name().as_bytes());
@@ -2308,7 +2308,7 @@ fn post_runtime_upgrade_detects_storage_version_issues() {
 
 	impl OnRuntimeUpgrade for CustomUpgrade {
 		fn on_runtime_upgrade() -> Weight {
-			Example2::current_storage_version().put::<Example2>();
+			Example2::in_code_storage_version().put::<Example2>();
 
 			Default::default()
 		}
@@ -2351,14 +2351,14 @@ fn post_runtime_upgrade_detects_storage_version_issues() {
 	>;
 
 	TestExternalities::default().execute_with(|| {
-		// Set the on-chain version to one less than the current version for `Example`, simulating a
+		// Set the on-chain version to one less than the in-code version for `Example`, simulating a
 		// forgotten migration
 		StorageVersion::new(9).put::<Example2>();
 
 		// The version isn't changed, we should detect it.
 		assert!(
 			Executive::try_runtime_upgrade(UpgradeCheckSelect::PreAndPost).unwrap_err() ==
-				"On chain and current storage version do not match. Missing runtime upgrade?"
+				"On chain and in-code storage version do not match. Missing runtime upgrade?"
 					.into()
 		);
 	});
diff --git a/substrate/frame/support/test/tests/pallet_ui/compare_unset_storage_version.rs b/substrate/frame/support/test/tests/pallet_ui/compare_unset_storage_version.rs
index 840a6dee20ccc..d2ca9fc80991a 100644
--- a/substrate/frame/support/test/tests/pallet_ui/compare_unset_storage_version.rs
+++ b/substrate/frame/support/test/tests/pallet_ui/compare_unset_storage_version.rs
@@ -29,7 +29,7 @@ mod pallet {
 	#[pallet::hooks]
 	impl<T: Config> Hooks<BlockNumberFor<T>> for Pallet<T> {
 		fn on_runtime_upgrade() -> Weight {
-			if Self::current_storage_version() != Self::on_chain_storage_version() {
+			if Self::in_code_storage_version() != Self::on_chain_storage_version() {
 
 			}
 
diff --git a/substrate/frame/support/test/tests/pallet_ui/compare_unset_storage_version.stderr b/substrate/frame/support/test/tests/pallet_ui/compare_unset_storage_version.stderr
index 1b48197cc9ed1..3256e69528a2d 100644
--- a/substrate/frame/support/test/tests/pallet_ui/compare_unset_storage_version.stderr
+++ b/substrate/frame/support/test/tests/pallet_ui/compare_unset_storage_version.stderr
@@ -1,7 +1,7 @@
 error[E0369]: binary operation `!=` cannot be applied to type `NoStorageVersionSet`
   --> tests/pallet_ui/compare_unset_storage_version.rs:32:39
    |
-32 |             if Self::current_storage_version() != Self::on_chain_storage_version() {
+32 |             if Self::in_code_storage_version() != Self::on_chain_storage_version() {
    |                ------------------------------- ^^ -------------------------------- StorageVersion
    |                |
    |                NoStorageVersionSet
diff --git a/substrate/frame/system/src/lib.rs b/substrate/frame/system/src/lib.rs
index c527a483d8800..01df09106d99e 100644
--- a/substrate/frame/system/src/lib.rs
+++ b/substrate/frame/system/src/lib.rs
@@ -525,7 +525,7 @@ pub mod pallet {
 		#[pallet::constant]
 		type DbWeight: Get<RuntimeDbWeight>;
 
-		/// Get the chain's current version.
+		/// Get the chain's in-code version.
 		#[pallet::constant]
 		type Version: Get<RuntimeVersion>;
 
diff --git a/substrate/frame/tips/src/lib.rs b/substrate/frame/tips/src/lib.rs
index 4c7cfc3028a9f..8c360fb57d724 100644
--- a/substrate/frame/tips/src/lib.rs
+++ b/substrate/frame/tips/src/lib.rs
@@ -122,7 +122,7 @@ pub mod pallet {
 	use frame_support::pallet_prelude::*;
 	use frame_system::pallet_prelude::*;
 
-	/// The current storage version.
+	/// The in-code storage version.
 	const STORAGE_VERSION: StorageVersion = StorageVersion::new(4);
 
 	#[pallet::pallet]