diff --git a/build.gradle b/build.gradle
index 9acdfb28d68..f50cff06d6c 100644
--- a/build.gradle
+++ b/build.gradle
@@ -20,7 +20,7 @@ subprojects {
     apply plugin: "net.ltgt.errorprone"
 
     group = "io.grpc"
-    version = "1.54.0" // CURRENT_GRPC_VERSION
+    version = "1.54.1-SNAPSHOT" // CURRENT_GRPC_VERSION
 
     repositories {
         maven { // The google mirror is less flaky than mavenCentral()
diff --git a/compiler/src/test/golden/TestDeprecatedService.java.txt b/compiler/src/test/golden/TestDeprecatedService.java.txt
index 3f4ea8ce305..160d2994c92 100644
--- a/compiler/src/test/golden/TestDeprecatedService.java.txt
+++ b/compiler/src/test/golden/TestDeprecatedService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.54.0)",
+    value = "by gRPC proto compiler (version 1.54.1-SNAPSHOT)",
     comments = "Source: grpc/testing/compiler/test.proto")
 @io.grpc.stub.annotations.GrpcGenerated
 @java.lang.Deprecated
diff --git a/compiler/src/test/golden/TestService.java.txt b/compiler/src/test/golden/TestService.java.txt
index fb341014b87..3381d83a2b1 100644
--- a/compiler/src/test/golden/TestService.java.txt
+++ b/compiler/src/test/golden/TestService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.54.0)",
+    value = "by gRPC proto compiler (version 1.54.1-SNAPSHOT)",
     comments = "Source: grpc/testing/compiler/test.proto")
 @io.grpc.stub.annotations.GrpcGenerated
 public final class TestServiceGrpc {
diff --git a/compiler/src/testLite/golden/TestDeprecatedService.java.txt b/compiler/src/testLite/golden/TestDeprecatedService.java.txt
index 65d1e307ce0..898a896d7d7 100644
--- a/compiler/src/testLite/golden/TestDeprecatedService.java.txt
+++ b/compiler/src/testLite/golden/TestDeprecatedService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.54.0)",
+    value = "by gRPC proto compiler (version 1.54.1-SNAPSHOT)",
     comments = "Source: grpc/testing/compiler/test.proto")
 @io.grpc.stub.annotations.GrpcGenerated
 @java.lang.Deprecated
diff --git a/compiler/src/testLite/golden/TestService.java.txt b/compiler/src/testLite/golden/TestService.java.txt
index b640813aec2..7def99578be 100644
--- a/compiler/src/testLite/golden/TestService.java.txt
+++ b/compiler/src/testLite/golden/TestService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.54.0)",
+    value = "by gRPC proto compiler (version 1.54.1-SNAPSHOT)",
     comments = "Source: grpc/testing/compiler/test.proto")
 @io.grpc.stub.annotations.GrpcGenerated
 public final class TestServiceGrpc {
diff --git a/core/src/main/java/io/grpc/internal/GrpcUtil.java b/core/src/main/java/io/grpc/internal/GrpcUtil.java
index 75a97af0a9c..84b1197b190 100644
--- a/core/src/main/java/io/grpc/internal/GrpcUtil.java
+++ b/core/src/main/java/io/grpc/internal/GrpcUtil.java
@@ -217,7 +217,7 @@ public byte[] parseAsciiString(byte[] serialized) {
 
   public static final Splitter ACCEPT_ENCODING_SPLITTER = Splitter.on(',').trimResults();
 
-  private static final String IMPLEMENTATION_VERSION = "1.54.0"; // CURRENT_GRPC_VERSION
+  private static final String IMPLEMENTATION_VERSION = "1.54.1-SNAPSHOT"; // CURRENT_GRPC_VERSION
 
   /**
    * The default timeout in nanos for a keepalive ping request.
diff --git a/examples/android/clientcache/app/build.gradle b/examples/android/clientcache/app/build.gradle
index 5cc20fe35b6..31055cd5879 100644
--- a/examples/android/clientcache/app/build.gradle
+++ b/examples/android/clientcache/app/build.gradle
@@ -34,7 +34,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.21.7' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.54.0' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -54,12 +54,12 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:27.0.2'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.54.0' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.54.0' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.54.0' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 
     testImplementation 'junit:junit:4.13.2'
     testImplementation 'com.google.truth:truth:1.0.1'
-    testImplementation 'io.grpc:grpc-testing:1.54.0' // CURRENT_GRPC_VERSION
+    testImplementation 'io.grpc:grpc-testing:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
 }
diff --git a/examples/android/helloworld/app/build.gradle b/examples/android/helloworld/app/build.gradle
index 2183eee0ac3..dd93c81289b 100644
--- a/examples/android/helloworld/app/build.gradle
+++ b/examples/android/helloworld/app/build.gradle
@@ -32,7 +32,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.21.7' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.54.0' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -52,8 +52,8 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:27.0.2'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.54.0' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.54.0' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.54.0' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 }
diff --git a/examples/android/routeguide/app/build.gradle b/examples/android/routeguide/app/build.gradle
index cb44be53b91..9fe1907469f 100644
--- a/examples/android/routeguide/app/build.gradle
+++ b/examples/android/routeguide/app/build.gradle
@@ -32,7 +32,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.21.7' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.54.0' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -52,8 +52,8 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:27.0.2'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.54.0' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.54.0' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.54.0' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 }
diff --git a/examples/android/strictmode/app/build.gradle b/examples/android/strictmode/app/build.gradle
index 578526c64e6..e8e607fcd2d 100644
--- a/examples/android/strictmode/app/build.gradle
+++ b/examples/android/strictmode/app/build.gradle
@@ -33,7 +33,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.21.7' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.54.0' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -53,8 +53,8 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:28.0.0'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.54.0' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.54.0' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.54.0' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 }
diff --git a/examples/build.gradle b/examples/build.gradle
index c280d67ad20..b73a36cff5f 100644
--- a/examples/build.gradle
+++ b/examples/build.gradle
@@ -21,7 +21,7 @@ targetCompatibility = 1.8
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.54.0' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.21.7'
 def protocVersion = protobufVersion
 
diff --git a/examples/example-alts/build.gradle b/examples/example-alts/build.gradle
index a956f5ef6ab..f9193ba9220 100644
--- a/examples/example-alts/build.gradle
+++ b/examples/example-alts/build.gradle
@@ -23,7 +23,7 @@ targetCompatibility = 1.8
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.54.0' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protocVersion = '3.21.7'
 
 dependencies {
diff --git a/examples/example-gauth/build.gradle b/examples/example-gauth/build.gradle
index 98ff47ec3f6..38625304b8e 100644
--- a/examples/example-gauth/build.gradle
+++ b/examples/example-gauth/build.gradle
@@ -23,7 +23,7 @@ targetCompatibility = 1.8
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.54.0' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.21.7'
 def protocVersion = protobufVersion
 
diff --git a/examples/example-gauth/pom.xml b/examples/example-gauth/pom.xml
index e311e871652..dbffaecab81 100644
--- a/examples/example-gauth/pom.xml
+++ b/examples/example-gauth/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.54.0</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.54.1-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-gauth</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.54.0</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.54.1-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protobuf.version>3.21.7</protobuf.version>
     <!-- required for jdk9 -->
     <maven.compiler.source>1.8</maven.compiler.source>
diff --git a/examples/example-hostname/build.gradle b/examples/example-hostname/build.gradle
index d4ccb90ab45..16772978611 100644
--- a/examples/example-hostname/build.gradle
+++ b/examples/example-hostname/build.gradle
@@ -21,7 +21,7 @@ targetCompatibility = 1.8
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.54.0' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.21.7'
 
 dependencies {
diff --git a/examples/example-hostname/pom.xml b/examples/example-hostname/pom.xml
index 48f63dbc5a9..4e7ce5ce879 100644
--- a/examples/example-hostname/pom.xml
+++ b/examples/example-hostname/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.54.0</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.54.1-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-hostname</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.54.0</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.54.1-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protoc.version>3.21.7</protoc.version>
     <!-- required for jdk9 -->
     <maven.compiler.source>1.8</maven.compiler.source>
diff --git a/examples/example-jwt-auth/build.gradle b/examples/example-jwt-auth/build.gradle
index 36f4be7d8cb..41ea3f87f28 100644
--- a/examples/example-jwt-auth/build.gradle
+++ b/examples/example-jwt-auth/build.gradle
@@ -22,7 +22,7 @@ targetCompatibility = 1.8
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.54.0' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.21.7'
 def protocVersion = protobufVersion
 
diff --git a/examples/example-jwt-auth/pom.xml b/examples/example-jwt-auth/pom.xml
index bd93e54904b..a5f5e34757f 100644
--- a/examples/example-jwt-auth/pom.xml
+++ b/examples/example-jwt-auth/pom.xml
@@ -7,13 +7,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.54.0</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.54.1-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-jwt-auth</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.54.0</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.54.1-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protobuf.version>3.21.7</protobuf.version>
     <protoc.version>3.21.7</protoc.version>
     <!-- required for jdk9 -->
diff --git a/examples/example-orca/build.gradle b/examples/example-orca/build.gradle
index 4ea521a7e77..263f2608502 100644
--- a/examples/example-orca/build.gradle
+++ b/examples/example-orca/build.gradle
@@ -17,7 +17,7 @@ repositories {
 sourceCompatibility = 1.8
 targetCompatibility = 1.8
 
-def grpcVersion = '1.54.0' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protocVersion = '3.21.7'
 
 dependencies {
diff --git a/examples/example-servlet/build.gradle b/examples/example-servlet/build.gradle
index 5183cb2aecb..403919804d0 100644
--- a/examples/example-servlet/build.gradle
+++ b/examples/example-servlet/build.gradle
@@ -15,7 +15,7 @@ repositories {
 sourceCompatibility = 1.8
 targetCompatibility = 1.8
 
-def grpcVersion = '1.54.0' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protocVersion = '3.21.7'
 
 dependencies {
diff --git a/examples/example-tls/build.gradle b/examples/example-tls/build.gradle
index 5d10811b158..9635945e7bc 100644
--- a/examples/example-tls/build.gradle
+++ b/examples/example-tls/build.gradle
@@ -23,7 +23,7 @@ targetCompatibility = 1.8
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.54.0' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protocVersion = '3.21.7'
 
 dependencies {
diff --git a/examples/example-tls/pom.xml b/examples/example-tls/pom.xml
index ab990c96ada..17214fa6481 100644
--- a/examples/example-tls/pom.xml
+++ b/examples/example-tls/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.54.0</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.54.1-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-tls</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.54.0</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.54.1-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protoc.version>3.21.7</protoc.version>
     <netty.tcnative.version>2.0.56.Final</netty.tcnative.version>
     <!-- required for jdk9 -->
diff --git a/examples/example-xds/build.gradle b/examples/example-xds/build.gradle
index 046735ef829..84b9d06cc65 100644
--- a/examples/example-xds/build.gradle
+++ b/examples/example-xds/build.gradle
@@ -22,7 +22,7 @@ targetCompatibility = 1.8
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.54.0' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.54.1-SNAPSHOT' // CURRENT_GRPC_VERSION
 def nettyTcNativeVersion = '2.0.56.Final'
 def protocVersion = '3.21.7'
 
diff --git a/examples/pom.xml b/examples/pom.xml
index 3284b850f09..e8742fcaeb9 100644
--- a/examples/pom.xml
+++ b/examples/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.54.0</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.54.1-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
   <name>examples</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.54.0</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.54.1-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protobuf.version>3.21.7</protobuf.version>
     <protoc.version>3.21.7</protoc.version>
     <!-- required for JDK 8 -->