diff --git a/.gitignore b/.gitignore
index 836329e728..b6c9df729d 100644
--- a/.gitignore
+++ b/.gitignore
@@ -7,6 +7,7 @@
 *.swn
 .vscode
 .idea
+*.pyc
 
 # Build
 vendor
diff --git a/.pending/breaking/gaia/3463-Revert-bank-module-handler-fork-re-enables-transfers b/.pending/breaking/gaia/3463-Revert-bank-module-handler-fork-re-enables-transfers
deleted file mode 100644
index 02589d3117..0000000000
--- a/.pending/breaking/gaia/3463-Revert-bank-module-handler-fork-re-enables-transfers
+++ /dev/null
@@ -1 +0,0 @@
-#3463 Revert bank module handler fork (re-enables transfers)
diff --git a/.pending/breaking/gaia/3875-Replace-async-flag-with---broadcast-mode-flag-where-the-default b/.pending/breaking/gaia/3875-Replace-async-flag-with---broadcast-mode-flag-where-the-default
deleted file mode 100644
index dbbf6928aa..0000000000
--- a/.pending/breaking/gaia/3875-Replace-async-flag-with---broadcast-mode-flag-where-the-default
+++ /dev/null
@@ -1,3 +0,0 @@
-#3875 Replace `async` flag with `--broadcast-mode` flag where the default
-value is `sync`. The `block` mode should not be used. The REST client now
-uses `mode` parameter instead of the `return` parameter.
diff --git a/.pending/breaking/gaiacli/Remove-REST-server-s b/.pending/breaking/gaiacli/Remove-REST-server-s
deleted file mode 100644
index e308511133..0000000000
--- a/.pending/breaking/gaiacli/Remove-REST-server-s
+++ /dev/null
@@ -1 +0,0 @@
-#3938 Remove REST server's SSL support altogether.
diff --git a/.pending/breaking/sdk/3245-Rename-validato b/.pending/breaking/sdk/3245-Rename-validato
deleted file mode 100644
index 3886cfb6c9..0000000000
--- a/.pending/breaking/sdk/3245-Rename-validato
+++ /dev/null
@@ -1 +0,0 @@
-#3245 Rename validator.GetJailed() to validator.IsJailed()
\ No newline at end of file
diff --git a/.pending/breaking/sdk/3516-Remove-concept-of-shares-from-staking-unbonding-and-redelegation-UX b/.pending/breaking/sdk/3516-Remove-concept-of-shares-from-staking-unbonding-and-redelegation-UX
deleted file mode 100644
index b8153c345a..0000000000
--- a/.pending/breaking/sdk/3516-Remove-concept-of-shares-from-staking-unbonding-and-redelegation-UX
+++ /dev/null
@@ -1,2 +0,0 @@
-#3516 Remove concept of shares from staking unbonding and redelegation UX;
-replaced by direct coin amount.
diff --git a/.pending/breaking/tendermint/4029-Upgrade-Tendermint-to-v0-31-3 b/.pending/breaking/tendermint/4029-Upgrade-Tendermint-to-v0-31-3
deleted file mode 100644
index fd59019084..0000000000
--- a/.pending/breaking/tendermint/4029-Upgrade-Tendermint-to-v0-31-3
+++ /dev/null
@@ -1 +0,0 @@
-#4029 Upgrade Tendermint to v0.31.3
diff --git a/.pending/bugfixes/gaia/3825-Validate-genesis-before-running-gentx b/.pending/bugfixes/gaia/3825-Validate-genesis-before-running-gentx
deleted file mode 100644
index 6e70b1f392..0000000000
--- a/.pending/bugfixes/gaia/3825-Validate-genesis-before-running-gentx
+++ /dev/null
@@ -1 +0,0 @@
-#3825 Validate genesis before running gentx
\ No newline at end of file
diff --git a/.pending/bugfixes/gaia/3889-When---generate-only-is-provided-the-Keybase-is-not-used-and-as-a-result b/.pending/bugfixes/gaia/3889-When---generate-only-is-provided-the-Keybase-is-not-used-and-as-a-result
deleted file mode 100644
index cdeff1d63f..0000000000
--- a/.pending/bugfixes/gaia/3889-When---generate-only-is-provided-the-Keybase-is-not-used-and-as-a-result
+++ /dev/null
@@ -1,2 +0,0 @@
-#3889 When `--generate-only` is provided, the Keybase is not used and as a result
-the `--from` value must be a valid Bech32 cosmos address.
diff --git a/.pending/bugfixes/gaia/3974-Fix-go-env-sett b/.pending/bugfixes/gaia/3974-Fix-go-env-sett
deleted file mode 100644
index e71f42b754..0000000000
--- a/.pending/bugfixes/gaia/3974-Fix-go-env-sett
+++ /dev/null
@@ -1 +0,0 @@
-3974 Fix go env setting in installation.md
\ No newline at end of file
diff --git a/.pending/bugfixes/gaia/3996-Change-make-get b/.pending/bugfixes/gaia/3996-Change-make-get
deleted file mode 100644
index 24cebfb7e2..0000000000
--- a/.pending/bugfixes/gaia/3996-Change-make-get
+++ /dev/null
@@ -1 +0,0 @@
-3996 Change 'make get_tools' to 'make tools' in DOCS_README.md.
\ No newline at end of file
diff --git a/.pending/bugfixes/gaiacli/3883-Remove-Height-F b/.pending/bugfixes/gaiacli/3883-Remove-Height-F
deleted file mode 100644
index 3b266da542..0000000000
--- a/.pending/bugfixes/gaiacli/3883-Remove-Height-F
+++ /dev/null
@@ -1 +0,0 @@
-#3883 Remove Height Flag from CLI Queries
\ No newline at end of file
diff --git a/.pending/bugfixes/gaiacli/3899-Using-gaiacli-c b/.pending/bugfixes/gaiacli/3899-Using-gaiacli-c
deleted file mode 100644
index 0e732b58ab..0000000000
--- a/.pending/bugfixes/gaiacli/3899-Using-gaiacli-c
+++ /dev/null
@@ -1 +0,0 @@
-#3899 Using 'gaiacli config node' breaks ~/config/config.toml
\ No newline at end of file
diff --git a/.pending/bugfixes/sdk/3837-Fix-WithdrawValidatorCommission-to-properly-set-the-validator-s-remaining-commission b/.pending/bugfixes/sdk/3837-Fix-WithdrawValidatorCommission-to-properly-set-the-validator-s-remaining-commission
deleted file mode 100644
index 4a46c3d2b3..0000000000
--- a/.pending/bugfixes/sdk/3837-Fix-WithdrawValidatorCommission-to-properly-set-the-validator-s-remaining-commission
+++ /dev/null
@@ -1 +0,0 @@
-#3837 Fix `WithdrawValidatorCommission` to properly set the validator's remaining commission.
diff --git a/.pending/bugfixes/sdk/3870-Fix-DecCoins-TruncateDecimal-to-never-return-zero-coins-in b/.pending/bugfixes/sdk/3870-Fix-DecCoins-TruncateDecimal-to-never-return-zero-coins-in
deleted file mode 100644
index f84e6217c0..0000000000
--- a/.pending/bugfixes/sdk/3870-Fix-DecCoins-TruncateDecimal-to-never-return-zero-coins-in
+++ /dev/null
@@ -1,2 +0,0 @@
-#3870 Fix DecCoins#TruncateDecimal to never return zero coins in
-either the truncated coins or the change coins.
diff --git a/.pending/bugfixes/sdk/3915-Remove-delimiting-support-from-ParseDecCoins b/.pending/bugfixes/sdk/3915-Remove-delimiting-support-from-ParseDecCoins
deleted file mode 100644
index 343d1a79e0..0000000000
--- a/.pending/bugfixes/sdk/3915-Remove-delimiting-support-from-ParseDecCoins
+++ /dev/null
@@ -1 +0,0 @@
-#3915 Remove ';' delimiting support from ParseDecCoins
diff --git a/.pending/bugfixes/sdk/3977-Fix-docker-imag b/.pending/bugfixes/sdk/3977-Fix-docker-imag
deleted file mode 100644
index 82bf994dc4..0000000000
--- a/.pending/bugfixes/sdk/3977-Fix-docker-imag
+++ /dev/null
@@ -1 +0,0 @@
-#3977 Fix docker image build
diff --git a/.pending/features/gaia/2935-optionally-asse b/.pending/features/gaia/2935-optionally-asse
deleted file mode 100644
index 2832fe8e6f..0000000000
--- a/.pending/features/gaia/2935-optionally-asse
+++ /dev/null
@@ -1 +0,0 @@
-#2935 Optionally assert invariants on a blockly basis using `gaiad --assert-invariants-blockly`
diff --git a/.pending/features/gaia/3886-Implement-minting-module-querier-and-CLI-REST-clients b/.pending/features/gaia/3886-Implement-minting-module-querier-and-CLI-REST-clients
deleted file mode 100644
index 480f542e7a..0000000000
--- a/.pending/features/gaia/3886-Implement-minting-module-querier-and-CLI-REST-clients
+++ /dev/null
@@ -1 +0,0 @@
-#3886 Implement minting module querier and CLI/REST clients.
diff --git a/.pending/features/gaiacli/3937-Add-command-to-query-community-pool b/.pending/features/gaiacli/3937-Add-command-to-query-community-pool
deleted file mode 100644
index d5ec2f09fe..0000000000
--- a/.pending/features/gaiacli/3937-Add-command-to-query-community-pool
+++ /dev/null
@@ -1 +0,0 @@
-#3937 Add command to query community-pool
\ No newline at end of file
diff --git a/.pending/features/gaiarest/3937-Add-route-to-fetch-community-pool b/.pending/features/gaiarest/3937-Add-route-to-fetch-community-pool
deleted file mode 100644
index 0cf25bcacb..0000000000
--- a/.pending/features/gaiarest/3937-Add-route-to-fetch-community-pool
+++ /dev/null
@@ -1 +0,0 @@
-#3937 Add route to fetch community-pool
\ No newline at end of file
diff --git a/.pending/features/gaiarest/3949-added-slashing-validators-signing_info-to-get-signing_info-for-all-validators b/.pending/features/gaiarest/3949-added-slashing-validators-signing_info-to-get-signing_info-for-all-validators
deleted file mode 100644
index 048f24cda0..0000000000
--- a/.pending/features/gaiarest/3949-added-slashing-validators-signing_info-to-get-signing_info-for-all-validators
+++ /dev/null
@@ -1 +0,0 @@
-#3949 added /slashing/signing_infos to get signing_info for all validators
\ No newline at end of file
diff --git a/.pending/features/sdk/2935-New-module-Cris b/.pending/features/sdk/2935-New-module-Cris
deleted file mode 100644
index f036ad14d6..0000000000
--- a/.pending/features/sdk/2935-New-module-Cris
+++ /dev/null
@@ -1 +0,0 @@
-#2935 New module Crisis which can test broken invariant with messages
diff --git a/.pending/features/sdk/3813-New-sdk-NewCoins-safe-constructor-to-replace-bare b/.pending/features/sdk/3813-New-sdk-NewCoins-safe-constructor-to-replace-bare
deleted file mode 100644
index bd25be4feb..0000000000
--- a/.pending/features/sdk/3813-New-sdk-NewCoins-safe-constructor-to-replace-bare
+++ /dev/null
@@ -1 +0,0 @@
-#3813 New sdk.NewCoins safe constructor to replace bare sdk.Coins{} declarations.
diff --git a/.pending/features/sdk/3858-add-website-details-and-identity-to-gentx-cli-command b/.pending/features/sdk/3858-add-website-details-and-identity-to-gentx-cli-command
deleted file mode 100644
index 0d55fa7f30..0000000000
--- a/.pending/features/sdk/3858-add-website-details-and-identity-to-gentx-cli-command
+++ /dev/null
@@ -1 +0,0 @@
-#3858 add website, details and identity to gentx cli command
\ No newline at end of file
diff --git a/.pending/features/sdk/Implement-coin-conversion-and-denomination-registration-utilities b/.pending/features/sdk/Implement-coin-conversion-and-denomination-registration-utilities
deleted file mode 100644
index 4bd7e51e2c..0000000000
--- a/.pending/features/sdk/Implement-coin-conversion-and-denomination-registration-utilities
+++ /dev/null
@@ -1 +0,0 @@
-Implement coin conversion and denomination registration utilities
diff --git a/.pending/improvements/gaia/3808-gaiad-and-gaiacli-integration-tests-use-build-binaries b/.pending/improvements/gaia/3808-gaiad-and-gaiacli-integration-tests-use-build-binaries
deleted file mode 100644
index bfe0564348..0000000000
--- a/.pending/improvements/gaia/3808-gaiad-and-gaiacli-integration-tests-use-build-binaries
+++ /dev/null
@@ -1 +0,0 @@
-#3808 `gaiad` and `gaiacli` integration tests use ./build/ binaries.
diff --git a/.pending/improvements/gaia/3819-Simulation-refa b/.pending/improvements/gaia/3819-Simulation-refa
deleted file mode 100644
index bc4531f962..0000000000
--- a/.pending/improvements/gaia/3819-Simulation-refa
+++ /dev/null
@@ -1,7 +0,0 @@
-\#3819 Simulation refactor, log output now stored in ~/.gaiad/simulation/ 
- * Simulation moved to its own module (not a part of mock)
- * Logger type instead of passing function variables everywhere
- * Logger json output (for reloadable simulation running)
- * Cleanup bank simulation messages / remove dup code in bank simulation
- * Simulations saved in `~/.gaiad/simulations/` 
- * "Lean" simulation output option to exclude No-ops and !ok functions (`--SimulationLean` flag)  
diff --git a/.pending/improvements/gaia/3893-Improve-gaiacli-tx-sign-command b/.pending/improvements/gaia/3893-Improve-gaiacli-tx-sign-command
deleted file mode 100644
index 3d8b67791a..0000000000
--- a/.pending/improvements/gaia/3893-Improve-gaiacli-tx-sign-command
+++ /dev/null
@@ -1,4 +0,0 @@
-#3893 Improve `gaiacli tx sign` command
-  * Add shorthand flags -a and -s for the account and sequence numbers respectively
-  * Mark the account and sequence numbers required during "offline" mode
-  * Always do an RPC query for account and sequence number during "online" mode
diff --git a/.pending/improvements/gaiacli/3833-Modify-stake-to b/.pending/improvements/gaiacli/3833-Modify-stake-to
deleted file mode 100644
index f399a0f76e..0000000000
--- a/.pending/improvements/gaiacli/3833-Modify-stake-to
+++ /dev/null
@@ -1 +0,0 @@
-#3833 Modify stake to atom in gaia's doc.
\ No newline at end of file
diff --git a/.pending/improvements/gaiacli/3841-Add-indent-to-J b/.pending/improvements/gaiacli/3841-Add-indent-to-J
deleted file mode 100644
index b6e9dfb53e..0000000000
--- a/.pending/improvements/gaiacli/3841-Add-indent-to-J
+++ /dev/null
@@ -1 +0,0 @@
-#3841 Add indent to JSON of `gaiacli keys [add|show|list]`
diff --git a/.pending/improvements/gaiacli/3859-Add-newline-to-echo-of-gaiacli-keys b/.pending/improvements/gaiacli/3859-Add-newline-to-echo-of-gaiacli-keys
deleted file mode 100644
index c8baf2c004..0000000000
--- a/.pending/improvements/gaiacli/3859-Add-newline-to-echo-of-gaiacli-keys
+++ /dev/null
@@ -1 +0,0 @@
-#3859 Add newline to echo of `gaiacli keys ...`
diff --git a/.pending/improvements/gaiacli/3959-Improving-error-messages-when-signing-with-ledger-devices-fails b/.pending/improvements/gaiacli/3959-Improving-error-messages-when-signing-with-ledger-devices-fails
deleted file mode 100644
index ef3315b6ef..0000000000
--- a/.pending/improvements/gaiacli/3959-Improving-error-messages-when-signing-with-ledger-devices-fails
+++ /dev/null
@@ -1 +0,0 @@
-#3959 Improving error messages when signing with ledger devices fails
\ No newline at end of file
diff --git a/.pending/improvements/sdk/3238-Add-block-time-to-tx-responses-when-querying-for b/.pending/improvements/sdk/3238-Add-block-time-to-tx-responses-when-querying-for
deleted file mode 100644
index d254b93e62..0000000000
--- a/.pending/improvements/sdk/3238-Add-block-time-to-tx-responses-when-querying-for
+++ /dev/null
@@ -1,2 +0,0 @@
-#3238 Add block time to tx responses when querying for
-txs by tags or hash.
diff --git a/.pending/improvements/sdk/3752-Explanatory-doc b/.pending/improvements/sdk/3752-Explanatory-doc
deleted file mode 100644
index 1179bf065b..0000000000
--- a/.pending/improvements/sdk/3752-Explanatory-doc
+++ /dev/null
@@ -1 +0,0 @@
-\#3752 Explanatory docs for minting mechanism (`docs/spec/mint/01_concepts.md`) 
diff --git a/.pending/improvements/sdk/3801-baseapp-safety-improvements b/.pending/improvements/sdk/3801-baseapp-safety-improvements
deleted file mode 100644
index c971a2e165..0000000000
--- a/.pending/improvements/sdk/3801-baseapp-safety-improvements
+++ /dev/null
@@ -1 +0,0 @@
-#3801 `baseapp` safety improvements
diff --git a/.pending/improvements/sdk/3820-Make-Coins-IsAllGT-more-robust-and-consistent b/.pending/improvements/sdk/3820-Make-Coins-IsAllGT-more-robust-and-consistent
deleted file mode 100644
index b2ee3f547d..0000000000
--- a/.pending/improvements/sdk/3820-Make-Coins-IsAllGT-more-robust-and-consistent
+++ /dev/null
@@ -1 +0,0 @@
-#3820 Make Coins.IsAllGT() more robust and consistent.
diff --git a/.pending/improvements/sdk/3828-New-sdkch-tool-to-maintain-changelogs b/.pending/improvements/sdk/3828-New-sdkch-tool-to-maintain-changelogs
deleted file mode 100644
index 46903cfa1d..0000000000
--- a/.pending/improvements/sdk/3828-New-sdkch-tool-to-maintain-changelogs
+++ /dev/null
@@ -1 +0,0 @@
-#3828 New sdkch tool to maintain changelogs
diff --git a/.pending/improvements/sdk/3864-Make-Coins-IsAllGTE-more-consistent b/.pending/improvements/sdk/3864-Make-Coins-IsAllGTE-more-consistent
deleted file mode 100644
index 2b1a3796fe..0000000000
--- a/.pending/improvements/sdk/3864-Make-Coins-IsAllGTE-more-consistent
+++ /dev/null
@@ -1 +0,0 @@
-#3864 Make Coins.IsAllGTE() more consistent.
diff --git a/.pending/improvements/sdk/3907-Drop-dep-in-fav b/.pending/improvements/sdk/3907-Drop-dep-in-fav
deleted file mode 100644
index b443e2f1e5..0000000000
--- a/.pending/improvements/sdk/3907-Drop-dep-in-fav
+++ /dev/null
@@ -1,3 +0,0 @@
-#3907: dep -> go mod migration
-- Drop dep in favor of go modules.
-- Upgrade to Go 1.12.1.
diff --git a/.pending/improvements/sdk/3917-Allow-arbitrary-decreases-to-validator-commission-rates b/.pending/improvements/sdk/3917-Allow-arbitrary-decreases-to-validator-commission-rates
deleted file mode 100644
index ab82ac9bd8..0000000000
--- a/.pending/improvements/sdk/3917-Allow-arbitrary-decreases-to-validator-commission-rates
+++ /dev/null
@@ -1 +0,0 @@
-#3917 Allow arbitrary decreases to validator commission rates.
diff --git a/.pending/improvements/sdk/3937-Implement-community-pool-querier b/.pending/improvements/sdk/3937-Implement-community-pool-querier
deleted file mode 100644
index 1862a67862..0000000000
--- a/.pending/improvements/sdk/3937-Implement-community-pool-querier
+++ /dev/null
@@ -1 +0,0 @@
-#3937 Implement community pool querier.
diff --git a/.pending/improvements/sdk/3940-Codespace-shoul b/.pending/improvements/sdk/3940-Codespace-shoul
deleted file mode 100644
index 0721a2c784..0000000000
--- a/.pending/improvements/sdk/3940-Codespace-shoul
+++ /dev/null
@@ -1 +0,0 @@
-#3940 Codespace should be lowercase.
\ No newline at end of file
diff --git a/.pending/improvements/sdk/3986-Update-the-Stringer-implementation-of-the-Proposal-type b/.pending/improvements/sdk/3986-Update-the-Stringer-implementation-of-the-Proposal-type
deleted file mode 100644
index 670639d2b9..0000000000
--- a/.pending/improvements/sdk/3986-Update-the-Stringer-implementation-of-the-Proposal-type
+++ /dev/null
@@ -1 +0,0 @@
-#3986 Update the Stringer implementation of the Proposal type.
diff --git a/.pending/improvements/sdk/926-circuit-breaker- b/.pending/improvements/sdk/926-circuit-breaker-
deleted file mode 100644
index 9b3321e7de..0000000000
--- a/.pending/improvements/sdk/926-circuit-breaker-
+++ /dev/null
@@ -1 +0,0 @@
-\#926 circuit breaker high level explanation
diff --git a/.pending/improvements/sdk/Fixed-various-linter b/.pending/improvements/sdk/Fixed-various-linter
deleted file mode 100644
index 5b6cd8bb20..0000000000
--- a/.pending/improvements/sdk/Fixed-various-linter
+++ /dev/null
@@ -1 +0,0 @@
-Fixed various linters warnings in the context of the gometalinter -> golangci-lint migration #3896.
diff --git a/CHANGELOG.md b/CHANGELOG.md
index a3eeb79a92..ff1081e7c4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,169 @@
 # Changelog
 
+* [0.34.0](#0340)
+  * [Breaking Changes](#breaking-changes)
+    * [Gaia](#gaia)
+    * [Gaia CLI](#gaia-cli)
+    * [SDK](#sdk)
+    * [Tendermint](#tendermint)
+  * [New features](#new-features)
+    * [SDK](#sdk-1)
+    * [Gaia](#gaia-1)
+    * [Gaia CLI](#gaia-cli-1)
+    * [Gaia REST API](#gaia-rest-api)
+  * [Improvements](#improvements)
+    * [Gaia](#gaia-2)
+    * [Gaia CLI](#gaia-cli-2)
+    * [SDK](#sdk-2)
+  * [Bug Fixes](#bug-fixes)
+    * [Gaia](#gaia-3)
+    * [Gaia CLI](#gaia-cli-3)
+    * [SDK](#sdk-3)
+* [0.33.2](#0332)
+  * [Improvements](#improvements-1)
+    * [Tendermint](#tendermint-1)
+* [0.33.1](#0331)
+  * [Bug Fixes](#bug-fixes-1)
+    * [Gaia](#gaia-4)
+
+## 0.34.0
+
+### Breaking Changes
+
+#### Gaia
+
+* [\#3463](https://github.com/cosmos/cosmos-sdk/issues/3463) Revert bank module handler fork (re-enables transfers)
+* [\#3875](https://github.com/cosmos/cosmos-sdk/issues/3875) Replace `async` flag with `--broadcast-mode` flag where the default
+  value is `sync`. The `block` mode should not be used. The REST client now
+  uses `mode` parameter instead of the `return` parameter.
+
+#### Gaia CLI
+
+* [\#3938](https://github.com/cosmos/cosmos-sdk/issues/3938) Remove REST server's SSL support altogether.
+
+#### SDK
+
+* [\#3245](https://github.com/cosmos/cosmos-sdk/issues/3245) Rename validator.GetJailed() to validator.IsJailed()
+* [\#3516](https://github.com/cosmos/cosmos-sdk/issues/3516) Remove concept of shares from staking unbonding and redelegation UX;
+  replaced by direct coin amount.
+
+#### Tendermint
+
+* [\#4029](https://github.com/cosmos/cosmos-sdk/issues/4029) Upgrade Tendermint to v0.31.3
+
+### New features
+
+#### SDK
+
+* [\#2935](https://github.com/cosmos/cosmos-sdk/issues/2935) New module Crisis which can test broken invariant with messages
+* [\#3813](https://github.com/cosmos/cosmos-sdk/issues/3813) New sdk.NewCoins safe constructor to replace bare sdk.Coins{} declarations.
+* [\#3858](https://github.com/cosmos/cosmos-sdk/issues/3858) add website, details and identity to gentx cli command
+* Implement coin conversion and denomination registration utilities
+
+#### Gaia
+
+* [\#2935](https://github.com/cosmos/cosmos-sdk/issues/2935) Optionally assert invariants on a blockly basis using `gaiad --assert-invariants-blockly`
+* [\#3886](https://github.com/cosmos/cosmos-sdk/issues/3886) Implement minting module querier and CLI/REST clients.
+
+#### Gaia CLI
+
+* [\#3937](https://github.com/cosmos/cosmos-sdk/issues/3937) Add command to query community-pool
+
+#### Gaia REST API
+
+* [\#3937](https://github.com/cosmos/cosmos-sdk/issues/3937) Add route to fetch community-pool
+* [\#3949](https://github.com/cosmos/cosmos-sdk/issues/3949) added /slashing/signing_infos to get signing_info for all validators
+
+### Improvements
+
+#### Gaia
+
+* [\#3808](https://github.com/cosmos/cosmos-sdk/issues/3808) `gaiad` and `gaiacli` integration tests use ./build/ binaries.
+* \[\#3819](https://github.com/cosmos/cosmos-sdk/issues/3819) Simulation refactor, log output now stored in ~/.gaiad/simulation/
+  * Simulation moved to its own module (not a part of mock)
+  * Logger type instead of passing function variables everywhere
+  * Logger json output (for reloadable simulation running)
+  * Cleanup bank simulation messages / remove dup code in bank simulation
+  * Simulations saved in `~/.gaiad/simulations/`
+  * "Lean" simulation output option to exclude No-ops and !ok functions (`--SimulationLean` flag)
+* [\#3893](https://github.com/cosmos/cosmos-sdk/issues/3893) Improve `gaiacli tx sign` command
+  * Add shorthand flags -a and -s for the account and sequence numbers respectively
+  * Mark the account and sequence numbers required during "offline" mode
+  * Always do an RPC query for account and sequence number during "online" mode
+* [\#4018](https://github.com/cosmos/cosmos-sdk/issues/4018) create genesis port script for release v.0.34.0
+
+#### Gaia CLI
+
+* [\#3833](https://github.com/cosmos/cosmos-sdk/issues/3833) Modify stake to atom in gaia's doc.
+* [\#3841](https://github.com/cosmos/cosmos-sdk/issues/3841) Add indent to JSON of `gaiacli keys [add|show|list]`
+* [\#3859](https://github.com/cosmos/cosmos-sdk/issues/3859) Add newline to echo of `gaiacli keys ...`
+* [\#3959](https://github.com/cosmos/cosmos-sdk/issues/3959) Improving error messages when signing with ledger devices fails
+
+#### SDK
+
+* [\#3238](https://github.com/cosmos/cosmos-sdk/issues/3238) Add block time to tx responses when querying for
+  txs by tags or hash.
+* \[\#3752](https://github.com/cosmos/cosmos-sdk/issues/3752) Explanatory docs for minting mechanism (`docs/spec/mint/01_concepts.md`)
+* [\#3801](https://github.com/cosmos/cosmos-sdk/issues/3801) `baseapp` safety improvements
+* [\#3820](https://github.com/cosmos/cosmos-sdk/issues/3820) Make Coins.IsAllGT() more robust and consistent.
+* [\#3828](https://github.com/cosmos/cosmos-sdk/issues/3828) New sdkch tool to maintain changelogs
+* [\#3864](https://github.com/cosmos/cosmos-sdk/issues/3864) Make Coins.IsAllGTE() more consistent.
+* [\#3907](https://github.com/cosmos/cosmos-sdk/issues/3907): dep -> go mod migration
+  * Drop dep in favor of go modules.
+  * Upgrade to Go 1.12.1.
+* [\#3917](https://github.com/cosmos/cosmos-sdk/issues/3917) Allow arbitrary decreases to validator commission rates.
+* [\#3937](https://github.com/cosmos/cosmos-sdk/issues/3937) Implement community pool querier.
+* [\#3940](https://github.com/cosmos/cosmos-sdk/issues/3940) Codespace should be lowercase.
+* [\#3986](https://github.com/cosmos/cosmos-sdk/issues/3986) Update the Stringer implementation of the Proposal type.
+* [\#926](https://github.com/cosmos/cosmos-sdk/issues/926) circuit breaker high level explanation
+* [\#3896](https://github.com/cosmos/cosmos-sdk/issues/3896) Fixed various linters warnings in the context of the gometalinter -> golangci-lint migration
+* [\#3916](https://github.com/cosmos/cosmos-sdk/issues/3916) Hex encode data in tx responses
+
+### Bug Fixes
+
+#### Gaia
+
+* [\#3825](https://github.com/cosmos/cosmos-sdk/issues/3825) Validate genesis before running gentx
+* [\#3889](https://github.com/cosmos/cosmos-sdk/issues/3889) When `--generate-only` is provided, the Keybase is not used and as a result
+  the `--from` value must be a valid Bech32 cosmos address.
+* 3974 Fix go env setting in installation.md
+* 3996 Change 'make get_tools' to 'make tools' in DOCS_README.md.
+
+#### Gaia CLI
+
+* [\#3883](https://github.com/cosmos/cosmos-sdk/issues/3883) Remove Height Flag from CLI Queries
+* [\#3899](https://github.com/cosmos/cosmos-sdk/issues/3899) Using 'gaiacli config node' breaks ~/config/config.toml
+
+#### SDK
+
+* [\#3837](https://github.com/cosmos/cosmos-sdk/issues/3837) Fix `WithdrawValidatorCommission` to properly set the validator's remaining commission.
+* [\#3870](https://github.com/cosmos/cosmos-sdk/issues/3870) Fix DecCoins#TruncateDecimal to never return zero coins in
+  either the truncated coins or the change coins.
+* [\#3915](https://github.com/cosmos/cosmos-sdk/issues/3915) Remove ';' delimiting support from ParseDecCoins
+* [\#3977](https://github.com/cosmos/cosmos-sdk/issues/3977) Fix docker image build
+* [\#4020](https://github.com/cosmos/cosmos-sdk/issues/4020) Fix queryDelegationRewards by returning an error
+when the validator or delegation do not exist.
+* [\#4050](https://github.com/cosmos/cosmos-sdk/issues/4050) Fix DecCoins APIs
+where rounding or truncation could result in zero decimal coins.
+* [\#4088](https://github.com/cosmos/cosmos-sdk/issues/4088) Fix `calculateDelegationRewards`
+by accounting for rounding errors when multiplying stake by slashing fractions.
+
+## 0.33.2
+
+### Improvements
+
+#### Tendermint
+
+* Upgrade Tendermint to `v0.31.0-dev0-fix0` which includes critical security fixes.
+
+## 0.33.1
+
+### Bug Fixes
+
+#### Gaia
+
+* [\#3999](https://github.com/cosmos/cosmos-sdk/pull/3999) Fix distribution delegation for zero height export bug
+
 ## 0.33.0
 
 BREAKING CHANGES
diff --git a/client/lcd/lcd_test.go b/client/lcd/lcd_test.go
index f21abce2b8..e4d49229b4 100644
--- a/client/lcd/lcd_test.go
+++ b/client/lcd/lcd_test.go
@@ -610,7 +610,9 @@ func TestSubmitProposal(t *testing.T) {
 	require.Equal(t, uint32(0), resultTx.Code)
 
 	var proposalID uint64
-	cdc.MustUnmarshalBinaryLengthPrefixed(resultTx.Data, &proposalID)
+	bz, err := hex.DecodeString(resultTx.Data)
+	require.NoError(t, err)
+	cdc.MustUnmarshalBinaryLengthPrefixed(bz, &proposalID)
 
 	// verify balance
 	acc = getAccount(t, port, addr)
@@ -645,7 +647,9 @@ func TestDeposit(t *testing.T) {
 	require.Equal(t, uint32(0), resultTx.Code)
 
 	var proposalID uint64
-	cdc.MustUnmarshalBinaryLengthPrefixed(resultTx.Data, &proposalID)
+	bz, err := hex.DecodeString(resultTx.Data)
+	require.NoError(t, err)
+	cdc.MustUnmarshalBinaryLengthPrefixed(bz, &proposalID)
 
 	// verify balance
 	acc = getAccount(t, port, addr)
@@ -702,7 +706,9 @@ func TestVote(t *testing.T) {
 	require.Equal(t, uint32(0), resultTx.Code)
 
 	var proposalID uint64
-	cdc.MustUnmarshalBinaryLengthPrefixed(resultTx.Data, &proposalID)
+	bz, err := hex.DecodeString(resultTx.Data)
+	require.NoError(t, err)
+	cdc.MustUnmarshalBinaryLengthPrefixed(bz, &proposalID)
 
 	// verify balance
 	acc = getAccount(t, port, addr)
@@ -803,18 +809,24 @@ func TestProposalsQuery(t *testing.T) {
 	// Addr1 proposes (and deposits) proposals #1 and #2
 	resultTx := doSubmitProposal(t, port, seeds[0], names[0], passwords[0], addrs[0], halfMinDeposit, fees)
 	var proposalID1 uint64
-	cdc.MustUnmarshalBinaryLengthPrefixed(resultTx.Data, &proposalID1)
+	bz, err := hex.DecodeString(resultTx.Data)
+	require.NoError(t, err)
+	cdc.MustUnmarshalBinaryLengthPrefixed(bz, &proposalID1)
 	tests.WaitForHeight(resultTx.Height+1, port)
 
 	resultTx = doSubmitProposal(t, port, seeds[0], names[0], passwords[0], addrs[0], halfMinDeposit, fees)
 	var proposalID2 uint64
-	cdc.MustUnmarshalBinaryLengthPrefixed(resultTx.Data, &proposalID2)
+	bz, err = hex.DecodeString(resultTx.Data)
+	require.NoError(t, err)
+	cdc.MustUnmarshalBinaryLengthPrefixed(bz, &proposalID2)
 	tests.WaitForHeight(resultTx.Height+1, port)
 
 	// Addr2 proposes (and deposits) proposals #3
 	resultTx = doSubmitProposal(t, port, seeds[1], names[1], passwords[1], addrs[1], halfMinDeposit, fees)
 	var proposalID3 uint64
-	cdc.MustUnmarshalBinaryLengthPrefixed(resultTx.Data, &proposalID3)
+	bz, err = hex.DecodeString(resultTx.Data)
+	require.NoError(t, err)
+	cdc.MustUnmarshalBinaryLengthPrefixed(bz, &proposalID3)
 	tests.WaitForHeight(resultTx.Height+1, port)
 
 	// Addr2 deposits on proposals #2 & #3
diff --git a/contrib/export/lib.py b/contrib/export/lib.py
new file mode 100644
index 0000000000..2e7457f753
--- /dev/null
+++ b/contrib/export/lib.py
@@ -0,0 +1,28 @@
+#!/usr/bin/env python3
+
+import argparse
+import json
+import sys
+
+
+def init_default_argument_parser(prog_desc, default_chain_id, default_start_time):
+    parser = argparse.ArgumentParser(description=prog_desc)
+    parser.add_argument(
+        'exported_genesis',
+        help='exported genesis.json file',
+        type=argparse.FileType('r'), default=sys.stdin,
+    )
+    parser.add_argument('--chain-id', type=str, default=default_chain_id)
+    parser.add_argument('--start-time', type=str, default=default_start_time)
+    return parser
+
+
+def main(argument_parser, process_genesis_func):
+    args = argument_parser.parse_args()
+    if args.chain_id.strip() == '':
+        sys.exit('chain-id required')
+
+    genesis = json.loads(args.exported_genesis.read())
+
+    print(json.dumps(process_genesis_func(
+        genesis=genesis, parsed_args=args,), indent=True))
diff --git a/contrib/export/v0.33.x-to-v0.34.0.py b/contrib/export/v0.33.x-to-v0.34.0.py
new file mode 100755
index 0000000000..bb7d6520cf
--- /dev/null
+++ b/contrib/export/v0.33.x-to-v0.34.0.py
@@ -0,0 +1,45 @@
+#!/usr/bin/env python3
+
+import lib
+
+
+def process_raw_genesis(genesis, parsed_args):
+    # update genesis with breaking changes
+    genesis['consensus_params']['block'] = genesis['consensus_params']['block_size']
+    del genesis['consensus_params']['block_size']
+
+    genesis['app_state']['crisis'] = {
+        'constant_fee': {
+            'amount': '1333000000',  # ~$5,000 worth of uatoms
+            'denom': 'uatom',
+        },
+    }
+
+    # default tm value
+    genesis['consensus_params']['block']['time_iota_ms'] = '1000'
+
+    # proposal #1 updates
+    genesis['app_state']['mint']['params']['blocks_per_year'] = '4855015'
+
+    # proposal #2 updates
+    genesis['consensus_params']['block']['max_gas'] = '2000000'
+    genesis['consensus_params']['block']['max_bytes'] = '200000'
+
+    # enable transfers
+    genesis['app_state']['bank']['send_enabled'] = True
+    genesis['app_state']['distr']['withdraw_addr_enabled'] = True
+
+    # Set new chain ID and genesis start time
+    genesis['chain_id'] = parsed_args.chain_id.strip()
+    genesis['genesis_time'] = parsed_args.start_time
+
+    return genesis
+
+
+if __name__ == '__main__':
+    parser = lib.init_default_argument_parser(
+        prog_desc='Convert genesis.json from v0.33.x to v0.34.0',
+        default_chain_id='cosmoshub-n',
+        default_start_time='2019-02-11T12:00:00Z',
+    )
+    lib.main(parser, process_raw_genesis)
diff --git a/go.mod b/go.mod
index faa47726d1..a845f33837 100644
--- a/go.mod
+++ b/go.mod
@@ -46,7 +46,7 @@ require (
 	github.com/tendermint/btcd v0.1.1
 	github.com/tendermint/go-amino v0.14.1
 	github.com/tendermint/iavl v0.12.1
-	github.com/tendermint/tendermint v0.31.3
+	github.com/tendermint/tendermint v0.31.4
 	github.com/zondax/hid v0.9.0 // indirect
 	golang.org/x/crypto v0.0.0-20180904163835-0709b304e793
 	google.golang.org/grpc v1.19.0 // indirect
diff --git a/go.sum b/go.sum
index 0c92764b3d..271dd1eb71 100644
--- a/go.sum
+++ b/go.sum
@@ -147,8 +147,8 @@ github.com/tendermint/go-amino v0.14.1 h1:o2WudxNfdLNBwMyl2dqOJxiro5rfrEaU0Ugs6o
 github.com/tendermint/go-amino v0.14.1/go.mod h1:i/UKE5Uocn+argJJBb12qTZsCDBcAYMbR92AaJVmKso=
 github.com/tendermint/iavl v0.12.1 h1:JDfyhM/Hhrumu1CL1Nxrypm8sNTPYqmeHo1IZLiJoXM=
 github.com/tendermint/iavl v0.12.1/go.mod h1:EoKMMv++tDOL5qKKVnoIqtVPshRrEPeJ0WsgDOLAauM=
-github.com/tendermint/tendermint v0.31.3 h1:IlehDNREaGdt/VVZTjs978R/lhmnIf4NOH3j+ZhhbZA=
-github.com/tendermint/tendermint v0.31.3/go.mod h1:ymcPyWblXCplCPQjbOYbrF1fWnpslATMVqiGgWbZrlc=
+github.com/tendermint/tendermint v0.31.4 h1:F/vZ/fMHZJriAkDLjf9ZrReJQsuELiTmJLqigmbE5NU=
+github.com/tendermint/tendermint v0.31.4/go.mod h1:ymcPyWblXCplCPQjbOYbrF1fWnpslATMVqiGgWbZrlc=
 github.com/zondax/hid v0.9.0 h1:eiT3P6vNxAEVxXMw66eZUAAnU2zD33JBkfG/EnfAKl8=
 github.com/zondax/hid v0.9.0/go.mod h1:l5wttcP0jwtdLjqjMMWFVEE7d1zO0jvSPA9OPZxWpEM=
 golang.org/x/lint v0.0.0-20181026193005-c67002cb31c3/go.mod h1:UVdnD1Gm6xHRNCYTkRU2/jEulfH38KcIWyp/GAMgvoE=
diff --git a/types/dec_coin.go b/types/dec_coin.go
index d9116c323e..1ecfd82608 100644
--- a/types/dec_coin.go
+++ b/types/dec_coin.go
@@ -312,55 +312,90 @@ func (coins DecCoins) IsAnyNegative() bool {
 	return false
 }
 
-// multiply all the coins by a decimal
+// MulDec multiplies all the coins by a decimal.
+//
+// CONTRACT: No zero coins will be returned.
 func (coins DecCoins) MulDec(d Dec) DecCoins {
-	res := make([]DecCoin, len(coins))
-	for i, coin := range coins {
+	var res DecCoins
+	for _, coin := range coins {
 		product := DecCoin{
 			Denom:  coin.Denom,
 			Amount: coin.Amount.Mul(d),
 		}
-		res[i] = product
+
+		if !product.IsZero() {
+			res = res.Add(DecCoins{product})
+		}
 	}
+
 	return res
 }
 
-// multiply all the coins by a decimal, truncating
+// MulDecTruncate multiplies all the decimal coins by a decimal, truncating. It
+// panics if d is zero.
+//
+// CONTRACT: No zero coins will be returned.
 func (coins DecCoins) MulDecTruncate(d Dec) DecCoins {
-	res := make([]DecCoin, len(coins))
-	for i, coin := range coins {
+	var res DecCoins
+
+	for _, coin := range coins {
 		product := DecCoin{
 			Denom:  coin.Denom,
 			Amount: coin.Amount.MulTruncate(d),
 		}
-		res[i] = product
+
+		if !product.IsZero() {
+			res = res.Add(DecCoins{product})
+		}
 	}
+
 	return res
 }
 
-// divide all the coins by a decimal
+// QuoDec divides all the decimal coins by a decimal. It panics if d is zero.
+//
+// CONTRACT: No zero coins will be returned.
 func (coins DecCoins) QuoDec(d Dec) DecCoins {
-	res := make([]DecCoin, len(coins))
-	for i, coin := range coins {
+	if d.IsZero() {
+		panic("invalid zero decimal")
+	}
+
+	var res DecCoins
+	for _, coin := range coins {
 		quotient := DecCoin{
 			Denom:  coin.Denom,
 			Amount: coin.Amount.Quo(d),
 		}
-		res[i] = quotient
+
+		if !quotient.IsZero() {
+			res = res.Add(DecCoins{quotient})
+		}
 	}
+
 	return res
 }
 
-// divide all the coins by a decimal, truncating
+// QuoDecTruncate divides all the decimal coins by a decimal, truncating. It
+// panics if d is zero.
+//
+// CONTRACT: No zero coins will be returned.
 func (coins DecCoins) QuoDecTruncate(d Dec) DecCoins {
-	res := make([]DecCoin, len(coins))
-	for i, coin := range coins {
+	if d.IsZero() {
+		panic("invalid zero decimal")
+	}
+
+	var res DecCoins
+	for _, coin := range coins {
 		quotient := DecCoin{
 			Denom:  coin.Denom,
 			Amount: coin.Amount.QuoTruncate(d),
 		}
-		res[i] = quotient
+
+		if !quotient.IsZero() {
+			res = res.Add(DecCoins{quotient})
+		}
 	}
+
 	return res
 }
 
diff --git a/types/dec_coin_test.go b/types/dec_coin_test.go
index f439484f92..7e904fe5dc 100644
--- a/types/dec_coin_test.go
+++ b/types/dec_coin_test.go
@@ -290,3 +290,28 @@ func TestDecCoinsTruncateDecimal(t *testing.T) {
 		)
 	}
 }
+
+func TestDecCoinsQuoDecTruncate(t *testing.T) {
+	x := MustNewDecFromStr("1.00")
+	y := MustNewDecFromStr("10000000000000000000.00")
+
+	testCases := []struct {
+		coins  DecCoins
+		input  Dec
+		result DecCoins
+		panics bool
+	}{
+		{DecCoins{}, ZeroDec(), DecCoins(nil), true},
+		{DecCoins{NewDecCoinFromDec("foo", x)}, y, DecCoins(nil), false},
+		{DecCoins{NewInt64DecCoin("foo", 5)}, NewDec(2), DecCoins{NewDecCoinFromDec("foo", MustNewDecFromStr("2.5"))}, false},
+	}
+
+	for i, tc := range testCases {
+		if tc.panics {
+			require.Panics(t, func() { tc.coins.QuoDecTruncate(tc.input) })
+		} else {
+			res := tc.coins.QuoDecTruncate(tc.input)
+			require.Equal(t, tc.result, res, "unexpected result; tc #%d, coins: %s, input: %s", i, tc.coins, tc.input)
+		}
+	}
+}
diff --git a/types/result.go b/types/result.go
index 9b679b3860..e83ed56e16 100644
--- a/types/result.go
+++ b/types/result.go
@@ -1,6 +1,7 @@
 package types
 
 import (
+	"encoding/hex"
 	"encoding/json"
 	"fmt"
 	"strings"
@@ -67,7 +68,7 @@ type TxResponse struct {
 	Height    int64           `json:"height"`
 	TxHash    string          `json:"txhash"`
 	Code      uint32          `json:"code,omitempty"`
-	Data      []byte          `json:"data,omitempty"`
+	Data      string          `json:"data,omitempty"`
 	RawLog    string          `json:"raw_log,omitempty"`
 	Logs      ABCIMessageLogs `json:"logs,omitempty"`
 	Info      string          `json:"info,omitempty"`
@@ -91,7 +92,7 @@ func NewResponseResultTx(res *ctypes.ResultTx, tx Tx, timestamp string) TxRespon
 		TxHash:    res.Hash.String(),
 		Height:    res.Height,
 		Code:      res.TxResult.Code,
-		Data:      res.TxResult.Data,
+		Data:      strings.ToUpper(hex.EncodeToString(res.TxResult.Data)),
 		RawLog:    res.TxResult.Log,
 		Logs:      parsedLogs,
 		Info:      res.TxResult.Info,
@@ -129,7 +130,7 @@ func newTxResponseCheckTx(res *ctypes.ResultBroadcastTxCommit) TxResponse {
 		Height:    res.Height,
 		TxHash:    txHash,
 		Code:      res.CheckTx.Code,
-		Data:      res.CheckTx.Data,
+		Data:      strings.ToUpper(hex.EncodeToString(res.CheckTx.Data)),
 		RawLog:    res.CheckTx.Log,
 		Logs:      parsedLogs,
 		Info:      res.CheckTx.Info,
@@ -156,7 +157,7 @@ func newTxResponseDeliverTx(res *ctypes.ResultBroadcastTxCommit) TxResponse {
 		Height:    res.Height,
 		TxHash:    txHash,
 		Code:      res.DeliverTx.Code,
-		Data:      res.DeliverTx.Data,
+		Data:      strings.ToUpper(hex.EncodeToString(res.DeliverTx.Data)),
 		RawLog:    res.DeliverTx.Log,
 		Logs:      parsedLogs,
 		Info:      res.DeliverTx.Info,
@@ -177,7 +178,7 @@ func NewResponseFormatBroadcastTx(res *ctypes.ResultBroadcastTx) TxResponse {
 
 	return TxResponse{
 		Code:   res.Code,
-		Data:   res.Data.Bytes(),
+		Data:   res.Data.String(),
 		RawLog: res.Log,
 		Logs:   parsedLogs,
 		TxHash: res.Hash.String(),
@@ -200,8 +201,8 @@ func (r TxResponse) String() string {
 		sb.WriteString(fmt.Sprintf("  Code: %d\n", r.Code))
 	}
 
-	if r.Data != nil {
-		sb.WriteString(fmt.Sprintf("  Data: %s\n", string(r.Data)))
+	if r.Data != "" {
+		sb.WriteString(fmt.Sprintf("  Data: %s\n", r.Data))
 	}
 
 	if r.RawLog != "" {
diff --git a/types/staking.go b/types/staking.go
index fadf57f913..79832ac00a 100644
--- a/types/staking.go
+++ b/types/staking.go
@@ -75,6 +75,7 @@ type Validator interface {
 	GetDelegatorShares() Dec                        // total outstanding delegator shares
 	TokensFromShares(Dec) Dec                       // token worth of provided delegator shares
 	TokensFromSharesTruncated(Dec) Dec              // token worth of provided delegator shares, truncated
+	TokensFromSharesRoundUp(Dec) Dec                // token worth of provided delegator shares, rounded up
 	SharesFromTokens(amt Int) (Dec, Error)          // shares worth of delegator's bond
 	SharesFromTokensTruncated(amt Int) (Dec, Error) // truncated shares worth of delegator's bond
 }
diff --git a/x/distribution/keeper/delegation.go b/x/distribution/keeper/delegation.go
index 0bbe091519..4b388ff923 100644
--- a/x/distribution/keeper/delegation.go
+++ b/x/distribution/keeper/delegation.go
@@ -64,13 +64,16 @@ func (k Keeper) calculateDelegationRewards(ctx sdk.Context, val sdk.Validator, d
 	startingPeriod := startingInfo.PreviousPeriod
 	stake := startingInfo.Stake
 
-	// iterate through slashes and withdraw with calculated staking for sub-intervals
-	// these offsets are dependent on *when* slashes happen - namely, in BeginBlock, after rewards are allocated...
-	// slashes which happened in the first block would have been before this delegation existed,
-	// UNLESS they were slashes of a redelegation to this validator which was itself slashed
-	// (from a fault committed by the redelegation source validator) earlier in the same BeginBlock
+	// Iterate through slashes and withdraw with calculated staking for
+	// distribution periods. These period offsets are dependent on *when* slashes
+	// happen - namely, in BeginBlock, after rewards are allocated...
+	// Slashes which happened in the first block would have been before this
+	// delegation existed, UNLESS they were slashes of a redelegation to this
+	// validator which was itself slashed (from a fault committed by the
+	// redelegation source validator) earlier in the same BeginBlock.
 	startingHeight := startingInfo.Height
-	// slashes this block happened after reward allocation, but we have to account for them for the stake sanity check below
+	// Slashes this block happened after reward allocation, but we have to account
+	// for them for the stake sanity check below.
 	endingHeight := uint64(ctx.BlockHeight())
 	if endingHeight > startingHeight {
 		k.IterateValidatorSlashEventsBetween(ctx, del.GetValidatorAddr(), startingHeight, endingHeight,
@@ -78,7 +81,9 @@ func (k Keeper) calculateDelegationRewards(ctx sdk.Context, val sdk.Validator, d
 				endingPeriod := event.ValidatorPeriod
 				if endingPeriod > startingPeriod {
 					rewards = rewards.Add(k.calculateDelegationRewardsBetween(ctx, val, startingPeriod, endingPeriod, stake))
-					// note: necessary to truncate so we don't allow withdrawing more rewards than owed
+
+					// Note: It is necessary to truncate so we don't allow withdrawing
+					// more rewards than owed.
 					stake = stake.MulTruncate(sdk.OneDec().Sub(event.Fraction))
 					startingPeriod = endingPeriod
 				}
@@ -87,18 +92,26 @@ func (k Keeper) calculateDelegationRewards(ctx sdk.Context, val sdk.Validator, d
 		)
 	}
 
-	// a stake sanity check - recalculated final stake should be less than or equal to current stake
-	// here we cannot use Equals because stake is truncated when multiplied by slash fractions
-	// we could only use equals if we had arbitrary-precision rationals
+	// A total stake sanity check; Recalculated final stake should be less than or
+	// equal to current stake here. We cannot use Equals because stake is truncated
+	// when multiplied by slash fractions (see above). We could only use equals if
+	// we had arbitrary-precision rationals.
 	currentStake := val.TokensFromShares(del.GetShares())
 	if stake.GT(currentStake) {
-		panic(fmt.Sprintf("calculated final stake for delegator %s greater than current stake: %s, %s",
-			del.GetDelegatorAddr(), stake, currentStake))
+		// account for rounding errors due to stake being multiplied by slash fractions
+		currentStakeRoundUp := val.TokensFromSharesRoundUp(del.GetShares())
+		if stake.Equal(currentStakeRoundUp) {
+			stake = currentStake
+		} else {
+			panic(fmt.Sprintf("calculated final stake for delegator %s greater than current stake"+
+				"\n\tfinal stake:\t%s"+
+				"\n\tcurrent stake:\t%s",
+				del.GetDelegatorAddr(), stake, currentStake))
+		}
 	}
 
 	// calculate rewards for final period
 	rewards = rewards.Add(k.calculateDelegationRewardsBetween(ctx, val, startingPeriod, endingPeriod, stake))
-
 	return rewards
 }
 
diff --git a/x/distribution/keeper/querier.go b/x/distribution/keeper/querier.go
index 6b7ca4ae5a..6b79313395 100644
--- a/x/distribution/keeper/querier.go
+++ b/x/distribution/keeper/querier.go
@@ -207,7 +207,17 @@ func queryDelegationRewards(ctx sdk.Context, _ []string, req abci.RequestQuery,
 	ctx, _ = ctx.CacheContext()
 
 	val := k.stakingKeeper.Validator(ctx, params.ValidatorAddress)
+	if val == nil {
+		// TODO: Should use ErrNoValidatorFound from staking/types
+		return nil, sdk.ErrInternal(fmt.Sprintf("validator %s does not exist", params.ValidatorAddress))
+	}
+
 	del := k.stakingKeeper.Delegation(ctx, params.DelegatorAddress, params.ValidatorAddress)
+	if del == nil {
+		// TODO: Should use ErrNoDelegation from staking/types
+		return nil, sdk.ErrInternal("delegation does not exist")
+	}
+
 	endingPeriod := k.incrementValidatorPeriod(ctx, val)
 	rewards := k.calculateDelegationRewards(ctx, val, del, endingPeriod)
 
diff --git a/x/distribution/keeper/validator.go b/x/distribution/keeper/validator.go
index 18c6cc6e87..93c20f4793 100644
--- a/x/distribution/keeper/validator.go
+++ b/x/distribution/keeper/validator.go
@@ -106,7 +106,10 @@ func (k Keeper) updateValidatorSlashFraction(ctx sdk.Context, valAddr sdk.ValAdd
 	}
 	currentMultiplicand := sdk.OneDec().Sub(currentFraction)
 	newMultiplicand := sdk.OneDec().Sub(fraction)
-	updatedFraction := sdk.OneDec().Sub(currentMultiplicand.Mul(newMultiplicand))
+
+	// using MulTruncate here conservatively increases the slashing amount
+	updatedFraction := sdk.OneDec().Sub(currentMultiplicand.MulTruncate(newMultiplicand))
+
 	if updatedFraction.LT(sdk.ZeroDec()) {
 		panic("negative slash fraction")
 	}
diff --git a/x/staking/types/validator.go b/x/staking/types/validator.go
index e7132ebff3..c048de744c 100644
--- a/x/staking/types/validator.go
+++ b/x/staking/types/validator.go
@@ -421,6 +421,12 @@ func (v Validator) TokensFromSharesTruncated(shares sdk.Dec) sdk.Dec {
 	return (shares.MulInt(v.Tokens)).QuoTruncate(v.DelegatorShares)
 }
 
+// TokensFromSharesRoundUp returns the token worth of provided shares, rounded
+// up.
+func (v Validator) TokensFromSharesRoundUp(shares sdk.Dec) sdk.Dec {
+	return (shares.MulInt(v.Tokens)).QuoRoundUp(v.DelegatorShares)
+}
+
 // SharesFromTokens returns the shares of a delegation given a bond amount. It
 // returns an error if the validator has no tokens.
 func (v Validator) SharesFromTokens(amt sdk.Int) (sdk.Dec, sdk.Error) {