diff --git a/scripts/export-testnet-state.sh b/scripts/export-testnet-state.sh
index 81812a9..a6b21d4 100755
--- a/scripts/export-testnet-state.sh
+++ b/scripts/export-testnet-state.sh
@@ -23,6 +23,6 @@ testnet_state_file="$OUTPUT_DIR/testnet-state.json"
 docker run -it \
   -v ${TESTNET_DEPLOYMENT_DIR}/data/laconicd-data:/root/testnet-deployment/.laconicd \
   cerc/laconicd:local bash -c "laconicd export --home /root/testnet-deployment/.laconicd" \
-  | jq .app_state.onboarding > "$testnet_state_file"
+  | jq > "$testnet_state_file"
 
 echo "Exported state from testnet to $testnet_state_file"
diff --git a/scripts/generate-mainnet-genesis.sh b/scripts/generate-mainnet-genesis.sh
index ae249fe..c76e75e 100755
--- a/scripts/generate-mainnet-genesis.sh
+++ b/scripts/generate-mainnet-genesis.sh
@@ -23,6 +23,19 @@ cp $TESTNET_STATE_FILE $MAINNET_GENESIS_DIR/testnet-state.json
 
 # --------
 
+docker run -it \
+  -v ./$MAINNET_GENESIS_DIR:/root/.laconicd \
+  -v ./scripts:/scripts \
+  -e "CHAIN_ID=$CHAIN_ID" \
+  cerc/laconicd:local bash -c "/scripts/init-mainnet.sh"
+
+# --------
+
+# Carry over state from testnet to mainnet
+python transfer-state.py
+
+# --------
+
 # Run a script with cerc/laconicd:local to generate the genesis file
 # with onboarding module state and given allocations
 docker run -it \
@@ -30,7 +43,6 @@ docker run -it \
   -v ./scripts:/scripts \
   -e "CHAIN_ID=$CHAIN_ID" \
   -e "EARLY_SUPPORTS_ACC_ADDRESS=$EARLY_SUPPORTS_ACC_ADDRESS" \
-  -e "LPS_LOCKUP_ACC_ADDRESS=$LPS_LOCKUP_ACC_ADDRESS" \
   cerc/laconicd:local bash -c "/scripts/genesis.sh"
 
 # Copy over the genesis file to output folder
diff --git a/scripts/genesis.sh b/scripts/genesis.sh
index 385b715..31589b1 100755
--- a/scripts/genesis.sh
+++ b/scripts/genesis.sh
@@ -8,13 +8,13 @@ set -u
 
 CHAINID=${CHAINID:-"laconic-mainnet"}
 MONIKER=${MONIKER:-"mainnet-node"}
+KEYRING="test"
 NODE_HOME="/root/.laconicd"
 
 EARLY_SUPPORTS_ACC_ADDRESS=${EARLY_SUPPORTS_ACC_ADDRESS}
-LPS_LOCKUP_ACC_ADDRESS=${LPS_LOCKUP_ACC_ADDRESS}
 
-if [ -z "$EARLY_SUPPORTS_ACC_ADDRESS" ] || [ -z "$LPS_LOCKUP_ACC_ADDRESS" ]; then
-  echo "EARLY_SUPPORTS_ACC_ADDRESS or LPS_LOCKUP_ACC_ADDRESS not provided, exiting..."
+if [ -z "$EARLY_SUPPORTS_ACC_ADDRESS" ]; then
+  echo "EARLY_SUPPORTS_ACC_ADDRESS not provided, exiting..."
   exit 1
 fi
 
@@ -23,25 +23,19 @@ fi
 EARLY_SUPPORTS_ALLOC="12960000000000000000000" # Early supports: 12960 * 10^18 alps (10% of total supply)
 LOCKUP_ALLOC="116640000000000000000000" # Lockup: 116640 * 10^18 alps (90% of total supply)
 LPS_LOCKUP_MODULE_ACCOUNT="lps_lockup"
+LPS_DENOM="alps"
 
 testnet_state_file="$NODE_HOME/testnet-state.json"
 mainnet_genesis_file="$NODE_HOME/config/genesis.json"
 
-laconicd config set client chain-id $CHAINID
-laconicd init $MONIKER --chain-id $CHAINID --default-denom alnt
-
-# Import required state
-jq --slurpfile nested $testnet_state_file '.app_state.auth = $nested[0].app_state' "$mainnet_genesis_file" > tmp.$$.json && mv tmp.$$.json "$mainnet_genesis_file"
-jq --slurpfile nested $testnet_state_file '.consensus.auth = $nested[0].consensus' "$mainnet_genesis_file" > tmp.$$.json && mv tmp.$$.json "$mainnet_genesis_file"
-
 # Update any module params if required here
 
 # Perform alps allocations
-laconicd genesis add-genesis-account $ADDRESS $EARLY_SUPPORTS$DENOM --keyring-backend $KEYRING
+laconicd genesis add-genesis-account $EARLY_SUPPORTS_ACC_ADDRESS $EARLY_SUPPORTS_ALLOC$LPS_DENOM --keyring-backend $KEYRING
 
 # Use zero address to add an account for lps_lockup
 zero_address="laconic1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqklcls0"
-laconicd genesis add-genesis-account $zero_address $EARLY_SUPPORTS$DENOM --keyring-backend $KEYRING --module-name $LPS_LOCKUP_MODULE_ACCOUNT
+laconicd genesis add-genesis-account $zero_address $LOCKUP_ALLOC$LPS_DENOM --keyring-backend $KEYRING --module-name $LPS_LOCKUP_MODULE_ACCOUNT
 
 # Update the lps_lockup address in bank module state
 lps_lockup_address=$(jq -r '.app_state.auth.accounts[] | select(.name == "lps_lockup") | .base_account.address' $HOME/.laconicd/config/genesis.json)
diff --git a/scripts/init-mainnet.sh b/scripts/init-mainnet.sh
new file mode 100755
index 0000000..bcb887a
--- /dev/null
+++ b/scripts/init-mainnet.sh
@@ -0,0 +1,13 @@
+#!/bin/bash
+
+# Exit on error
+set -e
+set -u
+
+# Note: Needs to be run in a docker container with image cerc/laconicd:local
+
+CHAINID=${CHAINID:-"laconic-mainnet"}
+MONIKER=${MONIKER:-"mainnet-node"}
+
+laconicd config set client chain-id $CHAINID
+laconicd init $MONIKER --chain-id $CHAINID --default-denom alnt
diff --git a/scripts/transfer-state.py b/scripts/transfer-state.py
new file mode 100644
index 0000000..5d67b54
--- /dev/null
+++ b/scripts/transfer-state.py
@@ -0,0 +1,112 @@
+import json
+
+from decimal import Decimal
+from collections import defaultdict
+
+mainnet_genesis_dir="mainnet-genesis"
+testnet_state_file=f"{mainnet_genesis_dir}/testnet-state.json"
+mainnet_genesis_file=f"{mainnet_genesis_dir}/config/genesis.json"
+
+with open(testnet_state_file) as f:
+  testnet_state = json.load(f)
+
+with open(mainnet_genesis_file) as f:
+  mainnet_state = json.load(f)
+
+#------
+
+# Import required module state
+mainnet_state["app_state"]["auth"] = testnet_state["app_state"]["auth"]
+mainnet_state["app_state"]["bond"] = testnet_state["app_state"]["bond"]
+mainnet_state["app_state"]["bank"] = testnet_state["app_state"]["bank"]
+mainnet_state["app_state"]["registry"] = testnet_state["app_state"]["registry"]
+mainnet_state["app_state"]["slashing"]["params"] = testnet_state["app_state"]["slashing"]["params"]
+mainnet_state["consensus"]["params"] = testnet_state["consensus"]["params"]
+
+#------
+
+# Allocate back delegation stakes
+
+# Build map of address -> extra balance to add (as integers)
+deltas = {}
+for delegation in testnet_state["app_state"]["staking"]["delegations"]:
+  addr = delegation["delegator_address"]
+  amount = int(Decimal(delegation["shares"]))
+  deltas[addr] = deltas.get(addr, 0) + amount
+
+# Now apply the deltas to existing balances
+supply_increment = 0
+for balance in mainnet_state["app_state"]["bank"]["balances"]:
+  addr = balance["address"]
+  if addr in deltas:
+    for coin in balance["coins"]:
+      if coin["denom"] == "alnt":
+        coin["amount"] = str(int(coin["amount"]) + deltas[addr])
+        supply_increment += deltas[addr]
+        break
+    del deltas[addr]
+
+# Increase the total supply
+for coin in mainnet_state["app_state"]["bank"]["supply"]:
+  if coin["denom"] == "alnt":
+    coin["amount"] = str(int(coin["amount"]) + supply_increment)
+
+#------
+
+# Remove non-required module accounts
+
+# Addresses to remove
+addresses_to_remove = {
+  "bonded_tokens_pool",
+  "not_bonded_tokens_pool",
+  "distribution"
+}
+
+# Remove from auth.accounts and get their addresses
+removed_addresses = set()
+new_accounts = []
+for account in mainnet_state["app_state"]["auth"]["accounts"]:
+  account_type = account.get("@type", "")
+  if "ModuleAccount" in account_type and account.get("name") in addresses_to_remove:
+    removed_addresses.add(account["base_account"]["address"])
+    continue
+  new_accounts.append(account)
+
+mainnet_state["app_state"]["auth"]["accounts"] = new_accounts
+
+# Remove from bank.balances and tally removed amounts
+new_balances = []
+removed_amounts = defaultdict(int)
+
+for bal in mainnet_state["app_state"]["bank"]["balances"]:
+  if bal["address"] in removed_addresses:
+    # Skip this account
+    for coin in bal["coins"]:
+      denom = coin["denom"]
+      amount = int(coin["amount"])
+      removed_amounts[denom] += amount
+
+    continue
+
+  new_balances.append(bal)
+
+mainnet_state["app_state"]["bank"]["balances"] = new_balances
+
+# Reduce from bank supply
+new_supply = []
+for coin in mainnet_state["app_state"]["bank"]["supply"]:
+  denom = coin["denom"]
+  amount = int(coin["amount"])
+  amount -= removed_amounts.get(denom, 0)
+  new_supply.append({
+    "denom": denom,
+    "amount": str(amount)
+  })
+
+mainnet_state["app_state"]["bank"]["supply"] = new_supply
+
+#------
+
+# Write back modified state
+with open(mainnet_genesis_file, "w") as f:
+    json.dump(mainnet_state, f, indent=2)