diff --git a/CHANGES.md b/CHANGES.md
index 93efa3ce5..ddc1f13a3 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,64 @@
+Synapse 1.34.0rc1 (2021-05-12)
+==============================
+
+Features
+--------
+
+- Add experimental option to track memory usage of the caches. ([\#9881](https://github.com/matrix-org/synapse/issues/9881))
+- Add support for `DELETE /_synapse/admin/v1/rooms/<room_id>`. ([\#9889](https://github.com/matrix-org/synapse/issues/9889))
+- Add limits to how often Synapse will GC, ensuring that large servers do not end up GC thrashing if `gc_thresholds` has not been correctly set. ([\#9902](https://github.com/matrix-org/synapse/issues/9902))
+- Improve performance of sending events for worker-based deployments using Redis. ([\#9905](https://github.com/matrix-org/synapse/issues/9905), [\#9950](https://github.com/matrix-org/synapse/issues/9950), [\#9951](https://github.com/matrix-org/synapse/issues/9951))
+- Improve performance after joining a large room when presence is enabled. ([\#9910](https://github.com/matrix-org/synapse/issues/9910), [\#9916](https://github.com/matrix-org/synapse/issues/9916))
+- Support stable identifiers for [MSC1772](https://github.com/matrix-org/matrix-doc/pull/1772) Spaces. `m.space.child` events will now be taken into account when populating the experimental spaces summary response. Please see `UPGRADE.rst` if you have customised `room_invite_state_types` in your configuration. ([\#9915](https://github.com/matrix-org/synapse/issues/9915), [\#9966](https://github.com/matrix-org/synapse/issues/9966))
+- Improve performance of backfilling in large rooms. ([\#9935](https://github.com/matrix-org/synapse/issues/9935))
+- Add a config option to allow you to prevent device display names from being shared over federation. Contributed by @aaronraimist. ([\#9945](https://github.com/matrix-org/synapse/issues/9945))
+- Update support for [MSC2946](https://github.com/matrix-org/matrix-doc/pull/2946): Spaces Summary. ([\#9947](https://github.com/matrix-org/synapse/issues/9947), [\#9954](https://github.com/matrix-org/synapse/issues/9954))
+
+
+Bugfixes
+--------
+
+- Fix a bug introduced in v1.32.0 where the associated connection was improperly logged for SQL logging statements. ([\#9895](https://github.com/matrix-org/synapse/issues/9895))
+- Correct the type hint for the `user_may_create_room_alias` method of spam checkers. It is provided a `RoomAlias`, not a `str`. ([\#9896](https://github.com/matrix-org/synapse/issues/9896))
+- Fix bug where user directory could get out of sync if room visibility and membership changed in quick succession. ([\#9910](https://github.com/matrix-org/synapse/issues/9910))
+- Include the `origin_server_ts` property in the experimental [MSC2946](https://github.com/matrix-org/matrix-doc/pull/2946) support to allow clients to properly sort rooms. ([\#9928](https://github.com/matrix-org/synapse/issues/9928))
+- Fix bugs introduced in v1.23.0 which made the PostgreSQL port script fail when run with a newly-created SQLite database. ([\#9930](https://github.com/matrix-org/synapse/issues/9930))
+- Fix a bug introduced in Synapse 1.29.0 which caused `m.room_key_request` to-device messages sent from one user to another to be dropped. ([\#9961](https://github.com/matrix-org/synapse/issues/9961), [\#9965](https://github.com/matrix-org/synapse/issues/9965))
+- Fix a bug introduced in v1.27.0 preventing users and appservices exempt from ratelimiting from creating rooms with many invitees. ([\#9968](https://github.com/matrix-org/synapse/issues/9968))
+
+
+Updates to the Docker image
+---------------------------
+
+- Added startup_delay to docker healthcheck to reduce waiting time for coming online, updated readme for extra options, contributed by @Maquis196. ([\#9913](https://github.com/matrix-org/synapse/issues/9913))
+
+
+Improved Documentation
+----------------------
+
+- Add `port` argument to the Postgres database sample config section. ([\#9911](https://github.com/matrix-org/synapse/issues/9911))
+
+
+Deprecations and Removals
+-------------------------
+
+- Mark as deprecated `POST /_synapse/admin/v1/rooms/<room_id>/delete`. ([\#9889](https://github.com/matrix-org/synapse/issues/9889))
+
+
+Internal Changes
+----------------
+
+- Reduce the length of Synapse's access tokens. ([\#5588](https://github.com/matrix-org/synapse/issues/5588))
+- Export jemalloc stats to Prometheus if it is being used. ([\#9882](https://github.com/matrix-org/synapse/issues/9882))
+- Add type hints to presence handler. ([\#9885](https://github.com/matrix-org/synapse/issues/9885))
+- Reduce memory usage of the LRU caches. ([\#9886](https://github.com/matrix-org/synapse/issues/9886))
+- Add type hints to the `synapse.handlers` module. ([\#9896](https://github.com/matrix-org/synapse/issues/9896))
+- Time response time for external cache requests. ([\#9904](https://github.com/matrix-org/synapse/issues/9904))
+- Minor fixes to the `make_full_schema.sh` script. ([\#9931](https://github.com/matrix-org/synapse/issues/9931))
+- Move database schema files into a common directory. ([\#9932](https://github.com/matrix-org/synapse/issues/9932))
+- Add debug logging for lost/delayed to-device messages. ([\#9959](https://github.com/matrix-org/synapse/issues/9959))
+
+
 Synapse 1.33.2 (2021-05-11)
 ===========================
 
diff --git a/changelog.d/5588.misc b/changelog.d/5588.misc
deleted file mode 100644
index b8f52a212..000000000
--- a/changelog.d/5588.misc
+++ /dev/null
@@ -1 +0,0 @@
-Reduce the length of Synapse's access tokens.
diff --git a/changelog.d/9881.feature b/changelog.d/9881.feature
deleted file mode 100644
index 088a517e0..000000000
--- a/changelog.d/9881.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add experimental option to track memory usage of the caches.
diff --git a/changelog.d/9882.misc b/changelog.d/9882.misc
deleted file mode 100644
index facfa31f3..000000000
--- a/changelog.d/9882.misc
+++ /dev/null
@@ -1 +0,0 @@
-Export jemalloc stats to Prometheus if it is being used.
diff --git a/changelog.d/9885.misc b/changelog.d/9885.misc
deleted file mode 100644
index 492fccea4..000000000
--- a/changelog.d/9885.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to presence handler.
diff --git a/changelog.d/9886.misc b/changelog.d/9886.misc
deleted file mode 100644
index 8ff869e65..000000000
--- a/changelog.d/9886.misc
+++ /dev/null
@@ -1 +0,0 @@
-Reduce memory usage of the LRU caches.
diff --git a/changelog.d/9889.feature b/changelog.d/9889.feature
deleted file mode 100644
index 74d46f222..000000000
--- a/changelog.d/9889.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add support for `DELETE /_synapse/admin/v1/rooms/<room_id>`.
\ No newline at end of file
diff --git a/changelog.d/9889.removal b/changelog.d/9889.removal
deleted file mode 100644
index 398b9e129..000000000
--- a/changelog.d/9889.removal
+++ /dev/null
@@ -1 +0,0 @@
-Mark as deprecated `POST /_synapse/admin/v1/rooms/<room_id>/delete`.
\ No newline at end of file
diff --git a/changelog.d/9895.bugfix b/changelog.d/9895.bugfix
deleted file mode 100644
index 1053f975b..000000000
--- a/changelog.d/9895.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug introduced in v1.32.0 where the associated connection was improperly logged for SQL logging statements.
diff --git a/changelog.d/9896.bugfix b/changelog.d/9896.bugfix
deleted file mode 100644
index 07a8e87f9..000000000
--- a/changelog.d/9896.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Correct the type hint for the `user_may_create_room_alias` method of spam checkers. It is provided a `RoomAlias`, not a `str`.
diff --git a/changelog.d/9896.misc b/changelog.d/9896.misc
deleted file mode 100644
index e41c7d1f0..000000000
--- a/changelog.d/9896.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to the `synapse.handlers` module.
diff --git a/changelog.d/9902.feature b/changelog.d/9902.feature
deleted file mode 100644
index 4d9f324d4..000000000
--- a/changelog.d/9902.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add limits to how often Synapse will GC, ensuring that large servers do not end up GC thrashing if `gc_thresholds` has not been correctly set.
diff --git a/changelog.d/9904.misc b/changelog.d/9904.misc
deleted file mode 100644
index 3db1e625a..000000000
--- a/changelog.d/9904.misc
+++ /dev/null
@@ -1 +0,0 @@
-Time response time for external cache requests.
diff --git a/changelog.d/9905.feature b/changelog.d/9905.feature
deleted file mode 100644
index 96a0e7f09..000000000
--- a/changelog.d/9905.feature
+++ /dev/null
@@ -1 +0,0 @@
-Improve performance of sending events for worker-based deployments using Redis.
diff --git a/changelog.d/9910.bugfix b/changelog.d/9910.bugfix
deleted file mode 100644
index 06d523fd4..000000000
--- a/changelog.d/9910.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix bug where user directory could get out of sync if room visibility and membership changed in quick succession.
diff --git a/changelog.d/9910.feature b/changelog.d/9910.feature
deleted file mode 100644
index 54165cce1..000000000
--- a/changelog.d/9910.feature
+++ /dev/null
@@ -1 +0,0 @@
-Improve performance after joining a large room when presence is enabled.
diff --git a/changelog.d/9911.doc b/changelog.d/9911.doc
deleted file mode 100644
index f7fd9f1ba..000000000
--- a/changelog.d/9911.doc
+++ /dev/null
@@ -1 +0,0 @@
-Add `port` argument to the Postgres database sample config section.
\ No newline at end of file
diff --git a/changelog.d/9913.docker b/changelog.d/9913.docker
deleted file mode 100644
index 93835e14c..000000000
--- a/changelog.d/9913.docker
+++ /dev/null
@@ -1 +0,0 @@
-Added startup_delay to docker healthcheck to reduce waiting time for coming online, updated readme for extra options, contributed by @Maquis196.
diff --git a/changelog.d/9915.feature b/changelog.d/9915.feature
deleted file mode 100644
index 7b81faabe..000000000
--- a/changelog.d/9915.feature
+++ /dev/null
@@ -1 +0,0 @@
-Support stable identifiers for [MSC1772](https://github.com/matrix-org/matrix-doc/pull/1772) Spaces. `m.space.child` events will now be taken into account when populating the experimental spaces summary response. Please see `UPGRADE.rst` if you have customised `room_invite_state_types` in your configuration.
\ No newline at end of file
diff --git a/changelog.d/9916.feature b/changelog.d/9916.feature
deleted file mode 100644
index 54165cce1..000000000
--- a/changelog.d/9916.feature
+++ /dev/null
@@ -1 +0,0 @@
-Improve performance after joining a large room when presence is enabled.
diff --git a/changelog.d/9928.bugfix b/changelog.d/9928.bugfix
deleted file mode 100644
index 7b74cd9fb..000000000
--- a/changelog.d/9928.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Include the `origin_server_ts` property in the experimental [MSC2946](https://github.com/matrix-org/matrix-doc/pull/2946) support to allow clients to properly sort rooms.
diff --git a/changelog.d/9930.bugfix b/changelog.d/9930.bugfix
deleted file mode 100644
index 9b22ed445..000000000
--- a/changelog.d/9930.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix bugs introduced in v1.23.0 which made the PostgreSQL port script fail when run with a newly-created SQLite database.
diff --git a/changelog.d/9931.misc b/changelog.d/9931.misc
deleted file mode 100644
index 326adc7f3..000000000
--- a/changelog.d/9931.misc
+++ /dev/null
@@ -1 +0,0 @@
-Minor fixes to the `make_full_schema.sh` script.
diff --git a/changelog.d/9932.misc b/changelog.d/9932.misc
deleted file mode 100644
index 9e16a3617..000000000
--- a/changelog.d/9932.misc
+++ /dev/null
@@ -1 +0,0 @@
-Move database schema files into a common directory.
diff --git a/changelog.d/9935.feature b/changelog.d/9935.feature
deleted file mode 100644
index eeda5bf50..000000000
--- a/changelog.d/9935.feature
+++ /dev/null
@@ -1 +0,0 @@
-Improve performance of backfilling in large rooms.
diff --git a/changelog.d/9945.feature b/changelog.d/9945.feature
deleted file mode 100644
index 84308e8cc..000000000
--- a/changelog.d/9945.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add a config option to allow you to prevent device display names from being shared over federation. Contributed by @aaronraimist.
diff --git a/changelog.d/9947.feature b/changelog.d/9947.feature
deleted file mode 100644
index ce8874f81..000000000
--- a/changelog.d/9947.feature
+++ /dev/null
@@ -1 +0,0 @@
-Update support for [MSC2946](https://github.com/matrix-org/matrix-doc/pull/2946): Spaces Summary.
diff --git a/changelog.d/9950.feature b/changelog.d/9950.feature
deleted file mode 100644
index 96a0e7f09..000000000
--- a/changelog.d/9950.feature
+++ /dev/null
@@ -1 +0,0 @@
-Improve performance of sending events for worker-based deployments using Redis.
diff --git a/changelog.d/9951.feature b/changelog.d/9951.feature
deleted file mode 100644
index 96a0e7f09..000000000
--- a/changelog.d/9951.feature
+++ /dev/null
@@ -1 +0,0 @@
-Improve performance of sending events for worker-based deployments using Redis.
diff --git a/changelog.d/9954.feature b/changelog.d/9954.feature
deleted file mode 100644
index ce8874f81..000000000
--- a/changelog.d/9954.feature
+++ /dev/null
@@ -1 +0,0 @@
-Update support for [MSC2946](https://github.com/matrix-org/matrix-doc/pull/2946): Spaces Summary.
diff --git a/changelog.d/9959.misc b/changelog.d/9959.misc
deleted file mode 100644
index 7231f29d7..000000000
--- a/changelog.d/9959.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add debug logging for lost/delayed to-device messages.
diff --git a/changelog.d/9961.bugfix b/changelog.d/9961.bugfix
deleted file mode 100644
index e26d141a5..000000000
--- a/changelog.d/9961.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug introduced in Synapse 1.29.0 which caused `m.room_key_request` to-device messages sent from one user to another to be dropped.
diff --git a/changelog.d/9965.bugfix b/changelog.d/9965.bugfix
deleted file mode 100644
index e26d141a5..000000000
--- a/changelog.d/9965.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug introduced in Synapse 1.29.0 which caused `m.room_key_request` to-device messages sent from one user to another to be dropped.
diff --git a/changelog.d/9966.feature b/changelog.d/9966.feature
deleted file mode 100644
index 7b81faabe..000000000
--- a/changelog.d/9966.feature
+++ /dev/null
@@ -1 +0,0 @@
-Support stable identifiers for [MSC1772](https://github.com/matrix-org/matrix-doc/pull/1772) Spaces. `m.space.child` events will now be taken into account when populating the experimental spaces summary response. Please see `UPGRADE.rst` if you have customised `room_invite_state_types` in your configuration.
\ No newline at end of file
diff --git a/changelog.d/9968.bugfix b/changelog.d/9968.bugfix
deleted file mode 100644
index 39e75f995..000000000
--- a/changelog.d/9968.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug introduced in v1.27.0 preventing users and appservices exempt from ratelimiting from creating rooms with many invitees.
diff --git a/synapse/__init__.py b/synapse/__init__.py
index ce822ccb0..15d54a1ce 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -47,7 +47,7 @@ try:
 except ImportError:
     pass
 
-__version__ = "1.33.2"
+__version__ = "1.34.0rc1"
 
 if bool(os.environ.get("SYNAPSE_TEST_PATCH_LOG_CONTEXTS", False)):
     # We import here so that we don't have to install a bunch of deps when