diff --git a/Makefile b/Makefile
index f51368b293..6aa0a6b3da 100644
--- a/Makefile
+++ b/Makefile
@@ -17,8 +17,8 @@ GIT_TREE_STATE=$(shell if [[ -z "`git status --porcelain`" ]]; then echo "clean"
 DOCKER_PUSH?=false
 DOCKER_BUILD_ARGS?=
 IMAGE_NAMESPACE?=quay.io/numaproj
-VERSION?=v1.0.0-rc2
-BASE_VERSION:=v1.0.0-rc2
+VERSION?=v1.0.0-rc3
+BASE_VERSION:=v1.0.0-rc3
 
 override LDFLAGS += \
   -X ${PACKAGE}.version=${VERSION} \
diff --git a/api/openapi-spec/swagger.json b/api/openapi-spec/swagger.json
index a2df38b55c..3d49f3d403 100644
--- a/api/openapi-spec/swagger.json
+++ b/api/openapi-spec/swagger.json
@@ -2,7 +2,7 @@
   "swagger": "2.0",
   "info": {
     "title": "Numaflow",
-    "version": "v1.0.0-rc2"
+    "version": "v1.0.0-rc3"
   },
   "paths": {},
   "definitions": {
diff --git a/config/advanced-install/namespaced-controller-wo-crds.yaml b/config/advanced-install/namespaced-controller-wo-crds.yaml
index 38c7780eff..7224637c93 100644
--- a/config/advanced-install/namespaced-controller-wo-crds.yaml
+++ b/config/advanced-install/namespaced-controller-wo-crds.yaml
@@ -284,12 +284,12 @@ spec:
         - --namespaced
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:v1.0.0-rc2
+          value: quay.io/numaproj/numaflow:v1.0.0-rc3
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
diff --git a/config/advanced-install/namespaced-controller/kustomization.yaml b/config/advanced-install/namespaced-controller/kustomization.yaml
index 02bdc206da..ef1c4209dd 100644
--- a/config/advanced-install/namespaced-controller/kustomization.yaml
+++ b/config/advanced-install/namespaced-controller/kustomization.yaml
@@ -11,7 +11,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.0.0-rc2
+    newTag: v1.0.0-rc3
 
 patchesStrategicMerge:
   - |-
@@ -26,7 +26,7 @@ patchesStrategicMerge:
             - name: controller-manager
               env:
                 - name: NUMAFLOW_IMAGE
-                  value: quay.io/numaproj/numaflow:v1.0.0-rc2
+                  value: quay.io/numaproj/numaflow:v1.0.0-rc3
 
 patches:
   - patch: |-
diff --git a/config/advanced-install/namespaced-numaflow-server.yaml b/config/advanced-install/namespaced-numaflow-server.yaml
index 8a0db92d82..c859202724 100644
--- a/config/advanced-install/namespaced-numaflow-server.yaml
+++ b/config/advanced-install/namespaced-numaflow-server.yaml
@@ -199,7 +199,7 @@ spec:
               key: server.address
               name: numaflow-server-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -235,7 +235,7 @@ spec:
               key: server.base.href
               name: numaflow-server-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
diff --git a/config/advanced-install/namespaced-numaflow-server/kustomization.yaml b/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
index 8b4b991a53..d011f89aa8 100644
--- a/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
+++ b/config/advanced-install/namespaced-numaflow-server/kustomization.yaml
@@ -11,7 +11,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.0.0-rc2
+    newTag: v1.0.0-rc3
 
 patches:
   - patch: |-
diff --git a/config/advanced-install/numaflow-server.yaml b/config/advanced-install/numaflow-server.yaml
index 2cc6e90a67..3b5067e4e3 100644
--- a/config/advanced-install/numaflow-server.yaml
+++ b/config/advanced-install/numaflow-server.yaml
@@ -205,7 +205,7 @@ spec:
               key: server.address
               name: numaflow-server-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -241,7 +241,7 @@ spec:
               key: server.base.href
               name: numaflow-server-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
diff --git a/config/advanced-install/numaflow-server/kustomization.yaml b/config/advanced-install/numaflow-server/kustomization.yaml
index 3053fd31bd..8ecd13295f 100644
--- a/config/advanced-install/numaflow-server/kustomization.yaml
+++ b/config/advanced-install/numaflow-server/kustomization.yaml
@@ -13,7 +13,7 @@ namespace: numaflow-system
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.0.0-rc2
+    newTag: v1.0.0-rc3
 
 patchesStrategicMerge:
   - |-
diff --git a/config/base/kustomization.yaml b/config/base/kustomization.yaml
index 538e6d9eb1..275e1da471 100644
--- a/config/base/kustomization.yaml
+++ b/config/base/kustomization.yaml
@@ -9,7 +9,7 @@ resources:
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.0.0-rc2
+    newTag: v1.0.0-rc3
 
 patchesStrategicMerge:
   - |-
@@ -24,4 +24,4 @@ patchesStrategicMerge:
             - name: controller-manager
               env:
                 - name: NUMAFLOW_IMAGE
-                  value: quay.io/numaproj/numaflow:v1.0.0-rc2
+                  value: quay.io/numaproj/numaflow:v1.0.0-rc3
diff --git a/config/extensions/webhook/kustomization.yaml b/config/extensions/webhook/kustomization.yaml
index e2bd91e644..cacf783beb 100644
--- a/config/extensions/webhook/kustomization.yaml
+++ b/config/extensions/webhook/kustomization.yaml
@@ -11,5 +11,5 @@ namespace: numaflow-system
 
 images:
   - name: quay.io/numaproj/numaflow
-    newTag: v1.0.0-rc2
+    newTag: v1.0.0-rc3
 
diff --git a/config/install.yaml b/config/install.yaml
index ed6f0defb9..eb567ca5c8 100644
--- a/config/install.yaml
+++ b/config/install.yaml
@@ -16478,12 +16478,12 @@ spec:
         - controller
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:v1.0.0-rc2
+          value: quay.io/numaproj/numaflow:v1.0.0-rc3
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -16643,7 +16643,7 @@ spec:
               key: server.address
               name: numaflow-server-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -16679,7 +16679,7 @@ spec:
               key: server.base.href
               name: numaflow-server-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
diff --git a/config/namespace-install.yaml b/config/namespace-install.yaml
index 87191caa56..4a5ce7b472 100644
--- a/config/namespace-install.yaml
+++ b/config/namespace-install.yaml
@@ -16377,12 +16377,12 @@ spec:
         - --namespaced
         env:
         - name: NUMAFLOW_IMAGE
-          value: quay.io/numaproj/numaflow:v1.0.0-rc2
+          value: quay.io/numaproj/numaflow:v1.0.0-rc3
         - name: NAMESPACE
           valueFrom:
             fieldRef:
               fieldPath: metadata.namespace
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -16541,7 +16541,7 @@ spec:
               key: server.address
               name: numaflow-server-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         livenessProbe:
           httpGet:
@@ -16577,7 +16577,7 @@ spec:
               key: server.base.href
               name: numaflow-server-cmd-params-config
               optional: true
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         name: server-init
         volumeMounts:
diff --git a/config/validating-webhook-install.yaml b/config/validating-webhook-install.yaml
index ec689b83c4..1543bef567 100644
--- a/config/validating-webhook-install.yaml
+++ b/config/validating-webhook-install.yaml
@@ -135,7 +135,7 @@ spec:
           value: numaflow-webhook
         - name: CLUSTER_ROLE_NAME
           value: numaflow-webhook
-        image: quay.io/numaproj/numaflow:v1.0.0-rc2
+        image: quay.io/numaproj/numaflow:v1.0.0-rc3
         imagePullPolicy: Always
         name: webhook
       serviceAccountName: numaflow-webhook-sa