diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 50d9d3b..95a37e3 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-  ".": "3.1.2"
+  ".": "3.2.0"
 }
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3d4139d..2805859 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,24 @@
 # Changelog
 
+## [3.2.0](https://github.com/fugo101/microlink/compare/v3.1.2...v3.2.0) (2026-08-19)
+
+
+### Features
+
+* **coord:** consolidate H2 recv/JSON buffers into one dynamically-sized window ([#75](https://github.com/fugo101/microlink/issues/75)) ([802944c](https://github.com/fugo101/microlink/commit/802944caa0a9d6160ae4d86909ba725c6d8276a0))
+
+
+### Bug Fixes
+
+* **derp:** retry-forever backoff + RX-liveness watchdog for the DERP task ([#78](https://github.com/fugo101/microlink/issues/78)) ([065940f](https://github.com/fugo101/microlink/commit/065940f2e170ad45b56f3b63c636bf03230cf440))
+* **wg:** move magicsock TX pbuf allocation to SPIRAM ([#77](https://github.com/fugo101/microlink/issues/77)) ([0d6b4d5](https://github.com/fugo101/microlink/commit/0d6b4d55afe1cc4e792fad3d45cd03e1aaebbcb3))
+
+
+### Documentation
+
+* **fork-prs:** mark [#23](https://github.com/fugo101/microlink/issues/23) done, drop resolved conflict notes ([#80](https://github.com/fugo101/microlink/issues/80)) ([1a9261a](https://github.com/fugo101/microlink/commit/1a9261a808014f6068fa2f4fc854675726961cb2))
+* **fork-prs:** mark [#39](https://github.com/fugo101/microlink/issues/39) decided-not-to-port ([#79](https://github.com/fugo101/microlink/issues/79)) ([957de74](https://github.com/fugo101/microlink/commit/957de741c4088ea3a14300a46292a30493493e72))
+
 ## [3.1.2](https://github.com/fugo101/microlink/compare/v3.1.1...v3.1.2) (2026-08-19)
 
 
diff --git a/components/microlink/idf_component.yml b/components/microlink/idf_component.yml
index d4c986a..aa6d1af 100644
--- a/components/microlink/idf_component.yml
+++ b/components/microlink/idf_component.yml
@@ -1,4 +1,4 @@
-version: "3.1.2"  # x-release-please-version
+version: "3.2.0"  # x-release-please-version
 description: >-
   Tailscale-protocol network stack for ESP32 (FuGo fork of CamM2325/microlink,
   ESP-IDF 6.x only): ts2021 control plane, WireGuard data plane, DISCO/STUN,