diff --git a/CHANGELOG.md b/CHANGELOG.md
index c0cd2f83..e31829df 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,6 +7,28 @@ and this project adheres to [Semantic Versioning](https://book.async.rs/overview
 
 ## [Unreleased]
 
+# [1.8.0] - 2020-12-04
+
+This patch introduces `async_std::channel`, a new submodule for our async channels implementation. `channels` have been one of async-std's most requested features, and have existed as "unstable" for the past year. We've been cautious about stabilizing channels, and this caution turned out to be warranted: we realized our channels could hang indefinitely under certain circumstances, and people ended up expressing a need for unbounded channels.
+
+So today we're introducing the new `async_std::channel` submodule which exports the `async-channel` crate, and we're marking the older unstable `async_std::sync::channel` API as "deprecated". This release includes both APIs, but we intend to stabilize `async_std::channel` and remove the older API in January. This should give dependent projects a month to upgrade, though we can extend that if it proves to be too short.
+
+The rationale for adding a new top-level `channel` submodule, rather than extending `sync` is that the `std::sync` and `async_std::sync` submodule are a bit of a mess, and the libs team [has been talking about splitting `std::sync` up]([https://github.com/rust-lang/rfcs/pull/2788#discussion_r339092478](https://github.com/rust-lang/rfcs/pull/2788#discussion_r339092478)) into separate modules. The stdlib has to guarantee it'll forever be backwards compatible, but `async-std` does not (we fully expect a 2.0 once we have async closures & traits). So we're experimenting with this change before `std` does, with the expectation that this change can serve as a data point when the libs team decides how to proceed in std.
+
+### Added
+
+- `async_std::channel` as "unstable" #915
+- `async_std::process` as "unstable" #916
+
+### Fixed
+
+- Fixed mentions of the `tokio03` flags in the docs #909
+- Fixed a double drop issue in `StreamExt::cycle` #903
+
+### Internal
+
+- updated `pin-project` to `v0.2.0`
+
 # [1.7.0] - 2020-10-30
 
 This patch adds a feature to enable compatibility with the new `tokio` 0.3.0
diff --git a/Cargo.toml b/Cargo.toml
index 32a78882..93f783cc 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "async-std"
-version = "1.7.0"
+version = "1.8.0"
 authors = [
   "Stjepan Glavina <stjepang@gmail.com>",
   "Yoshua Wuyts <yoshuawuyts@gmail.com>",