diff --git a/Makefile b/Makefile
index 41ec09de1..315293a04 100644
--- a/Makefile
+++ b/Makefile
@@ -10,7 +10,7 @@ PREVIOUS_VERSION ?= 0.0.3
 VERSION ?= 0.0.3-dev
 
 # INSTASCALE_VERSION defines the default version of the InstaScale controller
-INSTASCALE_VERSION ?= v0.0.3
+INSTASCALE_VERSION ?= v0.0.4
 
 # CHANNELS define the bundle channels used in the bundle.
 # Add a new line here if you would like to change its default config. (E.g CHANNELS = "candidate,fast,stable")
diff --git a/OWNERS b/OWNERS
index 6dc8d6b7a..587540418 100644
--- a/OWNERS
+++ b/OWNERS
@@ -1,5 +1,6 @@
 approvers:
   - anishasthana
+  - astefanutti
   - jbusche
   - kpostoffice
   - maxusmusti
diff --git a/README.md b/README.md
index e7b46b0c1..19ca46cff 100644
--- a/README.md
+++ b/README.md
@@ -1,2 +1,12 @@
 # codeflare-operator
 Operator for installation and lifecycle management of CodeFlare distributed workload stack, starting with MCAD and InstaScale
+
+CodeFlare Stack Compatibility Matrix
+
+| Component                    | Version |
+|------------------------------|---------|
+| CodeFlare Operator           | v0.0.4  |
+| Multi-Cluster App Dispatcher | v1.31.0 |
+| CodeFlare-SDK                | v0.4.4  |
+| InstaScale                   | v0.0.4  |
+| KubeRay                      | v0.5.0  |
diff --git a/config/crd/mcad/kustomization.yaml b/config/crd/mcad/kustomization.yaml
index d87d2f570..1474b25fc 100644
--- a/config/crd/mcad/kustomization.yaml
+++ b/config/crd/mcad/kustomization.yaml
@@ -1,2 +1,2 @@
 resources:
-  - github.com/project-codeflare/multi-cluster-app-dispatcher/config/crd?ref=main
+  - github.com/project-codeflare/multi-cluster-app-dispatcher/config/crd?ref=release-v1.31.0
diff --git a/config/internal/mcad/deployment.yaml.tmpl b/config/internal/mcad/deployment.yaml.tmpl
index 13d118ce3..7f6ebfa8d 100644
--- a/config/internal/mcad/deployment.yaml.tmpl
+++ b/config/internal/mcad/deployment.yaml.tmpl
@@ -25,7 +25,7 @@ spec:
           envFrom:
             - configMapRef:
                 name: mcad-{{.Name}}-config
-          image: 'quay.io/project-codeflare/mcad-controller:release-v1.29.57'
+          image: 'quay.io/project-codeflare/mcad-controller:release-v1.31.0'
           imagePullPolicy: Always
           ports:
             - name: https
diff --git a/controllers/defaults.go b/controllers/defaults.go
index a0524c7c3..3f3fe49f0 100644
--- a/controllers/defaults.go
+++ b/controllers/defaults.go
@@ -5,5 +5,5 @@ package controllers
 // ***********************
 
 const (
-	InstaScaleImage = "quay.io/project-codeflare/instascale-controller:v0.0.3"
+	InstaScaleImage = "quay.io/project-codeflare/instascale-controller:v0.0.4"
 )
diff --git a/controllers/testdata/instascale_test_results/case_1/deployment.yaml b/controllers/testdata/instascale_test_results/case_1/deployment.yaml
index f94cca0d4..31c3896fb 100644
--- a/controllers/testdata/instascale_test_results/case_1/deployment.yaml
+++ b/controllers/testdata/instascale_test_results/case_1/deployment.yaml
@@ -19,7 +19,7 @@ spec:
         - name: instascale
           args:
             - "--configs-namespace=default"
-          image: quay.io/project-codeflare/instascale-controller:v0.0.3
+          image: quay.io/project-codeflare/instascale-controller:v0.0.4
           resources:
             limits:
               cpu: '2'
diff --git a/controllers/testdata/instascale_test_results/case_2/deployment.yaml b/controllers/testdata/instascale_test_results/case_2/deployment.yaml
index beb59328e..eb259ec86 100644
--- a/controllers/testdata/instascale_test_results/case_2/deployment.yaml
+++ b/controllers/testdata/instascale_test_results/case_2/deployment.yaml
@@ -19,7 +19,7 @@ spec:
         - name: instascale
           args:
             - "--configs-namespace=default"
-          image: quay.io/project-codeflare/instascale-controller:v0.0.3
+          image: quay.io/project-codeflare/instascale-controller:v0.0.4
           resources:
             limits:
               cpu: '1'