diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5aa75a5bcf..057060976a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,49 @@
+Changes in [1.10.8-rc.1](https://github.com/vector-im/element-web/releases/tag/v1.10.8-rc.1) (2022-03-22)
+=========================================================================================================
+
+## ✨ Features
+ * Live location sharing: live share warning in room ([\#8100](https://github.com/matrix-org/matrix-react-sdk/pull/8100)).
+ * Add simple live share warning ([\#8066](https://github.com/matrix-org/matrix-react-sdk/pull/8066)).
+ * extract reusable styled live beacon icon ([\#8103](https://github.com/matrix-org/matrix-react-sdk/pull/8103)).
+ * Don't restore MemberInfo from RightPanel history when viewing a room ([\#8090](https://github.com/matrix-org/matrix-react-sdk/pull/8090)). Fixes #21487.
+ * Allow sending files as replies as per MSC3676 ([\#8020](https://github.com/matrix-org/matrix-react-sdk/pull/8020)). Fixes #7156.
+ * kill beacons on expiry ([\#8075](https://github.com/matrix-org/matrix-react-sdk/pull/8075)).
+ * enable geolocation behaviour in location picker for live share type ([\#8068](https://github.com/matrix-org/matrix-react-sdk/pull/8068)).
+ * Improve formatting features in the editor ([\#7104](https://github.com/matrix-org/matrix-react-sdk/pull/7104)). Fixes #19501. Contributed by @alexanderstephan.
+ * Support MSC3026 busy presence ([\#8043](https://github.com/matrix-org/matrix-react-sdk/pull/8043)).
+ * Show displayname in non-narrow thread summeries ([\#8036](https://github.com/matrix-org/matrix-react-sdk/pull/8036)). Fixes #19646.
+ * Tweak search dialog based on new designs ([\#7980](https://github.com/matrix-org/matrix-react-sdk/pull/7980)). Fixes #21285 and #21289.
+ * fallback to event text in location body when map unavailable ([\#7982](https://github.com/matrix-org/matrix-react-sdk/pull/7982)). Fixes #20655.
+ * Send pin drop location share events ([\#7967](https://github.com/matrix-org/matrix-react-sdk/pull/7967)).
+
+## 🐛 Bug Fixes
+ * fix quicktime video thumbnailing ([\#8108](https://github.com/matrix-org/matrix-react-sdk/pull/8108)). Fixes #21505.
+ * Fix scroll behaviour in space panel ([\#8111](https://github.com/matrix-org/matrix-react-sdk/pull/8111)). Fixes #21467.
+ * Fix emoting with emoji or pills ([\#8105](https://github.com/matrix-org/matrix-react-sdk/pull/8105)). Fixes #21497.
+ * Remove padding of InviteDialog & fix visual regression ([\#8076](https://github.com/matrix-org/matrix-react-sdk/pull/8076)). Fixes #20631. Contributed by @luixxiul.
+ * Fixes mx_MLocationBody_markerBorder ([\#8069](https://github.com/matrix-org/matrix-react-sdk/pull/8069)). Fixes #21444. Contributed by @luixxiul.
+ * Make margin and padding of mx_InviteDialog_other consistent ([\#8063](https://github.com/matrix-org/matrix-react-sdk/pull/8063)). Fixes #20631. Contributed by @luixxiul.
+ * Fix freeze/crash when 1:1 calling ([\#8057](https://github.com/matrix-org/matrix-react-sdk/pull/8057)). Fixes #21181.
+ * Don't assume that widget IDs are unique ([\#8052](https://github.com/matrix-org/matrix-react-sdk/pull/8052)). Fixes #21399.
+ * Fix the header of Space landing page ([\#8048](https://github.com/matrix-org/matrix-react-sdk/pull/8048)). Fixes #21402. Contributed by @luixxiul.
+ * Fix buttons alignment of Space list header ([\#8047](https://github.com/matrix-org/matrix-react-sdk/pull/8047)). Fixes #21401. Contributed by @luixxiul.
+ * Fix null-guarding regression around reply_to_event dispatch ([\#8039](https://github.com/matrix-org/matrix-react-sdk/pull/8039)).
+ * Fix clicking on copy link to thread wrongly opening thread ([\#8038](https://github.com/matrix-org/matrix-react-sdk/pull/8038)). Fixes #20653.
+ * Fix regression around replying to search results ([\#8035](https://github.com/matrix-org/matrix-react-sdk/pull/8035)). Fixes #21389.
+ * Share shared history keys in the background ([\#8031](https://github.com/matrix-org/matrix-react-sdk/pull/8031)). Fixes #21192.
+ * Paginate responses to pinned polls ([\#8025](https://github.com/matrix-org/matrix-react-sdk/pull/8025)). Fixes #21382.
+ * Fix incorrect usage of unstable variant of `is_falling_back` ([\#8016](https://github.com/matrix-org/matrix-react-sdk/pull/8016)).
+ * Fix issues with ThreadSummary in msc-enabled mode ([\#8018](https://github.com/matrix-org/matrix-react-sdk/pull/8018)). Fixes matrix-org/element-web-rageshakes#11401 and matrix-org/element-web-rageshakes#11400.
+ * Fix alignment of polls within threads ([\#8017](https://github.com/matrix-org/matrix-react-sdk/pull/8017)). Fixes #21235.
+ * Fix issues with thread summaries being wrong or stale ([\#8015](https://github.com/matrix-org/matrix-react-sdk/pull/8015)). Fixes #21363 and #21204.
+ * Fix button border color of LeaveSpaceDialog ([\#8010](https://github.com/matrix-org/matrix-react-sdk/pull/8010)). Fixes #21365. Contributed by @luixxiul.
+ * Fix room list scroll jumps ([\#7991](https://github.com/matrix-org/matrix-react-sdk/pull/7991)). Fixes #19322.
+ * Fix a variety of issues with HTML → Markdown conversion ([\#8004](https://github.com/matrix-org/matrix-react-sdk/pull/8004)). Fixes #10648, #20718, #10722, #10389, #17610 #9984 and #20140.
+ * Wrap EventTile rather than its children in an error boundary ([\#7945](https://github.com/matrix-org/matrix-react-sdk/pull/7945)).
+ * Normalized shortcut formatting for quote expansion control ([\#7995](https://github.com/matrix-org/matrix-react-sdk/pull/7995)). Fixes #19685. Contributed by @Sinharitik589.
+ * Fix buttons and text layout on Security Key dialog ([\#7996](https://github.com/matrix-org/matrix-react-sdk/pull/7996)). Fixes #21330. Contributed by @luixxiul.
+ * Fix formatting not being applied after links ([\#7990](https://github.com/matrix-org/matrix-react-sdk/pull/7990)). Fixes #20091.
+
 Changes in [1.10.7](https://github.com/vector-im/element-web/releases/tag/v1.10.7) (2022-03-15)
 ===============================================================================================
 
diff --git a/package.json b/package.json
index 4955ecb728..5158dc3a0d 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "element-web",
-  "version": "1.10.7",
+  "version": "1.10.8",
   "description": "A feature-rich client for Matrix.org",
   "author": "New Vector Ltd.",
   "repository": {
@@ -60,8 +60,8 @@
     "gfm.css": "^1.1.2",
     "jsrsasign": "^10.2.0",
     "katex": "^0.12.0",
-    "matrix-js-sdk": "github:matrix-org/matrix-js-sdk#develop",
-    "matrix-react-sdk": "github:matrix-org/matrix-react-sdk#develop",
+    "matrix-js-sdk": "16.0.1",
+    "matrix-react-sdk": "3.42.1",
     "matrix-widget-api": "^0.1.0-beta.18",
     "prop-types": "^15.7.2",
     "react": "17.0.2",
diff --git a/yarn.lock b/yarn.lock
index e3e19316b4..47d780cced 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -8211,7 +8211,7 @@ mathml-tag-names@^2.1.3:
   resolved "https://registry.yarnpkg.com/mathml-tag-names/-/mathml-tag-names-2.1.3.tgz#4ddadd67308e780cf16a47685878ee27b736a0a3"
   integrity sha512-APMBEanjybaPzUrfqU0IMU5I0AswKMH7k8OTLs0vvV4KZpExkTkY87nR/zpbuTPj+gARop7aGUbl11pnDfW6xg==
 
-"matrix-analytics-events@github:matrix-org/matrix-analytics-events.git#daad3faed54f0b1f1e026a7498b4653e4d01cd90":
+"matrix-analytics-events@github:matrix-org/matrix-analytics-events#daad3faed54f0b1f1e026a7498b4653e4d01cd90":
   version "0.0.1"
   resolved "https://codeload.github.com/matrix-org/matrix-analytics-events/tar.gz/daad3faed54f0b1f1e026a7498b4653e4d01cd90"
 
@@ -8220,9 +8220,10 @@ matrix-events-sdk@^0.0.1-beta.7:
   resolved "https://registry.yarnpkg.com/matrix-events-sdk/-/matrix-events-sdk-0.0.1-beta.7.tgz#5ffe45eba1f67cc8d7c2377736c728b322524934"
   integrity sha512-9jl4wtWanUFSy2sr2lCjErN/oC8KTAtaeaozJtrgot1JiQcEI4Rda9OLgQ7nLKaqb4Z/QUx/fR3XpDzm5Jy1JA==
 
-"matrix-js-sdk@github:matrix-org/matrix-js-sdk#develop":
-  version "16.0.0"
-  resolved "https://codeload.github.com/matrix-org/matrix-js-sdk/tar.gz/ee9eccb85afd1b8ee55b16e017d062271f6c66f3"
+matrix-js-sdk@16.0.1:
+  version "16.0.1"
+  resolved "https://registry.yarnpkg.com/matrix-js-sdk/-/matrix-js-sdk-16.0.1.tgz#9b389ef16677ba648efad2929a7802af6f1dc81f"
+  integrity sha512-GRYZY7JZRqsVFa2nKO2qJbU4gQail2+1PgX2QDcibWizTL5Gh8YS384twprpIKqzdLHJ3d7H7A0L+uqc562ZsQ==
   dependencies:
     "@babel/runtime" "^7.12.5"
     another-json "^0.2.0"
@@ -8244,9 +8245,10 @@ matrix-mock-request@^1.2.3:
     bluebird "^3.5.0"
     expect "^1.20.2"
 
-"matrix-react-sdk@github:matrix-org/matrix-react-sdk#develop":
-  version "3.42.0"
-  resolved "https://codeload.github.com/matrix-org/matrix-react-sdk/tar.gz/2778fd135ef80d8e097256e5c97ea13d49da441f"
+matrix-react-sdk@3.42.1:
+  version "3.42.1"
+  resolved "https://registry.yarnpkg.com/matrix-react-sdk/-/matrix-react-sdk-3.42.1.tgz#15aec8c01f54cf8badf4423d7b1b8c3dc31d643e"
+  integrity sha512-XLNgoBkPc5qhJPX9o6kb1azua0Tgg7+NJ9pVyTM3J1lHXsP37oR9aeVLK7fGugnZEDN+fn0Hy9ROguAWNXruAA==
   dependencies:
     "@babel/runtime" "^7.12.5"
     "@sentry/browser" "^6.11.0"
@@ -8283,7 +8285,7 @@ matrix-mock-request@^1.2.3:
     maplibre-gl "^1.15.2"
     matrix-analytics-events "github:matrix-org/matrix-analytics-events.git#daad3faed54f0b1f1e026a7498b4653e4d01cd90"
     matrix-events-sdk "^0.0.1-beta.7"
-    matrix-js-sdk "github:matrix-org/matrix-js-sdk#develop"
+    matrix-js-sdk "16.0.1"
     matrix-widget-api "^0.1.0-beta.18"
     minimist "^1.2.5"
     opus-recorder "^8.0.3"