diff --git a/concordium-base b/concordium-base
index 23f2746ee..34b32efbf 160000
--- a/concordium-base
+++ b/concordium-base
@@ -1 +1 @@
-Subproject commit 23f2746ee611d755e8249b9c9f9a09a52f5d6c4b
+Subproject commit 34b32efbf9699d4df0070f5405d703d7028703f2
diff --git a/src/types/mod.rs b/src/types/mod.rs
index 77f034786..dcfacca4e 100644
--- a/src/types/mod.rs
+++ b/src/types/mod.rs
@@ -2387,6 +2387,35 @@ pub struct ChainParametersV2 {
     pub finalization_committee_parameters: FinalizationCommitteeParameters,
 }
 
+#[derive(common::Serialize, Debug)]
+/// Values of chain parameters that can be updated via chain updates.
+pub struct ChainParametersV3 {
+    /// Consensus protocol version 2 timeout parameters.
+    pub timeout_parameters:                TimeoutParameters,
+    /// Minimum time interval between blocks.
+    pub min_block_time:                    Duration,
+    /// Maximum energy allowed per block.
+    pub block_energy_limit:                Energy,
+    /// Euro per energy exchange rate.
+    pub euro_per_energy:                   ExchangeRate,
+    /// Micro ccd per euro exchange rate.
+    pub micro_ccd_per_euro:                ExchangeRate,
+    pub cooldown_parameters:               CooldownParameters,
+    pub time_parameters:                   TimeParameters,
+    /// The limit for the number of account creations in a block.
+    pub account_creation_limit:            CredentialsPerBlockLimit,
+    /// Current reward parameters.
+    pub reward_parameters:                 RewardParameters<ChainParameterVersion2>,
+    /// Index of the foundation account.
+    pub foundation_account_index:          AccountIndex,
+    /// Parameters for baker pools.
+    pub pool_parameters:                   PoolParameters,
+    /// The finalization committee parameters.
+    pub finalization_committee_parameters: FinalizationCommitteeParameters,
+    /// Parameter for determining when a validator is considered inactive.
+    pub validator_score_parameters:        ValidatorScoreParameters,
+}
+
 pub trait ChainParametersFamily {
     type Output: std::fmt::Debug;
 }
@@ -2403,6 +2432,10 @@ impl ChainParametersFamily for ChainParameterVersion2 {
     type Output = ChainParametersV2;
 }
 
+impl ChainParametersFamily for ChainParameterVersion3 {
+    type Output = ChainParametersV3;
+}
+
 pub type ChainParameters<CPV> = <CPV as ChainParametersFamily>::Output;
 
 #[derive(Debug, SerdeSerialize, SerdeDeserialize)]