diff --git a/CHANGELOG.md b/CHANGELOG.md
index ca6835d859..00c96dae59 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,7 +8,7 @@ Additionally we have an `Internal` section for changes that are of interest to d
 
 Dates in this file are formattes as `YYYY-MM-DD`.
 
-## [`0.32.0-beta.0`] - 2023-12-17
+## [`0.32.0-beta.1`] - 2023-12-18
 
 **Note:**
 
@@ -25,20 +25,26 @@ Dates in this file are formattes as `YYYY-MM-DD`.
 ### Added
 
 - Added a new execution engine based on register-machine bytecode. (https://github.com/paritytech/wasmi/pull/729)
-    - The register-machine Wasmi `Engine` takes roughly 30% longer to compile Wasm to Wasmi bytecode
-      and executes roughly 80-100% faster according to benchmarks conducted so far.
+    - The register-machine Wasmi `Engine` executes roughly 80-100% faster and
+      compiles roughly 30% slower according to benchmarks conducted so far.
 - Added `Module::new_unchecked` API. (https://github.com/paritytech/wasmi/pull/829)
     - This allows to compile a Wasm module without Wasm validation which can be useful
       when users know that their inputs are valid Wasm binaries.
-    - This improves Wasm compilation performance for faster startup times.
-- Added optional lazy Wasm module compilation. (https://github.com/paritytech/wasmi/pull/844)
-    - Until now Wasmi used to eagerly compile all functions when creating a new Wasm module via `Module::new`.
-      This proved to be very costly, especially for very large Wasm modules. And since Wasm compilation became
-      even more costly with the new register-machine execution engine a new approach was needed.
-      Lazy compilation defers costly Wasm compilation until the first use of a Wasm function during execution.
-    - This greatly speeds up Wasm compilation performance, especially for bigger Wasm binaries.
-    - When paired with the new `Module::new_unchecked` we measured up to 27x faster compilation performance.
-    - With `Module::new` (Wasm validation) performance improvements are up to 3x.
+    - This improves Wasm compilation performance for faster startup times by roughly 10-20%.
+- Added Wasm compilation modes. (https://github.com/paritytech/wasmi/pull/844)
+    - When using `Module::new` Wasmi eagerly compiles Wasm bytecode into Wasmi bytecode
+      which is optimized for efficient execution. However, this compilation can become very
+      costly especially for large Wasm binaries.
+    - The solution to this problem is to introduce new compilation modes, namely:
+      - `CompilationMode::Eager`: Eager compilation, what Wasmi did so far. (default)
+      - `CompilationMode::LazyTranslation`: Eager Wasm validation and lazy Wasm translation.
+      - `CompilationMode::Lazy`: Lazy Wasm validation and translation.
+    - Benchmarks concluded that
+      - `CompilationMode::LazyTanslation`: Usually improves startup performance by a factor of 2 to 3.
+      - `CompilationMode::Lazy`: Usually improves startup performance by a factor of up to 27.
+    - Note that `CompilationMode::Lazy` can lead to partially validated Wasm modules
+      which can introduce non-determinism when using different Wasm implementations.
+      Therefore users should know what they are doing when using `CompilationMode::Lazy` if this is a concern.
     - Enable lazy Wasm compilation with:
       ```rust
       let mut config = wasmi::Config::default();
@@ -48,7 +54,9 @@ Dates in this file are formattes as `YYYY-MM-DD`.
     - This allows to quickly check if a Wasm binary is valid according to a Wasmi `Engine` config.
     - Note that this does not translate the Wasm and thus `Module::new` or `Module::new_unchecked`
       might still fail due to translation errors.
-- CLI: Added `--lazy` argument to enable lazy Wasm compilation. (https://github.com/paritytech/wasmi/pull/849)
+- CLI: Added `--compilation-mode` argument to enable lazy Wasm compilation. (https://github.com/paritytech/wasmi/pull/849)
+- Improve `Debug` and `Display` impls for NaNs of Wasm `f32` and `f64` values.
+  - They now show `nan:0x{bytes}` where `{bytes}` is their respective raw bytes.
 
 ### Changed
 
diff --git a/crates/cli/Cargo.toml b/crates/cli/Cargo.toml
index ffd4db2a66..2222424454 100644
--- a/crates/cli/Cargo.toml
+++ b/crates/cli/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "wasmi_cli"
-version = "0.32.0-beta.0"
+version = "0.32.0-beta.1"
 documentation = "https://docs.rs/wasmi/"
 description = "WebAssembly interpreter"
 authors.workspace = true
@@ -14,8 +14,8 @@ categories.workspace = true
 [dependencies]
 anyhow = "1"
 clap = { version = "4", features = ["derive"] }
-wasmi = { version = "0.32.0-beta.0", path = "../wasmi" }
-wasmi_wasi = { version = "0.32.0-beta.0", path = "../wasi" }
+wasmi = { version = "0.32.0-beta.1", path = "../wasmi" }
+wasmi_wasi = { version = "0.32.0-beta.1", path = "../wasi" }
 wat = "1"
 
 [dev-dependencies]
diff --git a/crates/core/Cargo.toml b/crates/core/Cargo.toml
index ce2a5b15eb..6a29e394bb 100644
--- a/crates/core/Cargo.toml
+++ b/crates/core/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "wasmi_core"
-version = "0.14.0"
+version = "0.15.0"
 documentation = "https://docs.rs/wasmi_core"
 description = "Core primitives for the wasmi WebAssembly interpreter"
 authors.workspace = true
diff --git a/crates/wasi/Cargo.toml b/crates/wasi/Cargo.toml
index c8ddd27def..1cb20fc880 100644
--- a/crates/wasi/Cargo.toml
+++ b/crates/wasi/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "wasmi_wasi"
-version = "0.32.0-beta.0"
+version = "0.32.0-beta.1"
 documentation = "https://docs.rs/wasmi_wasi"
 description = "WASI library support for the wasmi interpreter"
 authors.workspace = true
@@ -15,7 +15,7 @@ categories.workspace = true
 wasi-common = "2.0"
 wasi-cap-std-sync = "2.0"
 wiggle = { version = "2.0", default-features = false, features = ["wiggle_metadata"] }
-wasmi = { version = "0.32.0-beta.0", path = "../wasmi" }
+wasmi = { version = "0.32.0-beta.1", path = "../wasmi" }
 
 [dev-dependencies]
 wat = "1.0.50"
diff --git a/crates/wasmi/Cargo.toml b/crates/wasmi/Cargo.toml
index 177cc8488f..76deaa9bc8 100644
--- a/crates/wasmi/Cargo.toml
+++ b/crates/wasmi/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "wasmi"
-version = "0.32.0-beta.0"
+version = "0.32.0-beta.1"
 documentation = "https://docs.rs/wasmi/"
 description = "WebAssembly interpreter"
 exclude = ["tests/*", "benches/*"]
@@ -14,7 +14,7 @@ categories.workspace = true
 
 [dependencies]
 wasmparser = { version = "0.100.1", package = "wasmparser-nostd", default-features = false }
-wasmi_core = { version = "0.14", path = "../core", default-features = false }
+wasmi_core = { version = "0.15", path = "../core", default-features = false }
 wasmi_arena = { version = "0.4", path = "../arena", default-features = false }
 spin = { version = "0.9", default-features = false, features = [
     "mutex",