diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8748a73fe883..f1b8f9f5880e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -39,6 +39,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 ### Improvements
 
 * [\#9428](https://github.com/cosmos/cosmos-sdk/pull/9428) Optimize bank InitGenesis. Added `k.initBalances`.
+* [\#9541](https://github.com/cosmos/cosmos-sdk/pull/9541) Bump tendermint dependency to v0.34.11.
 
 ### Bug Fixes
 
diff --git a/go.mod b/go.mod
index 17ada7cff107..95d4e94ed148 100644
--- a/go.mod
+++ b/go.mod
@@ -48,7 +48,7 @@ require (
 	github.com/tendermint/btcd v0.1.1
 	github.com/tendermint/crypto v0.0.0-20191022145703-50d29ede1e15
 	github.com/tendermint/go-amino v0.16.0
-	github.com/tendermint/tendermint v0.34.10
+	github.com/tendermint/tendermint v0.34.11
 	github.com/tendermint/tm-db v0.6.4
 	golang.org/x/crypto v0.0.0-20201221181555-eec23a3978ad
 	golang.org/x/sys v0.0.0-20210510120138-977fb7262007 // indirect
diff --git a/go.sum b/go.sum
index 5e35bfa2be54..89b559835385 100644
--- a/go.sum
+++ b/go.sum
@@ -566,8 +566,9 @@ github.com/tendermint/go-amino v0.16.0/go.mod h1:TQU0M1i/ImAo+tYpZi73AU3V/dKeCoM
 github.com/tendermint/tendermint v0.34.0-rc4/go.mod h1:yotsojf2C1QBOw4dZrTcxbyxmPUrT4hNuOQWX9XUwB4=
 github.com/tendermint/tendermint v0.34.0-rc6/go.mod h1:ugzyZO5foutZImv0Iyx/gOFCX6mjJTgbLHTwi17VDVg=
 github.com/tendermint/tendermint v0.34.0/go.mod h1:Aj3PIipBFSNO21r+Lq3TtzQ+uKESxkbA3yo/INM4QwQ=
-github.com/tendermint/tendermint v0.34.10 h1:wBOc/It8sh/pVH9np2V5fBvRmIyFN/bUrGPx+eAHexs=
 github.com/tendermint/tendermint v0.34.10/go.mod h1:aeHL7alPh4uTBIJQ8mgFEE8VwJLXI1VD3rVOmH2Mcy0=
+github.com/tendermint/tendermint v0.34.11 h1:q1Yh76oG4QbS07xhmIJh5iAE0fYpJ8P8YKYtjnWfJRY=
+github.com/tendermint/tendermint v0.34.11/go.mod h1:aeHL7alPh4uTBIJQ8mgFEE8VwJLXI1VD3rVOmH2Mcy0=
 github.com/tendermint/tm-db v0.6.2/go.mod h1:GYtQ67SUvATOcoY8/+x6ylk8Qo02BQyLrAs+yAcLvGI=
 github.com/tendermint/tm-db v0.6.3/go.mod h1:lfA1dL9/Y/Y8wwyPp2NMLyn5P5Ptr/gvDFNWtrCWSf8=
 github.com/tendermint/tm-db v0.6.4 h1:3N2jlnYQkXNQclQwd/eKV/NzlqPlfK21cpRRIx80XXQ=