diff --git a/protocol/app/upgrades.go b/protocol/app/upgrades.go
index 8936e3da2f..00725c3070 100644
--- a/protocol/app/upgrades.go
+++ b/protocol/app/upgrades.go
@@ -3,7 +3,7 @@ package app
 import (
 	"fmt"
 
-	v_9_3 "github.com/dydxprotocol/v4-chain/protocol/app/upgrades/v9.3"
+	v_9_4 "github.com/dydxprotocol/v4-chain/protocol/app/upgrades/v9.4"
 
 	upgradetypes "cosmossdk.io/x/upgrade/types"
 	sdk "github.com/cosmos/cosmos-sdk/types"
@@ -14,7 +14,7 @@ var (
 	// `Upgrades` defines the upgrade handlers and store loaders for the application.
 	// New upgrades should be added to this slice after they are implemented.
 	Upgrades = []upgrades.Upgrade{
-		v_9_3.Upgrade,
+		v_9_4.Upgrade,
 	}
 	Forks = []upgrades.Fork{}
 )
@@ -22,13 +22,14 @@ var (
 // setupUpgradeHandlers registers the upgrade handlers to perform custom upgrade
 // logic and state migrations for software upgrades.
 func (app *App) setupUpgradeHandlers() {
-	if app.UpgradeKeeper.HasHandler(v_9_3.UpgradeName) {
-		panic(fmt.Sprintf("Cannot register duplicate upgrade handler '%s'", v_9_3.UpgradeName))
+	if app.UpgradeKeeper.HasHandler(v_9_4.UpgradeName) {
+		panic(fmt.Sprintf("Cannot register duplicate upgrade handler '%s'", v_9_4.UpgradeName))
 	}
 	app.UpgradeKeeper.SetUpgradeHandler(
-		v_9_3.UpgradeName,
-		v_9_3.CreateUpgradeHandler(
+		v_9_4.UpgradeName,
+		v_9_4.CreateUpgradeHandler(
 			app.ModuleManager,
+			app.AffiliatesKeeper,
 			app.configurator,
 		),
 	)
diff --git a/protocol/app/upgrades/v9.3/upgrade_container_test.go b/protocol/app/upgrades/v9.3/upgrade_container_test.go
deleted file mode 100644
index 2be8429dcb..0000000000
--- a/protocol/app/upgrades/v9.3/upgrade_container_test.go
+++ /dev/null
@@ -1,37 +0,0 @@
-//go:build all || container_test
-
-package v_9_3_test
-
-import (
-	"testing"
-
-	v_9_3 "github.com/dydxprotocol/v4-chain/protocol/app/upgrades/v9.3"
-
-	"github.com/dydxprotocol/v4-chain/protocol/testing/containertest"
-	"github.com/dydxprotocol/v4-chain/protocol/testutil/constants"
-	"github.com/stretchr/testify/require"
-)
-
-func TestStateUpgrade(t *testing.T) {
-	testnet, err := containertest.NewTestnetWithPreupgradeGenesis()
-	require.NoError(t, err, "failed to create testnet - is docker daemon running?")
-	err = testnet.Start()
-	require.NoError(t, err)
-	defer testnet.MustCleanUp()
-	node := testnet.Nodes["alice"]
-	nodeAddress := constants.AliceAccAddress.String()
-
-	preUpgradeSetups(node, t)
-	preUpgradeChecks(node, t)
-
-	err = containertest.UpgradeTestnet(nodeAddress, t, node, v_9_3.UpgradeName)
-	require.NoError(t, err)
-
-	postUpgradeChecks(node, t)
-}
-
-func preUpgradeSetups(node *containertest.Node, t *testing.T) {}
-
-func preUpgradeChecks(node *containertest.Node, t *testing.T) {}
-
-func postUpgradeChecks(node *containertest.Node, t *testing.T) {}
diff --git a/protocol/app/upgrades/v9.4/constants.go b/protocol/app/upgrades/v9.4/constants.go
new file mode 100644
index 0000000000..cf41d73786
--- /dev/null
+++ b/protocol/app/upgrades/v9.4/constants.go
@@ -0,0 +1,82 @@
+package v_9_4
+
+import (
+	store "cosmossdk.io/store/types"
+	"github.com/dydxprotocol/v4-chain/protocol/app/upgrades"
+	affiliatetypes "github.com/dydxprotocol/v4-chain/protocol/x/affiliates/types"
+)
+
+const (
+	UpgradeName = "v9.4"
+)
+
+var (
+	Upgrade = upgrades.Upgrade{
+		UpgradeName:   UpgradeName,
+		StoreUpgrades: store.StoreUpgrades{},
+	}
+
+	PreviousAffilliateTiers = affiliatetypes.AffiliateTiers{
+		Tiers: []affiliatetypes.AffiliateTiers_Tier{
+			{
+				ReqReferredVolumeQuoteQuantums: 0,
+				ReqStakedWholeCoins:            0,
+				TakerFeeSharePpm:               50_000,
+			},
+			{
+				ReqReferredVolumeQuoteQuantums: 1_000_000_000_000, // 1M volume
+				ReqStakedWholeCoins:            200,
+				TakerFeeSharePpm:               100_000,
+			},
+			{
+				ReqReferredVolumeQuoteQuantums: 5_000_000_000_000, // 5M volume
+				ReqStakedWholeCoins:            1_000,
+				TakerFeeSharePpm:               125_000,
+			},
+			{
+				ReqReferredVolumeQuoteQuantums: 25_000_000_000_000, // 25M volume
+				ReqStakedWholeCoins:            5_000,
+				TakerFeeSharePpm:               150_000,
+			},
+		},
+	}
+
+	PreviousAffiliateParameters = affiliatetypes.AffiliateParameters{
+		Maximum_30DAffiliateRevenuePerReferredUserQuoteQuantums:   1_000_000_000_000, // 10M volume
+		RefereeMinimumFeeTierIdx:                                  1,
+		Maximum_30DAttributableVolumePerReferredUserQuoteQuantums: 1_000_000_000, // 10k volume
+	}
+
+	PreviousAffiliateWhitelist = affiliatetypes.AffiliateWhitelist{
+		Tiers: []affiliatetypes.AffiliateWhitelist_Tier{
+			{
+				Addresses: []string{
+					"dydx199tqg4wdlnu4qjlxchpd7seg454937hjrknju4", // Carl
+					"dydx10fx7sy6ywd5senxae9dwytf8jxek3t2gcen2vs", // Dave
+				},
+				TakerFeeSharePpm: 200_000,
+			},
+		},
+	}
+
+	DefaultAffiliateTiers = affiliatetypes.AffiliateTiers{
+		Tiers: []affiliatetypes.AffiliateTiers_Tier{
+			{
+				ReqReferredVolumeQuoteQuantums: 0,
+				ReqStakedWholeCoins:            0,
+				TakerFeeSharePpm:               400_000,
+			},
+			{
+				ReqReferredVolumeQuoteQuantums: 1_000_000_000_000, // 1M volume
+				ReqStakedWholeCoins:            200,
+				TakerFeeSharePpm:               400_000,
+			},
+		},
+	}
+
+	DefaultAffiliateParameters = affiliatetypes.AffiliateParameters{
+		Maximum_30DAffiliateRevenuePerReferredUserQuoteQuantums:   10_000_000_000_000, // 10M volume
+		RefereeMinimumFeeTierIdx:                                  2,
+		Maximum_30DAttributableVolumePerReferredUserQuoteQuantums: 10_000_000_000, // 10k volume
+	}
+)
diff --git a/protocol/app/upgrades/v9.4/upgrade.go b/protocol/app/upgrades/v9.4/upgrade.go
new file mode 100644
index 0000000000..545a17006e
--- /dev/null
+++ b/protocol/app/upgrades/v9.4/upgrade.go
@@ -0,0 +1,74 @@
+package v_9_4
+
+import (
+	"context"
+	"fmt"
+
+	upgradetypes "cosmossdk.io/x/upgrade/types"
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	"github.com/cosmos/cosmos-sdk/types/module"
+	"github.com/dydxprotocol/v4-chain/protocol/lib"
+
+	affiliatekeeper "github.com/dydxprotocol/v4-chain/protocol/x/affiliates/keeper"
+	affiliatetypes "github.com/dydxprotocol/v4-chain/protocol/x/affiliates/types"
+)
+
+func setDefaultAffiliateTiersForSlidingAffiliates(ctx sdk.Context, affiliateKeeper affiliatekeeper.Keeper) {
+	err := affiliateKeeper.UpdateAffiliateTiers(ctx, DefaultAffiliateTiers)
+
+	if err != nil {
+		panic(fmt.Sprintf("failed to set default affiliate tiers: %s", err))
+	}
+}
+
+func setDefaultAffiliateParameters(ctx sdk.Context, affiliateKeeper affiliatekeeper.Keeper) {
+	err := affiliateKeeper.UpdateAffiliateParameters(ctx, &affiliatetypes.MsgUpdateAffiliateParameters{
+		AffiliateParameters: DefaultAffiliateParameters,
+	})
+
+	if err != nil {
+		panic(fmt.Sprintf("failed to set default affiliate parameters: %s", err))
+	}
+}
+
+func migrateAffiliateOverrides(ctx sdk.Context, affiliateKeeper affiliatekeeper.Keeper) {
+	// Get all whitelist
+	whitelist, err := affiliateKeeper.GetAffiliateWhitelist(ctx)
+	if err != nil {
+		panic(fmt.Sprintf("failed to get affiliate whitelist: %s", err))
+	}
+	// Create overrides for all whitelist addresses
+	overrides := affiliatetypes.AffiliateOverrides{}
+	var overridesList []string
+	for _, addr := range whitelist.Tiers {
+		overridesList = append(overridesList, addr.Addresses...)
+	}
+	overrides.Addresses = overridesList
+	// Update affiliate overrides
+	err = affiliateKeeper.SetAffiliateOverrides(ctx, overrides)
+	if err != nil {
+		panic(fmt.Sprintf("failed to set affiliate overrides: %s", err))
+	}
+}
+
+func CreateUpgradeHandler(
+	mm *module.Manager,
+	affiliateKeeper affiliatekeeper.Keeper,
+	configurator module.Configurator,
+) upgradetypes.UpgradeHandler {
+	return func(ctx context.Context, plan upgradetypes.Plan, vm module.VersionMap) (module.VersionMap, error) {
+		sdkCtx := lib.UnwrapSDKContext(ctx, "app/upgrades")
+		sdkCtx.Logger().Info(fmt.Sprintf("Running %s Upgrade...", UpgradeName))
+
+		// Set default affiliate tiers and parameters.
+		setDefaultAffiliateTiersForSlidingAffiliates(sdkCtx, affiliateKeeper)
+
+		// Set default affiliate parameters.
+		setDefaultAffiliateParameters(sdkCtx, affiliateKeeper)
+
+		// Migrate affiliate overrides.
+		migrateAffiliateOverrides(sdkCtx, affiliateKeeper)
+
+		return mm.RunMigrations(ctx, configurator, vm)
+	}
+}
diff --git a/protocol/app/upgrades/v9.4/upgrade_container_test.go b/protocol/app/upgrades/v9.4/upgrade_container_test.go
new file mode 100644
index 0000000000..21b8065edc
--- /dev/null
+++ b/protocol/app/upgrades/v9.4/upgrade_container_test.go
@@ -0,0 +1,97 @@
+//go:build all || container_test
+
+package v_9_4_test
+
+import (
+	"testing"
+
+	"github.com/cosmos/gogoproto/proto"
+	v_9_4 "github.com/dydxprotocol/v4-chain/protocol/app/upgrades/v9.4"
+	"github.com/dydxprotocol/v4-chain/protocol/testing/containertest"
+	"github.com/dydxprotocol/v4-chain/protocol/testutil/constants"
+	affiliatetypes "github.com/dydxprotocol/v4-chain/protocol/x/affiliates/types"
+	"github.com/stretchr/testify/require"
+)
+
+func TestStateUpgrade(t *testing.T) {
+	testnet, err := containertest.NewTestnetWithPreupgradeGenesis()
+	require.NoError(t, err, "failed to create testnet - is docker daemon running?")
+	err = testnet.Start()
+	require.NoError(t, err)
+	defer testnet.MustCleanUp()
+	node := testnet.Nodes["alice"]
+	nodeAddress := constants.AliceAccAddress.String()
+
+	preUpgradeSetups(node, t)
+	preUpgradeChecks(node, t)
+
+	err = containertest.UpgradeTestnet(nodeAddress, t, node, v_9_4.UpgradeName)
+	require.NoError(t, err)
+
+	postUpgradeChecks(node, t)
+}
+
+func preUpgradeSetups(node *containertest.Node, t *testing.T) {}
+
+func preUpgradeChecks(node *containertest.Node, t *testing.T) {
+	// Verify affiliate tiers are set to default values
+	tiersResp := &affiliatetypes.AllAffiliateTiersResponse{}
+	resp, err := containertest.Query(
+		node,
+		affiliatetypes.NewQueryClient,
+		affiliatetypes.QueryClient.AllAffiliateTiers,
+		&affiliatetypes.AllAffiliateTiersRequest{},
+	)
+	require.NoError(t, err)
+	err = proto.UnmarshalText(resp.String(), tiersResp)
+	require.NoError(t, err)
+	require.Equal(t, v_9_4.PreviousAffilliateTiers, tiersResp.Tiers)
+}
+
+func postUpgradeChecks(node *containertest.Node, t *testing.T) {
+	// Verify affiliate tiers are set to default values
+	tiersResp := &affiliatetypes.AllAffiliateTiersResponse{}
+	resp, err := containertest.Query(
+		node,
+		affiliatetypes.NewQueryClient,
+		affiliatetypes.QueryClient.AllAffiliateTiers,
+		&affiliatetypes.AllAffiliateTiersRequest{},
+	)
+	require.NoError(t, err)
+	err = proto.UnmarshalText(resp.String(), tiersResp)
+	require.NoError(t, err)
+	require.Equal(t, v_9_4.DefaultAffiliateTiers, tiersResp.Tiers)
+
+	// Verify affiliate parameters are set to default values
+	paramsResp := &affiliatetypes.AffiliateParametersResponse{}
+	resp, err = containertest.Query(
+		node,
+		affiliatetypes.NewQueryClient,
+		affiliatetypes.QueryClient.AffiliateParameters,
+		&affiliatetypes.AffiliateParametersRequest{},
+	)
+	require.NoError(t, err)
+	err = proto.UnmarshalText(resp.String(), paramsResp)
+	require.NoError(t, err)
+	require.Equal(t, v_9_4.DefaultAffiliateParameters, paramsResp.Parameters)
+
+	// Verify affiliate overrides were migrated from whitelist
+	overridesResp := &affiliatetypes.AffiliateOverridesResponse{}
+	resp, err = containertest.Query(
+		node,
+		affiliatetypes.NewQueryClient,
+		affiliatetypes.QueryClient.AffiliateOverrides,
+		&affiliatetypes.AffiliateOverridesRequest{},
+	)
+	require.NoError(t, err)
+	err = proto.UnmarshalText(resp.String(), overridesResp)
+	require.NoError(t, err)
+	// Overrides should contain addresses from the pre-upgrade whitelist
+	expectedOverrides := affiliatetypes.AffiliateOverrides{
+		Addresses: []string{
+			"dydx199tqg4wdlnu4qjlxchpd7seg454937hjrknju4", // Carl
+			"dydx10fx7sy6ywd5senxae9dwytf8jxek3t2gcen2vs", // Dave
+		},
+	}
+	require.Equal(t, expectedOverrides, overridesResp.Overrides)
+}
diff --git a/protocol/testing/version/VERSION_CURRENT b/protocol/testing/version/VERSION_CURRENT
index a26c2c72d5..d3b4227d55 100644
--- a/protocol/testing/version/VERSION_CURRENT
+++ b/protocol/testing/version/VERSION_CURRENT
@@ -1 +1 @@
-v9.3
\ No newline at end of file
+v9.4
\ No newline at end of file
diff --git a/protocol/testing/version/VERSION_FULL_NAME_PREUPGRADE b/protocol/testing/version/VERSION_FULL_NAME_PREUPGRADE
index 065a19ae0c..a26c2c72d5 100644
--- a/protocol/testing/version/VERSION_FULL_NAME_PREUPGRADE
+++ b/protocol/testing/version/VERSION_FULL_NAME_PREUPGRADE
@@ -1 +1 @@
-v9.2.1
\ No newline at end of file
+v9.3
\ No newline at end of file
diff --git a/protocol/testing/version/VERSION_PREUPGRADE b/protocol/testing/version/VERSION_PREUPGRADE
index 22dada6e0b..a26c2c72d5 100644
--- a/protocol/testing/version/VERSION_PREUPGRADE
+++ b/protocol/testing/version/VERSION_PREUPGRADE
@@ -1 +1 @@
-v9.2
\ No newline at end of file
+v9.3
\ No newline at end of file