diff --git a/deployments/mainnet/weth/migrations/1666906928_raise_supply_caps_and_seed_reserves.ts b/deployments/mainnet/weth/migrations/1666906928_raise_supply_caps_and_seed_reserves.ts
new file mode 100644
index 000000000..383c01011
--- /dev/null
+++ b/deployments/mainnet/weth/migrations/1666906928_raise_supply_caps_and_seed_reserves.ts
@@ -0,0 +1,86 @@
+import { DeploymentManager, migration } from '../../../../plugins/deployment_manager';
+import { calldata, exp, proposal } from '../../../../src/deploy';
+
+import { expect } from 'chai';
+
+export default migration('1666906928_raise_supply_caps_and_seed_reserves', {
+  prepare: async (deploymentManager: DeploymentManager) => {
+    return {};
+  },
+
+  enact: async (deploymentManager: DeploymentManager) => {
+    const trace = deploymentManager.tracer();
+    const ethers = deploymentManager.hre.ethers;
+
+    const {
+      governor,
+      comet,
+      configurator,
+      cometAdmin,
+      WETH,
+      wstETH,
+      cbETH,
+    } = await deploymentManager.getContracts();
+
+    const actions = [
+      // 1. Increase supply caps for each of the assets
+      {
+        contract: configurator,
+        signature: "updateAssetSupplyCap(address,address,uint128)",
+        args: [comet.address, wstETH.address, exp(60_000, 18)],
+      }, {
+        contract: configurator,
+        signature: "updateAssetSupplyCap(address,address,uint128)",
+        args: [comet.address, cbETH.address, exp(66_000, 18)],
+      },
+
+      // 2. Deploy and upgrade to a new version of Comet
+      {
+        contract: cometAdmin,
+        signature: "deployAndUpgradeTo(address,address)",
+        args: [configurator.address, comet.address],
+      },
+
+      // 3. Wrap ETH as WETH and send from Timelock to Comet to seed reserves
+      {
+        contract: WETH,
+        signature: "deposit()",
+        args: [],
+        value: exp(1_000, 18)
+      }, {
+        contract: WETH,
+        signature: "transfer(address,uint256)",
+        args: [comet.address, exp(1_000, 18)],
+      },
+    ];
+    const description = "# Initialize cWETHv3 on Ethereum"
+    const txn = await deploymentManager.retry(
+      async () => trace((await governor.propose(...await proposal(actions, description))))
+    );
+
+    const event = txn.events.find(event => event.event === 'ProposalCreated');
+    const [proposalId] = event.args;
+
+    trace(`Created proposal ${proposalId}.`);
+  },
+
+
+  async verify(deploymentManager: DeploymentManager) {
+    const {
+      comet,
+      WETH,
+      wstETH,
+      cbETH,
+    } = await deploymentManager.getContracts();
+
+    // 1. & 2.
+    const wstETHInfo = await comet.getAssetInfoByAddress(wstETH.address);
+    expect(wstETHInfo.supplyCap).to.be.equal(exp(60_000, 18));
+
+    const cbETHInfo = await comet.getAssetInfoByAddress(cbETH.address);
+    expect(cbETHInfo.supplyCap).to.be.equal(exp(66_000, 18));
+
+    // 3.
+    expect(await WETH.balanceOf(comet.address)).to.be.equal(exp(1_000, 18));
+  },
+});