diff --git a/README.md b/README.md
index 2239072..ca819b0 100644
--- a/README.md
+++ b/README.md
@@ -22,18 +22,20 @@ This team is spun off from the [Modules team](https://github.com/nodejs/modules)
 
 ## Status
 
-### In Progress
+### Complete
 
 1. Finish https://github.com/nodejs/node/pull/37468 / https://github.com/nodejs/node/pull/35524, simplifying the hooks to `resolve`, `load` and `globalPreloadCode`.
 
-### Upcoming
-
-1. Refactor the internal Node ESM loader’s hooks into `resolve` and `load`. Node’s internal loader already has no-ops for `transformSource` and `getGlobalPreloadCode`, so all this really entails is merging the internal `getFormat` and `getSource` into one function `load`.
+1. Refactor the internal Node ESMLoader hooks into `resolve` and `load`. Node’s internal loader already has no-ops for `transformSource` and `getGlobalPreloadCode`, so all this really entails is wrapping the internal `getFormat` and `getSource` with one function `load` (`getFormat` is used internally outside ESMLoader, so they cannot merely be merged).
 
 1. Refactor Node’s internal ESM loader to move its exception on unknown file types from within `resolve` (on detection of unknown extensions) to within `load` (if the resolved extension has no defined translator).
 
+### In Progress
+
+### Upcoming
+
 1. Implement chaining as described in the [design](doc/design.md), where the `default<hookName>` becomes `next` and references the next registered hook in the chain.
 
 1. Get a `load` return value of `format: 'commonjs'` to work, or at least error informatively. See https://github.com/nodejs/node/issues/34753#issuecomment-735921348.
 
-After this, we should get user feedback regarding the developer experience; for example, is too much boilerplate required? Should we have a separate `transform` hook? And so on. We should also investigate and potentially implement the [technical improvements](doc/use-cases.md#improvements) on our to-do list, such as the loaders-application communication channel and moving loaders into a thread.
\ No newline at end of file
+After this, we should get user feedback regarding the developer experience; for example, is too much boilerplate required? Should we have a separate `transform` hook? And so on. We should also investigate and potentially implement the [technical improvements](doc/use-cases.md#improvements) on our to-do list, such as the loaders-application communication channel and moving loaders into a thread.