diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9d571cfa..bd9e69d4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,46 @@
 # Changelog
 
+## 1.2.0 (2021-07-11)
+
+A major new feature release, see [**release announcement**](https://clue.engineering/2021/announcing-reactphp-default-loop).
+
+*   Feature: Introduce new concept of default loop with the new `Loop` class.
+    (#226 by @WyriHaximus, #229, #231 and #232 by @clue)
+
+    The `Loop` class exists as a convenient global accessor for the event loop.
+    It provides all methods that exist on the `LoopInterface` as static methods and
+    will automatically execute the loop at the end of the program:
+
+    ```php
+    $timer = Loop::addPeriodicTimer(0.1, function () {
+        echo 'Tick' . PHP_EOL;
+    });
+
+    Loop::addTimer(1.0, function () use ($timer) {
+        Loop::cancelTimer($timer);
+        echo 'Done' . PHP_EOL;
+    });
+    ```
+
+    The explicit loop instructions are still valid and may still be useful in some applications,
+    especially for a transition period towards the more concise style.
+    The `Loop::get()` method can be used to get the currently active event loop instance.
+
+    ```php
+    // deprecated
+    $loop = React\EventLoop\Factory::create();
+
+    // new
+    $loop = React\EventLoop\Loop::get();
+    ```
+
+*   Minor documentation improvements and mark legacy extensions as deprecated.
+    (#234 by @SimonFrings, #214 by @WyriHaximus and #233 and #235 by @nhedger)
+
+*   Improve test suite, use GitHub actions for continuous integration (CI),
+    update PHPUnit config and run tests on PHP 8.
+    (#212 and #215 by @SimonFrings and #230 by @clue)
+
 ## 1.1.1 (2020-01-01)
 
 *   Fix: Fix reporting connection refused errors with `ExtUvLoop` on Linux and `StreamSelectLoop` on Windows.
diff --git a/README.md b/README.md
index 34b07942..b89ad575 100644
--- a/README.md
+++ b/README.md
@@ -22,10 +22,10 @@ single [`run()`](#run) call that is controlled by the user.
     * [Loop implementations](#loop-implementations)
         * [StreamSelectLoop](#streamselectloop)
         * [ExtEventLoop](#exteventloop)
-        * [~~ExtLibeventLoop~~](#extlibeventloop)
-        * [~~ExtLibevLoop~~](#extlibevloop)
         * [ExtEvLoop](#extevloop)
         * [ExtUvLoop](#extuvloop)
+        * [~~ExtLibeventLoop~~](#extlibeventloop)
+        * [~~ExtLibevLoop~~](#extlibevloop)
     * [LoopInterface](#loopinterface)
         * [run()](#run)
         * [stop()](#stop)
@@ -878,7 +878,7 @@ This project follows [SemVer](https://semver.org/).
 This will install the latest supported version:
 
 ```bash
-$ composer require react/event-loop:^1.1.1
+$ composer require react/event-loop:^1.2
 ```
 
 See also the [CHANGELOG](CHANGELOG.md) for details about version upgrades.