diff --git a/beacon_node/beacon_chain/src/schema_change/migration_schema_v21.rs b/beacon_node/beacon_chain/src/schema_change/migration_schema_v21.rs
index 0485852551..4042d32820 100644
--- a/beacon_node/beacon_chain/src/schema_change/migration_schema_v21.rs
+++ b/beacon_node/beacon_chain/src/schema_change/migration_schema_v21.rs
@@ -1,20 +1,22 @@
 use crate::beacon_chain::BeaconChainTypes;
 use crate::validator_pubkey_cache::DatabasePubkey;
-use slog::{debug, Logger};
-use ssz::Decode;
+use slog::{info, Logger};
+use ssz::{Decode, Encode};
 use std::sync::Arc;
-use store::{DBColumn, Error, HotColdDB, KeyValueStore, KeyValueStoreOp, StoreItem};
+use store::{
+    get_key_for_col, DBColumn, Error, HotColdDB, KeyValueStore, KeyValueStoreOp, StoreItem,
+};
 use types::{Hash256, PublicKey};
 
-const LOG_EVERY: usize = 100_000;
+const LOG_EVERY: usize = 200_000;
 
 pub fn upgrade_to_v21<T: BeaconChainTypes>(
     db: Arc<HotColdDB<T::EthSpec, T::HotStore, T::ColdStore>>,
     log: Logger,
 ) -> Result<Vec<KeyValueStoreOp>, Error> {
-    let mut ops = vec![];
+    info!(log, "Upgrading from v20 to v21");
 
-    debug!(log, "Migrating from v20 to v21");
+    let mut ops = vec![];
 
     // Iterate through all pubkeys and decompress them.
     for (i, res) in db
@@ -24,26 +26,58 @@ pub fn upgrade_to_v21<T: BeaconChainTypes>(
     {
         let (key, value) = res?;
         let pubkey = PublicKey::from_ssz_bytes(&value)?;
-        let compressed = DatabasePubkey::from_pubkey(&pubkey);
-        ops.push(compressed.as_kv_store_op(key));
+        let decompressed = DatabasePubkey::from_pubkey(&pubkey);
+        ops.push(decompressed.as_kv_store_op(key));
 
         if i > 0 && i % LOG_EVERY == 0 {
-            debug!(
+            info!(
                 log,
                 "Public key decompression in progress";
                 "keys_decompressed" => i
             );
         }
     }
-    debug!(log, "Public key decompression complete");
+    info!(log, "Public key decompression complete");
 
     Ok(ops)
 }
 
 pub fn downgrade_from_v21<T: BeaconChainTypes>(
-    _db: Arc<HotColdDB<T::EthSpec, T::HotStore, T::ColdStore>>,
-    _log: Logger,
+    db: Arc<HotColdDB<T::EthSpec, T::HotStore, T::ColdStore>>,
+    log: Logger,
 ) -> Result<Vec<KeyValueStoreOp>, Error> {
-    // TODO(sproul): impl downgrade
-    Ok(vec![])
+    info!(log, "Downgrading from v21 to v20");
+
+    let mut ops = vec![];
+
+    // Iterate through all pubkeys and recompress them.
+    for (i, res) in db
+        .hot_db
+        .iter_column::<Hash256>(DBColumn::PubkeyCache)
+        .enumerate()
+    {
+        let (key, value) = res?;
+        let decompressed = DatabasePubkey::from_ssz_bytes(&value)?;
+        let (_, pubkey_bytes) = decompressed.as_pubkey().map_err(|e| Error::DBError {
+            message: format!("{e:?}"),
+        })?;
+
+        let db_key = get_key_for_col(DBColumn::PubkeyCache.into(), key.as_bytes());
+        ops.push(KeyValueStoreOp::PutKeyValue(
+            db_key,
+            pubkey_bytes.as_ssz_bytes(),
+        ));
+
+        if i > 0 && i % LOG_EVERY == 0 {
+            info!(
+                log,
+                "Public key compression in progress";
+                "keys_compressed" => i
+            );
+        }
+    }
+
+    info!(log, "Public key compression complete");
+
+    Ok(ops)
 }