diff --git a/doc/icon_chainscore_api.md b/doc/icon_chainscore_api.md
index ec1a3991c..0db729790 100644
--- a/doc/icon_chainscore_api.md
+++ b/doc/icon_chainscore_api.md
@@ -70,6 +70,7 @@
             + [requestUnjail](#requestunjail)
             + [setPRepCountConfig](#setprepcountconfig)
             + [handleDoubleSignReport](#handledoublesignreport)
+            + [setBondRequirementRate](#setbondrequirementrate)
     - [BTP](#btp)
         * ReadOnly APIs
             + [getBTPNetworkTypeID](#getbtpnetworktypeid)
@@ -770,7 +771,7 @@ def estimateUnstakeLockPeriod() -> dict:
 
 ### getPRepTerm
 
-Returns information for the current term.
+Returns the information about the current term.
 
 ```
 def getPRepTerm() -> dict:
@@ -778,26 +779,31 @@ def getPRepTerm() -> dict:
 
 *Returns:*
 
-| Key              | Value Type                | Description                                                 |
-|:-----------------|:--------------------------|:------------------------------------------------------------|
-| blockHeight      | int                       | latest block height when this request was processed         |
-| sequence         | int                       | sequence number                                             |
-| startBlockHeight | int                       | start block height of the term                              |
-| endBlockHeight   | int                       | end block height of the term                                |
-| totalSupply      | int                       | total supply amount at `startBlockHeight`                   |
-| preps            | List\[[PRep](#prep)\]     | Main/Sub P-Rep list at `startBlockHeight`                   |
-| totalDelegated   | int                       | total delegation amount of `preps`                          |
-| totalPower       | int                       | total power amount of `preps`                               |
-| period           | int                       | term period                                                 |
-| rewardFund       | [RewardFund](#rewardfund) | reward fund information for the term                        |
-| bondRequirement  | int                       | bondRequirement for the term                                |
-| revision         | int                       | revision for the term                                       |
-| isDecentralized  | bool                      | `true` if network is decentralized                          |
-| mainPRepCount    | int                       | Main P-Reps count for the term                              |
-| iissVersion      | int                       | IISS version for the term                                   |
-| irep             | int                       | (Optional. revision < 25) Irep for the term                 |
-| rrep             | int                       | (Optional. revision < 25) Rrep for the term                 |
-| minimumBond      | int                       | (Optional. revision >= 25) minimum bond amount for the term |
+| Key                 | Value Type                | Description                                                                                                 |
+|:--------------------|:--------------------------|:------------------------------------------------------------------------------------------------------------|
+| blockHeight         | int                       | latest block height when this request was processed                                                         |
+| sequence            | int                       | sequence number                                                                                             |
+| startBlockHeight    | int                       | start block height of the term                                                                              |
+| endBlockHeight      | int                       | end block height of the term                                                                                |
+| totalSupply         | int                       | total supply amount at `startBlockHeight`                                                                   |
+| preps               | List\[[PRep](#prep)\]     | Main/Sub P-Rep list at `startBlockHeight`                                                                   |
+| totalDelegated      | int                       | total delegation amount of `preps`                                                                          |
+| totalPower          | int                       | total power amount of `preps`                                                                               |
+| period              | int                       | term period                                                                                                 |
+| rewardFund          | [RewardFund](#rewardfund) | reward fund information for the term                                                                        |
+| bondRequirement     | int                       | bond requirement rate ranging from 0 (0%) to 100 (100%) for the current term<br/>removed after revision 28  |
+| bondRequirementRate | int                       | bond requirement rate ranging from 0 (0%) to 10,000 (100%) for the current term<br/>added after revision 28 |
+| revision            | int                       | revision for the term                                                                                       |
+| isDecentralized     | bool                      | `true` if network is decentralized                                                                          |
+| mainPRepCount       | int                       | Main P-Reps count for the term                                                                              |
+| iissVersion         | int                       | IISS version for the term                                                                                   |
+| irep                | int                       | (Optional. revision < 25) Irep for the term                                                                 |
+| rrep                | int                       | (Optional. revision < 25) Rrep for the term                                                                 |
+| minimumBond         | int                       | (Optional. revision >= 25) minimum bond amount for the term                                                 |
+
+* `bondRequirement` field is replaced with `bondRequirementRate` field after revision 28
+* 0 <= `bondRequirement` <= 100 (0: 0%, 100: 100%)
+* 0 <= `bondRequirementRate` <= 10,000 (0: 0%, 10,000: 100%)
 
 *Revision:* 5 ~
 
@@ -850,24 +856,29 @@ def getNetworkInfo() -> dict:
 
 *Returns:*
 
-| Key               | Value Type                | Description                                |
-|:------------------|:--------------------------|:-------------------------------------------|
-| mainPRepCount     | int                       | Main P-Reps count                          |
-| extraPRepCount    | int                       | Extra Main P-Reps count                    |
-| subPRepCount      | int                       | Sub Main P-Reps count                      |
-| iissVersion       | int                       | IISS version                               |
-| termPeriod        | int                       | period of term                             |
-| bondRequirement   | int                       | bond requirement                           |
-| lockMinMultiplier | int                       | multiplier for minimum unstake lock period |
-| lockMaxMultiplier | int                       | multiplier for maximum unstake lock period |
-| unstakeSlotMax    | int                       | maximum unstakes count of a account        |
-| delegationSlotMax | int                       | maximum delegation count of a account      |
-| rewardFund        | [RewardFund](#rewardfund) | reward fund information                    |
-| totalStake        | int                       | total stakes of ICONist                    |
-| totalBonded       | int                       | total bonded amount of P-Rep               |
-| totalDelegated    | int                       | total delegated amount of P-Rep            |
-| totalPower        | int                       | total power amount of P-Rep                |
-| preps             | int                       | count of all P-Reps                        |
+| Key                 | Value Type                | Description                                                                            |
+|:--------------------|:--------------------------|:---------------------------------------------------------------------------------------|
+| mainPRepCount       | int                       | Main P-Reps count                                                                      |
+| extraPRepCount      | int                       | Extra Main P-Reps count                                                                |
+| subPRepCount        | int                       | Sub Main P-Reps count                                                                  |
+| iissVersion         | int                       | IISS version                                                                           |
+| termPeriod          | int                       | period of term                                                                         |
+| bondRequirement     | int                       | bond requirement rate ranging from 0 (0%) to 100 (100%)<br/>removed after revision 28  |
+| bondRequirementRate | int                       | bond requirement rate ranging from 0 (0%) to 10,000 (100%)<br/>added after revision 28 |
+| lockMinMultiplier   | int                       | multiplier for minimum unstake lock period                                             |
+| lockMaxMultiplier   | int                       | multiplier for maximum unstake lock period                                             |
+| unstakeSlotMax      | int                       | maximum unstakes count of a account                                                    |
+| delegationSlotMax   | int                       | maximum delegation count of a account                                                  |
+| rewardFund          | [RewardFund](#rewardfund) | reward fund information                                                                |
+| totalStake          | int                       | total stakes of ICONist                                                                |
+| totalBonded         | int                       | total bonded amount of P-Rep                                                           |
+| totalDelegated      | int                       | total delegated amount of P-Rep                                                        |
+| totalPower          | int                       | total power amount of P-Rep                                                            |
+| preps               | int                       | count of all P-Reps                                                                    |
+
+* `bondRequirement` field is replaced with `bondRequirementRate` field after revision 28
+* 0 <= `bondRequirement` <= 100 (0: 0%, 100: 100%)
+* 0 <= `bondRequirementRate` <= 10,000 (0: 0%, 10,000: 100%)
 
 *Revision:* 13 ~
 
@@ -1546,6 +1557,36 @@ def DoubleSignReported(owner Address, blockHeight int, type: str)
 
 *Revision:* 25 ~
 
+### setBondRequirementRate
+
+* Update bondRequirementRate
+* Governance Only
+
+```
+def setBondRequirementRate(rate: int) -> None:    
+```
+
+*Parameters:*
+
+| Name | Type | Description               |
+|:-----|:-----|:--------------------------|
+| rate | int  | new bond requirement rate |
+
+* 0 <= `rate` <= 10,000 (0: 0%, 10,000: 100%)
+
+*Event Log:*
+
+```
+@eventlog(indexed=0)
+def BondRequirementRateSet(rate: int) -> None:
+```
+
+| Name  | Type    | Description               |
+|:------|:--------|:--------------------------|
+| rate  | int     | new bond requirement rate |
+
+*Revision:* 28 ~
+
 # BTP
 
 ## ReadOnly APIs
@@ -1806,7 +1847,7 @@ The list of fields below is subject to change based on revisions
 | nodeAddress             | Address    | node Key for only consensus                                                                                                                                                                               |
 | p2pEndpoint             | str        | network information used for connecting among P-Rep nodes                                                                                                                                                 |
 | penalty                 | int        | [PENALTY_TYPE_ID](#penalty_type_id)                                                                                                                                                                       |
-| power                   | int        | amount of power that a P-Rep receives from ICONist. (= min(`bonded`+`delegated`, `bonded` * 20))                                                                                                          |
+| power                   | int        | amount of power that a P-Rep receives from ICONist. See [Power](#power) section for further information                                                                                                   |
 | status                  | int        | [PREP_STATUS](#prep_status)                                                                                                                                                                               |
 | totalBlocks             | int        | number of blocks that a P-Rep received when running as a Main P-Rep                                                                                                                                       |
 | validatedBlocks         | int        | number of blocks that a P-Rep validated when running as a Main P-Rep                                                                                                                                      |
@@ -1826,7 +1867,7 @@ The list of fields below is subject to change based on revisions
 | name      | str        | P-Rep name                                                                                       |
 | address   | Address    | P-Rep address                                                                                    |
 | delegated | int        | delegation amount that a P-Rep receives from ICONist                                             |
-| power     | int        | amount of power that a P-Rep receives from ICONist. (= min(`bonded`+`delegated`, `bonded` * 20)) |
+| power     | int        | amount of power that a P-Rep receives from ICONist. See [Power](#power) section for more details |
 
 ## PRepStats
 
@@ -1894,6 +1935,30 @@ The list of fields below is subject to change based on revisions
 | name  | str        | name        |       
 | value | int        | value       |
 
+## Power
+
+* `power` is also known as `votingPower`.
+* `power` is calculated according to the following formular:
+
+```
+power = min(bonded + delegated, bonded * 10000 / bondRequirementRate)
+```
+
+| Name                | Type | Description                                                                                                |
+|:--------------------|:-----|:-----------------------------------------------------------------------------------------------------------|
+| bonded              | int  | bond amount that a P-Rep receives from ICONist                                                             |
+| delegated           | int  | delegation amount that a P-Rep receives from ICONist                                                       |
+| bondRequirementRate | int  | Network configuration value that can be adjusted via [setBondRequirementRate](#setbondrequirementrate) API |
+
+* bondRequirementRate contains the value ranging from 0 to 10000.
+  - 0: 0%
+  - 1: 0.01%
+  - 10: 0.1%
+  - 100: 1%
+  - 1000: 10%
+  - 5000: 50%
+  - 10000: 100%
+
 # Event logs
 
 ## PenaltyImposed(Address,int,int)
diff --git a/icon/chainscore.go b/icon/chainscore.go
index 8ec758264..971c2eb9f 100644
--- a/icon/chainscore.go
+++ b/icon/chainscore.go
@@ -870,6 +870,14 @@ var chainMethods = []*chainMethod{
 			scoreapi.Dict,
 		},
 	}, icmodule.RevisionIISS4R0, 0},
+	{scoreapi.Method{
+		scoreapi.Function, "setBondRequirementRate",
+		scoreapi.FlagExternal, 1,
+		[]scoreapi.Parameter{
+			{"rate", scoreapi.Integer, nil, nil},
+		},
+		nil,
+	}, icmodule.RevisionSetBondRequirementRate, 0},
 }
 
 func applyStepLimits(fee *FeeConfig, as state.AccountState) error {
diff --git a/icon/chainscore_iiss.go b/icon/chainscore_iiss.go
index 29f131320..ea32b93d6 100644
--- a/icon/chainscore_iiss.go
+++ b/icon/chainscore_iiss.go
@@ -1048,3 +1048,14 @@ func (s *chainScore) Ex_getPRepCountConfig() (map[string]interface{}, error) {
 	}
 	return es.GetPRepCountConfig()
 }
+
+func (s *chainScore) Ex_setBondRequirementRate(rate int64) error {
+	if err := s.checkGovernance(true); err != nil {
+		return err
+	}
+	es, err := s.getExtensionState()
+	if err != nil {
+		return err
+	}
+	return es.SetBondRequirementRate(s.newCallContext(s.cc), icmodule.Rate(rate))
+}
diff --git a/icon/icmodule/revision.go b/icon/icmodule/revision.go
index 3de0d9626..605e4e319 100644
--- a/icon/icmodule/revision.go
+++ b/icon/icmodule/revision.go
@@ -47,6 +47,7 @@ const (
 	Revision25
 	Revision26
 	Revision27
+	Revision28
 	RevisionReserved
 )
 
@@ -126,6 +127,8 @@ const (
 	RevisionFixIssueRegulator = Revision26
 
 	RevisionRecoverUnderIssuance = Revision27
+
+	RevisionSetBondRequirementRate = Revision28
 )
 
 var revisionFlags []module.Revision
diff --git a/icon/icsim/revision.go b/icon/icsim/revision.go
index 057ac473b..83837a06a 100644
--- a/icon/icsim/revision.go
+++ b/icon/icsim/revision.go
@@ -29,6 +29,7 @@ var revHandlerTable = []revHandlerItem{
 	//{icmodule.RevisionBlockAccounts2, onRevBlockAccounts2},
 	{icmodule.RevisionIISS4R0, onRevIISS4R0},
 	{icmodule.RevisionIISS4R1, onRevIISS4R1},
+	{icmodule.RevisionSetBondRequirementRate, onRevSetBondRequirementRate},
 }
 
 // DO NOT update revHandlerMap manually
@@ -99,7 +100,7 @@ func onRevIISS(sim *simulatorImpl, wc WorldContext, rev, _ int) error {
 	if err := es.State.SetSubPRepCount(cfg.SubPRepCount); err != nil {
 		return err
 	}
-	if err := es.State.SetBondRequirement(cfg.BondRequirement); err != nil {
+	if err := es.State.SetBondRequirement(rev, cfg.BondRequirement); err != nil {
 		return err
 	}
 	if err := es.State.SetLockVariables(big.NewInt(cfg.LockMinMultiplier), big.NewInt(cfg.LockMaxMultiplier)); err != nil {
@@ -194,7 +195,7 @@ func onRevIISS2(_ *simulatorImpl, wc WorldContext, _, _ int) error {
 	return nil
 }
 
-func onRevICON2R1(_ *simulatorImpl, wc WorldContext, _, _ int) error {
+func onRevICON2R1(_ *simulatorImpl, wc WorldContext, rev, _ int) error {
 	es := getExtensionState(wc)
 	as := wc.GetAccountState(state.SystemID)
 
@@ -209,8 +210,8 @@ func onRevICON2R1(_ *simulatorImpl, wc WorldContext, _, _ int) error {
 	if err := scoredb.NewVarDB(as, state.VarNextBlockVersion).Set(module.BlockVersion2); err != nil {
 		return err
 	}
-	if es.State.GetBondRequirement() == icmodule.ToRate(icmodule.IISS2BondRequirement) {
-		if err := es.State.SetBondRequirement(icmodule.ToRate(icmodule.DefaultBondRequirement)); err != nil {
+	if es.State.GetBondRequirement(rev) == icmodule.ToRate(icmodule.IISS2BondRequirement) {
+		if err := es.State.SetBondRequirement(rev, icmodule.ToRate(icmodule.DefaultBondRequirement)); err != nil {
 			return err
 		}
 	}
@@ -267,3 +268,8 @@ func onRevIISS4R1(_ *simulatorImpl, wc WorldContext, _, _ int) error {
 	es := getExtensionState(wc)
 	return es.State.SetIISSVersion(icstate.IISSVersion4)
 }
+
+func onRevSetBondRequirementRate(sim *simulatorImpl, wc WorldContext, rev, _ int) error {
+	es := getExtensionState(wc)
+	return es.State.MigrateBondRequirement(rev)
+}
diff --git a/icon/icsim/setbondrequirementrate_test.go b/icon/icsim/setbondrequirementrate_test.go
new file mode 100644
index 000000000..5875689f2
--- /dev/null
+++ b/icon/icsim/setbondrequirementrate_test.go
@@ -0,0 +1,147 @@
+/*
+ * Copyright 2024 ICON Foundation
+ *
+ * Licensed under the Apache License, Version 2.0 (the "License");
+ * you may not use this file except in compliance with the License.
+ * You may obtain a copy of the License at
+ *
+ *     http://www.apache.org/licenses/LICENSE-2.0
+ *
+ * Unless required by applicable law or agreed to in writing, software
+ * distributed under the License is distributed on an "AS IS" BASIS,
+ * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ * See the License for the specific language governing permissions and
+ * limitations under the License.
+ */
+
+package icsim
+
+import (
+	"testing"
+
+	"github.com/stretchr/testify/assert"
+
+	"github.com/icon-project/goloop/icon/icmodule"
+	"github.com/icon-project/goloop/icon/iiss"
+	"github.com/icon-project/goloop/module"
+	"github.com/icon-project/goloop/service/state"
+	"github.com/icon-project/goloop/service/txresult"
+)
+
+func assertBondRequirement(t *testing.T, sim Simulator, br, nextBr icmodule.Rate) {
+	term := sim.GetPRepTermInJSON()
+	networkInfo := sim.GetNetworkInfoInJSON()
+
+	if term["revision"].(int) < icmodule.RevisionSetBondRequirementRate {
+		assert.Equal(t, br.Percent(), term["bondRequirement"])
+		assert.NotContains(t, term, "bondRequirementRate")
+	} else {
+		assert.NotContains(t, term, "bondRequirement")
+		assert.Equal(t, br.NumInt64(), term["bondRequirementRate"])
+	}
+
+	if sim.Revision().Value() < icmodule.RevisionSetBondRequirementRate {
+		assert.Equal(t, nextBr.Percent(), networkInfo["bondRequirement"])
+		assert.NotContains(t, networkInfo, "bondRequirementRate")
+	} else {
+		assert.NotContains(t, networkInfo, "bondRequirement")
+		assert.Equal(t, nextBr.NumInt64(), networkInfo["bondRequirementRate"])
+	}
+}
+
+func assertEventSetBondRequirementRate(t *testing.T, ev *txresult.TestEventLog, rate icmodule.Rate) {
+	err := ev.Assert(state.SystemAddress, iiss.EventBondRequirementRateSet, nil, []any{rate.NumInt64()})
+	assert.NoError(t, err)
+}
+
+func TestSimulatorImpl_SetBondRequirementRate(t *testing.T) {
+	const (
+		termPeriod = int64(10)
+	)
+	var err error
+	var csi module.ConsensusInfo
+	var receipts []Receipt
+	var nextBr icmodule.Rate
+	br := icmodule.ToRate(5)
+	rev := icmodule.ValueToRevision(icmodule.RevisionSetBondRequirementRate - 1)
+
+	cfg := NewSimConfigWithParams(map[SimConfigOption]interface{}{
+		SCOTermPeriod:      termPeriod,
+		SCOBondRequirement: br,
+	})
+	env, err := NewEnv(cfg, rev)
+	sim := env.Simulator()
+	assert.NoError(t, err)
+	assert.NotNil(t, sim)
+	assert.Equal(t, sim.Revision().Value(), rev.Value())
+
+	// T(0)
+	assertBondRequirement(t, sim, br, br)
+	assert.NoError(t, sim.Go(csi, 1))
+	assertBondRequirement(t, sim, br, br)
+	assert.NoError(t, sim.GoToTermEnd(csi))
+
+	// T(1)
+	// SetBondRequirementRate is forbidden before icmodule.RevisionSetBondRequirementRate
+	receipts, err = sim.GoBySetBondRequirementRate(csi, env.Governance(), icmodule.ToRate(3))
+	assert.NoError(t, err)
+	assert.Equal(t, Failure, receipts[1].Status())
+	assertBondRequirement(t, sim, br, br)
+
+	// Revision update to RevisionSetBondRequirementRate
+	rev = icmodule.ValueToRevision(icmodule.RevisionSetBondRequirementRate)
+	receipts, err = sim.GoBySetRevision(csi, env.Governance(), rev)
+	assert.NoError(t, err)
+	assert.Equal(t, 2, len(receipts))
+	assert.Equal(t, Success, receipts[1].Status())
+	assert.Equal(t, sim.Revision().Value(), rev.Value())
+
+	// GetBondRequirementRate() works after RevisionSetBondRequirementRate
+	assertBondRequirement(t, sim, br, br)
+
+	// Ensure that calling setBondRequirementRate() more than once during the same term works well
+	for i := 0; i < 2; i++ {
+		nextBr = icmodule.ToRate(int64(i))
+		receipts, err = sim.GoBySetBondRequirementRate(csi, env.Governance(), nextBr)
+		rcpt := receipts[1]
+		assert.NoError(t, err)
+		assert.Equal(t, 2, len(receipts))
+		assert.Equal(t, Success, rcpt.Status())
+		assert.Equal(t, 1, len(rcpt.Events()))
+		assertEventSetBondRequirementRate(t, rcpt.Events()[0], nextBr)
+		assertBondRequirement(t, sim, br, nextBr)
+	}
+
+	// When calling setBondRequirementRate() with the new rate that is the same as the existing one,
+	// the transaction succeeds without any event logs
+	receipts, err = sim.GoBySetBondRequirementRate(csi, env.Governance(), nextBr)
+	assert.NoError(t, err)
+	assert.Equal(t, 2, len(receipts))
+	rcpt := receipts[1]
+	assert.Equal(t, Success, rcpt.Status())
+	assert.Zero(t, len(rcpt.Events()))
+	assertBondRequirement(t, sim, br, nextBr)
+
+	assert.NoError(t, sim.GoToTermEnd(csi))
+
+	// T(2)
+	assertBondRequirement(t, sim, nextBr, nextBr)
+	assert.NoError(t, sim.Go(csi, 1))
+	assertBondRequirement(t, sim, nextBr, nextBr)
+	assert.NoError(t, sim.GoToTermEnd(csi))
+
+	// T(3)
+	assertBondRequirement(t, sim, nextBr, nextBr)
+	assert.NoError(t, sim.Go(csi, 1))
+	assertBondRequirement(t, sim, nextBr, nextBr)
+
+	// Ensure that only valid BondRequirementRates are allowed
+	for _, rate := range []icmodule.Rate{-1, icmodule.ToRate(101)} {
+		receipts, err = sim.GoBySetBondRequirementRate(csi, env.Governance(), rate)
+		assert.NoError(t, err)
+		assert.Equal(t, 2, len(receipts))
+		assert.Equal(t, Failure, receipts[1].Status())
+		assert.Zero(t, len(receipts[1].Events()))
+		assertBondRequirement(t, sim, nextBr, nextBr)
+	}
+}
diff --git a/icon/icsim/simulator.go b/icon/icsim/simulator.go
index a5f373bb3..68d61bd68 100644
--- a/icon/icsim/simulator.go
+++ b/icon/icsim/simulator.go
@@ -26,6 +26,7 @@ import (
 )
 
 type TxType int
+
 const (
 	TypeTransfer TxType = iota
 	TypeSetStake
@@ -46,6 +47,7 @@ const (
 	TypeHandleDoubleSignReport
 	TypeSetPRepCountConfig
 	TypeSetRewardFundAllocation2
+	TypeSetBondRequirementRate
 )
 
 type Transaction interface {
@@ -182,4 +184,8 @@ type Simulator interface {
 	SetRewardFundAllocation2(from module.Address, values map[icstate.RFundKey]icmodule.Rate) Transaction
 	GoBySetRewardFundAllocation2(
 		csi module.ConsensusInfo, from module.Address, values map[icstate.RFundKey]icmodule.Rate) ([]Receipt, error)
+
+	// After RevisionSetBondRequirementRate
+	SetBondRequirementRate(from module.Address, rate icmodule.Rate) Transaction
+	GoBySetBondRequirementRate(csi module.ConsensusInfo, from module.Address, rate icmodule.Rate) ([]Receipt, error)
 }
diff --git a/icon/icsim/simulatorimpl.go b/icon/icsim/simulatorimpl.go
index 7e1d176bf..b2ec85cb8 100644
--- a/icon/icsim/simulatorimpl.go
+++ b/icon/icsim/simulatorimpl.go
@@ -448,6 +448,8 @@ func (sim *simulatorImpl) executeTx(cc *callContext, tx Transaction) error {
 		err = sim.setPRepCountConfig(es, cc, tx)
 	case TypeSetRewardFundAllocation2:
 		err = sim.setRewardFundAllocation2(es, cc, tx)
+	case TypeSetBondRequirementRate:
+		err = sim.setBondRequirementRate(es, cc, tx)
 	default:
 		return errors.Errorf("Unexpected transaction: %v", tx.Type())
 	}
@@ -877,6 +879,21 @@ func (sim *simulatorImpl) setRewardFundAllocation2(
 	return es.State.SetRewardFund(rf)
 }
 
+func (sim *simulatorImpl) SetBondRequirementRate(from module.Address, rate icmodule.Rate) Transaction {
+	return NewTransaction(TypeSetBondRequirementRate, from, rate)
+}
+
+func (sim *simulatorImpl) GoBySetBondRequirementRate(
+	csi module.ConsensusInfo, from module.Address, rate icmodule.Rate) ([]Receipt, error) {
+	return sim.goByOneTransaction(csi, TypeSetBondRequirementRate, from, rate)
+}
+
+func (sim *simulatorImpl) setBondRequirementRate(es *iiss.ExtensionStateImpl, cc *callContext, tx Transaction) error {
+	args := tx.Args()
+	rate := args[0].(icmodule.Rate)
+	return es.SetBondRequirementRate(cc, rate)
+}
+
 func NewSimulator(
 	revision module.Revision, initValidators []module.Validator, initBalances map[string]*big.Int, config *SimConfig,
 ) (Simulator, error) {
diff --git a/icon/iiss/eventlog.go b/icon/iiss/eventlog.go
index 95e6cb121..2238fe8a8 100644
--- a/icon/iiss/eventlog.go
+++ b/icon/iiss/eventlog.go
@@ -58,6 +58,7 @@ const (
 	EventRewardFundSet             = "RewardFundSet(int)"
 	EventRewardFundAllocationSet   = "RewardFundAllocationSet(str,int)"
 	EventNetworkScoreSet           = "NetworkScoreSet(str,Address)"
+	EventBondRequirementRateSet    = "BondRequirementRateSet(int)"
 )
 
 func EmitSlashingRateSetEvent(cc icmodule.CallContext, penaltyType icmodule.PenaltyType, rate icmodule.Rate) {
@@ -393,3 +394,10 @@ func EmitNetworkScoreSetEvent(cc icmodule.CallContext, role string, address modu
 		[][]byte{[]byte(role), addrBytes},
 	)
 }
+
+func EmitBondRequirementRateSetEvent(cc icmodule.CallContext, rate icmodule.Rate) {
+	cc.OnEvent(state.SystemAddress,
+		[][]byte{[]byte(EventBondRequirementRateSet)},
+		[][]byte{intconv.Int64ToBytes(rate.NumInt64())},
+	)
+}
diff --git a/icon/iiss/extension.go b/icon/iiss/extension.go
index 0eb554b39..8f2b4af06 100644
--- a/icon/iiss/extension.go
+++ b/icon/iiss/extension.go
@@ -2073,3 +2073,22 @@ func (es *ExtensionStateImpl) SetMinimumBond(cc icmodule.CallContext, nBond *big
 	EmitMinimumBondSetEvent(cc, nBond)
 	return nil
 }
+
+func (es *ExtensionStateImpl) SetBondRequirementRate(cc icmodule.CallContext, rate icmodule.Rate) error {
+	revision := cc.Revision().Value()
+	if revision < icmodule.RevisionSetBondRequirementRate {
+		return scoreresult.AccessDeniedError.Errorf("SetBondRequirementRateNotAllowed(rev=%d)", revision)
+	}
+	if !rate.IsValid() {
+		return scoreresult.InvalidParameterError.Errorf("InvalidBondRequirementRate(%d)", rate)
+	}
+
+	var err error
+	oldRate := es.State.GetBondRequirement(revision)
+	if rate != oldRate {
+		if err = es.State.SetBondRequirement(revision, rate); err == nil {
+			EmitBondRequirementRateSetEvent(cc, rate)
+		}
+	}
+	return err
+}
diff --git a/icon/iiss/icstate/networkvalue.go b/icon/iiss/icstate/networkvalue.go
index dc9a360e4..d36bb6e14 100644
--- a/icon/iiss/icstate/networkvalue.go
+++ b/icon/iiss/icstate/networkvalue.go
@@ -242,16 +242,34 @@ func (s *State) SetTotalStake(value *big.Int) error {
 	return setValue(s.store, VarTotalStake, value)
 }
 
-func (s *State) GetBondRequirement() icmodule.Rate {
+func (s *State) GetBondRequirement(revision int) icmodule.Rate {
 	v := getValue(s.store, VarBondRequirement).Int64()
-	return icmodule.ToRate(v)
+	if revision < icmodule.RevisionSetBondRequirementRate {
+		return icmodule.ToRate(v)
+	} else {
+		return icmodule.Rate(v)
+	}
 }
 
-func (s *State) SetBondRequirement(br icmodule.Rate) error {
+func (s *State) SetBondRequirement(revision int, br icmodule.Rate) error {
 	if !br.IsValid() {
 		return errors.IllegalArgumentError.New("Bond Requirement should range from 0% to 100%")
 	}
-	return setValue(s.store, VarBondRequirement, br.Percent())
+
+	if revision < icmodule.RevisionSetBondRequirementRate {
+		return setValue(s.store, VarBondRequirement, br.Percent())
+	} else {
+		return setValue(s.store, VarBondRequirement, br.NumInt64())
+	}
+}
+
+func (s *State) MigrateBondRequirement(revision int) error {
+	if revision != icmodule.RevisionSetBondRequirementRate {
+		return scoreresult.AccessDeniedError.Errorf("MigrateBondRequirementNotAllowed(rev=%d)", revision)
+	}
+	// Change BondRequirementRate unit from 1% to 0.01%
+	rate := s.GetBondRequirement(revision - 1)
+	return s.SetBondRequirement(revision, rate)
 }
 
 func (s *State) SetUnbondingPeriodMultiplier(value int64) error {
@@ -482,7 +500,7 @@ func (s *State) SetMinimumBond(bond *big.Int) error {
 }
 
 func (s *State) GetNetworkInfoInJSON(revision int) (map[string]interface{}, error) {
-	br := s.GetBondRequirement()
+	br := s.GetBondRequirement(revision)
 	jso := make(map[string]interface{})
 	jso["mainPRepCount"] = s.GetMainPRepCount()
 	jso["extraMainPRepCount"] = s.GetExtraMainPRepCount()
@@ -490,7 +508,11 @@ func (s *State) GetNetworkInfoInJSON(revision int) (map[string]interface{}, erro
 	jso["totalStake"] = s.GetTotalStake()
 	jso["iissVersion"] = int64(s.GetIISSVersion())
 	jso["termPeriod"] = s.GetTermPeriod()
-	jso["bondRequirement"] = br.Percent()
+	if revision < icmodule.RevisionSetBondRequirementRate {
+		jso["bondRequirement"] = br.Percent()
+	} else {
+		jso["bondRequirementRate"] = br.NumInt64()
+	}
 	jso["lockMinMultiplier"] = s.GetLockMinMultiplier()
 	jso["lockMaxMultiplier"] = s.GetLockMaxMultiplier()
 	jso["rewardFund"] = s.GetRewardFund(revision).ToJSON()
diff --git a/icon/iiss/icstate/networkvalue_test.go b/icon/iiss/icstate/networkvalue_test.go
index f25b75ff9..02d3448c2 100644
--- a/icon/iiss/icstate/networkvalue_test.go
+++ b/icon/iiss/icstate/networkvalue_test.go
@@ -173,29 +173,30 @@ func setTotalStakeTest(t *testing.T, s *State) {
 }
 
 func setBondRequirementTest(t *testing.T, s *State) {
+	revision := icmodule.RevisionSetBondRequirementRate - 1
 	br := icmodule.ToRate(0)
-	actual := s.GetBondRequirement()
+	actual := s.GetBondRequirement(revision)
 	assert.Equal(t, br, actual)
 
 	br = icmodule.ToRate(5)
-	assert.NoError(t, s.SetBondRequirement(br))
-	actual = s.GetBondRequirement()
+	assert.NoError(t, s.SetBondRequirement(revision, br))
+	actual = s.GetBondRequirement(revision)
 	assert.Equal(t, br, actual)
 
 	br = icmodule.ToRate(0)
-	err := s.SetBondRequirement(br)
+	err := s.SetBondRequirement(revision, br)
 	assert.NoError(t, err)
-	actual = s.GetBondRequirement()
+	actual = s.GetBondRequirement(revision)
 	assert.Equal(t, br, actual)
 
-	err = s.SetBondRequirement(icmodule.ToRate(101))
+	err = s.SetBondRequirement(revision, icmodule.ToRate(101))
 	assert.Error(t, err)
-	actual = s.GetBondRequirement()
+	actual = s.GetBondRequirement(revision)
 	assert.Equal(t, br, actual)
 
-	err = s.SetBondRequirement(icmodule.ToRate(-1))
+	err = s.SetBondRequirement(revision, icmodule.ToRate(-1))
 	assert.Error(t, err)
-	actual = s.GetBondRequirement()
+	actual = s.GetBondRequirement(revision)
 	assert.Equal(t, br, actual)
 }
 
@@ -753,3 +754,39 @@ func TestState_GetNetworkInfoInJSON(t *testing.T) {
 		}
 	}
 }
+
+func TestState_SetBondRequirement(t *testing.T) {
+	nextRate := icmodule.ToRate(5)
+
+	rev := icmodule.RevisionSetBondRequirementRate - 1
+	s := newDummyState(false)
+
+	assert.NoError(t, s.SetBondRequirement(rev, nextRate))
+	assert.Equal(t, nextRate, s.GetBondRequirement(rev))
+
+	rev = icmodule.RevisionSetBondRequirementRate
+
+	assert.NoError(t, s.MigrateBondRequirement(rev))
+	assert.Equal(t, nextRate, s.GetBondRequirement(rev))
+
+	nextRate = icmodule.ToRate(3)
+	assert.NoError(t, s.SetBondRequirement(rev, nextRate))
+	assert.Equal(t, nextRate, s.GetBondRequirement(rev))
+
+	assert.NoError(t, s.SetBondRequirement(rev, nextRate))
+	assert.Equal(t, nextRate, s.GetBondRequirement(rev))
+}
+
+func TestState_MigrateBondRequirement(t *testing.T) {
+	s := newDummyState(false)
+
+	rev := icmodule.RevisionSetBondRequirementRate - 1
+	rate := icmodule.ToRate(10)
+	assert.NoError(t, s.SetBondRequirement(rev, rate))
+	assert.Equal(t, rate, s.GetBondRequirement(rev))
+	assert.Error(t, s.MigrateBondRequirement(rev))
+
+	rev = icmodule.RevisionSetBondRequirementRate
+	assert.NoError(t, s.MigrateBondRequirement(rev))
+	assert.Equal(t, rate, s.GetBondRequirement(rev))
+}
diff --git a/icon/iiss/icstate/state.go b/icon/iiss/icstate/state.go
index 48f8d79e9..69b21d4db 100644
--- a/icon/iiss/icstate/state.go
+++ b/icon/iiss/icstate/state.go
@@ -429,7 +429,7 @@ func (s *State) OnValidatorOut(sc icmodule.StateContext, owner module.Address) e
 
 func (s *State) GetPRepStatuses() ([]*PRepStatusState, error) {
 	size := s.allPRepCache.Size()
-	pss := make([]*PRepStatusState, 0, size / 2)
+	pss := make([]*PRepStatusState, 0, size/2)
 
 	for i := 0; i < size; i++ {
 		owner := s.allPRepCache.Get(i)
@@ -544,7 +544,7 @@ func (s *State) SetLastBlockVotersSnapshot(value *BlockVotersSnapshot) error {
 
 func (s *State) IsDecentralizationConditionMet(revision int, totalSupply *big.Int, preps PRepSet) bool {
 	predefinedMainPRepCount := int(s.GetMainPRepCount())
-	br := s.GetBondRequirement()
+	br := s.GetBondRequirement(revision)
 
 	if revision >= icmodule.RevisionDecentralize && preps.Size() >= predefinedMainPRepCount {
 		prep := preps.GetByIndex(predefinedMainPRepCount - 1)
diff --git a/icon/iiss/icstate/term.go b/icon/iiss/icstate/term.go
index 4272ed7fe..bf435c162 100644
--- a/icon/iiss/icstate/term.go
+++ b/icon/iiss/icstate/term.go
@@ -124,8 +124,8 @@ type termDataCommon struct {
 	period          int64
 	revision        int
 	isDecentralized bool
-	totalSupply     *big.Int // not nil
-	totalDelegated  *big.Int // total delegated amount of all active P-Reps. not nil
+	totalSupply     *big.Int    // not nil
+	totalDelegated  *big.Int    // total delegated amount of all active P-Reps. not nil
 	rewardFund      *RewardFund // not nil
 	bondRequirement icmodule.Rate
 	mainPRepCount   int
@@ -245,7 +245,7 @@ func (term *termDataCommon) clone() termDataCommon {
 }
 
 func (term *termDataCommon) ToJSON(sc icmodule.StateContext, state *State) map[string]interface{} {
-	return map[string]interface{}{
+	jso := map[string]interface{}{
 		"sequence":         term.sequence,
 		"startBlockHeight": term.startHeight,
 		"endBlockHeight":   term.GetEndHeight(),
@@ -254,13 +254,18 @@ func (term *termDataCommon) ToJSON(sc icmodule.StateContext, state *State) map[s
 		"totalPower":       term.getTotalPower(),
 		"period":           term.period,
 		"rewardFund":       term.rewardFund.ToJSON(),
-		"bondRequirement":  term.bondRequirement.Percent(),
 		"revision":         term.revision,
 		"isDecentralized":  term.isDecentralized,
 		"mainPRepCount":    term.mainPRepCount,
 		"iissVersion":      term.GetIISSVersion(),
 		"preps":            term.prepsToJSON(sc, state),
 	}
+	if term.revision < icmodule.RevisionSetBondRequirementRate {
+		jso["bondRequirement"] = term.bondRequirement.Percent()
+	} else {
+		jso["bondRequirementRate"] = term.bondRequirement.NumInt64()
+	}
+	return jso
 }
 
 func (term *termDataCommon) prepsToJSON(sc icmodule.StateContext, state *State) []interface{} {
@@ -411,7 +416,7 @@ func (term *termData) equal(other *termData) bool {
 
 func (term *termData) clone() termData {
 	td := termData{
-		termDataCommon:	term.termDataCommon.clone(),
+		termDataCommon: term.termDataCommon.clone(),
 	}
 	switch term.Version() {
 	case termVersion1:
@@ -630,6 +635,8 @@ func (term *TermState) SetRrep(rrep *big.Int) {
 // It assumes that state and totalSupply are not nil.
 func NewNextTerm(sc icmodule.StateContext, state *State, totalSupply *big.Int, preps PRepSet) *TermState {
 	rev := sc.RevisionValue()
+	br := sc.GetBondRequirement()
+
 	// Previous term
 	tss := state.GetTermSnapshot()
 	if tss == nil {
@@ -660,7 +667,7 @@ func NewNextTerm(sc icmodule.StateContext, state *State, totalSupply *big.Int, p
 				totalSupply:     totalSupply,
 				totalDelegated:  state.GetTotalDelegation(),
 				rewardFund:      state.GetRewardFund(rev),
-				bondRequirement: state.GetBondRequirement(),
+				bondRequirement: br,
 				revision:        rev,
 				isDecentralized: isDecentralized,
 			},
@@ -676,7 +683,7 @@ func NewNextTerm(sc icmodule.StateContext, state *State, totalSupply *big.Int, p
 	// Update PRepSnapshots
 	if isDecentralized {
 		termState.mainPRepCount = preps.GetPRepSize(GradeMain)
-		termState.prepSnapshots = preps.ToPRepSnapshots(sc.GetBondRequirement())
+		termState.prepSnapshots = preps.ToPRepSnapshots(br)
 	}
 
 	return termState
@@ -693,7 +700,7 @@ func GenesisTerm(state *State, startHeight int64, revision int) *TermState {
 				totalSupply:     icmodule.BigIntZero,
 				totalDelegated:  icmodule.BigIntZero,
 				rewardFund:      state.GetRewardFundV1().Clone(),
-				bondRequirement: state.GetBondRequirement(),
+				bondRequirement: state.GetBondRequirement(revision),
 				revision:        revision,
 				isDecentralized: false,
 			},
diff --git a/icon/iiss/icstate/term_test.go b/icon/iiss/icstate/term_test.go
index fb413125e..6dbe9661b 100644
--- a/icon/iiss/icstate/term_test.go
+++ b/icon/iiss/icstate/term_test.go
@@ -606,7 +606,7 @@ func TestGenesisTerm(t *testing.T) {
 	state := newDummyState(false)
 
 	assert.NoError(t, state.SetTermPeriod(tp))
-	assert.NoError(t, state.SetBondRequirement(br))
+	assert.NoError(t, state.SetBondRequirement(revision, br))
 	assert.NoError(t, state.SetIRep(irep))
 	assert.NoError(t, state.SetRRep(rrep))
 	assert.NoError(t, state.SetRewardFund(rf))
@@ -653,7 +653,7 @@ func TestNewNextTerm(t *testing.T) {
 	// Initialize State
 	state := newDummyState(false)
 	assert.NoError(t, state.SetTermPeriod(tp))
-	assert.NoError(t, state.SetBondRequirement(br))
+	assert.NoError(t, state.SetBondRequirement(icmodule.RevisionIISS, br))
 	assert.NoError(t, state.SetIRep(irep))
 	assert.NoError(t, state.SetRRep(rrep))
 	assert.NoError(t, state.SetRewardFund(rf))
diff --git a/icon/iiss/statecontext.go b/icon/iiss/statecontext.go
index 71c5c9e8e..d57a1e655 100644
--- a/icon/iiss/statecontext.go
+++ b/icon/iiss/statecontext.go
@@ -62,7 +62,7 @@ func (sc *stateContext) TermIISSVersion() int {
 
 func (sc *stateContext) GetBondRequirement() icmodule.Rate {
 	if !sc.br.IsValid() {
-		sc.br = sc.State.GetBondRequirement()
+		sc.br = sc.State.GetBondRequirement(sc.RevisionValue())
 	}
 	return sc.br
 }
diff --git a/icon/revision.go b/icon/revision.go
index 9875e574b..14297a097 100644
--- a/icon/revision.go
+++ b/icon/revision.go
@@ -47,6 +47,7 @@ var revHandlerTable = []revHandlerItem{
 	{icmodule.RevisionIISS4R1, onRevIISS4R1},
 	{icmodule.RevisionFixIssueRegulator, onRevFixIssueRegulator},
 	{icmodule.RevisionRecoverUnderIssuance, onRevRecoverUnderIssuance},
+	{icmodule.RevisionSetBondRequirementRate, onRevSetBondRequirementRate},
 }
 
 // DO NOT update revHandlerMap manually
@@ -80,9 +81,7 @@ func (s *chainScore) handleRevisionChange(r1, r2 int) error {
 	return nil
 }
 
-func onRevIISS(s *chainScore, _, toRev int) error {
-	// goloop engine
-
+func onRevIISS(s *chainScore, rev, toRev int) error {
 	as := s.cc.GetAccountState(state.SystemID)
 
 	// enable Fee sharing 2.0
@@ -123,7 +122,7 @@ func onRevIISS(s *chainScore, _, toRev int) error {
 	if err := es.State.SetSubPRepCount(iconConfig.SubPRepCount.Int64()); err != nil {
 		return err
 	}
-	if err := es.State.SetBondRequirement(icmodule.ToRate(iconConfig.BondRequirement.Int64())); err != nil {
+	if err := es.State.SetBondRequirement(rev, icmodule.ToRate(iconConfig.BondRequirement.Int64())); err != nil {
 		return err
 	}
 	if err := es.State.SetLockVariables(iconConfig.LockMinMultiplier.Value(), iconConfig.LockMaxMultiplier.Value()); err != nil {
@@ -176,8 +175,8 @@ func onRevIISS(s *chainScore, _, toRev int) error {
 			return err
 		}
 	}
-	if es.State.GetBondRequirement() == icmodule.ToRate(icmodule.DefaultBondRequirement) {
-		if err := es.State.SetBondRequirement(icmodule.ToRate(icmodule.IISS2BondRequirement)); err != nil {
+	if es.State.GetBondRequirement(rev) == icmodule.ToRate(icmodule.DefaultBondRequirement) {
+		if err := es.State.SetBondRequirement(rev, icmodule.ToRate(icmodule.IISS2BondRequirement)); err != nil {
 			return err
 		}
 	}
@@ -243,7 +242,7 @@ func onRevICON2R0(s *chainScore, _, _ int) error {
 	return nil
 }
 
-func onRevICON2R1(s *chainScore, _, _ int) error {
+func onRevICON2R1(s *chainScore, rev, _ int) error {
 	if s.cc.ChainID() == CIDForMainNet {
 		// The time when predefined accounts will be blocked is changed from rev10 to rev14
 		s.blockAccounts()
@@ -265,8 +264,8 @@ func onRevICON2R1(s *chainScore, _, _ int) error {
 		return err
 	}
 
-	if es.State.GetBondRequirement() == icmodule.ToRate(icmodule.IISS2BondRequirement) {
-		if err := es.State.SetBondRequirement(icmodule.ToRate(icmodule.DefaultBondRequirement)); err != nil {
+	if es.State.GetBondRequirement(rev) == icmodule.ToRate(icmodule.IISS2BondRequirement) {
+		if err := es.State.SetBondRequirement(rev, icmodule.ToRate(icmodule.DefaultBondRequirement)); err != nil {
 			return err
 		}
 	}
@@ -486,3 +485,8 @@ func onRevRecoverUnderIssuance(s *chainScore, _, _ int) error {
 
 	return nil
 }
+
+func onRevSetBondRequirementRate(s *chainScore, rev, _ int) error {
+	es := s.cc.GetExtensionState().(*iiss.ExtensionStateImpl)
+	return es.State.MigrateBondRequirement(rev)
+}