diff --git a/.github/workflows/actions-security.yml b/.github/workflows/actions-security.yml
index fabd76d..56b84e6 100644
--- a/.github/workflows/actions-security.yml
+++ b/.github/workflows/actions-security.yml
@@ -42,7 +42,7 @@ jobs:
       - name: actionlint generated release workflow
         uses: raven-actions/actionlint@205b530c5d9fa8f44ae9ed59f341a0db994aa6f8
         with:
-          files: .github/workflows/release.yml
+          files: .github/workflows/irtt-cli-release.yml
           shellcheck: false
   zizmor:
     name: zizmor
diff --git a/.github/workflows/release.yml b/.github/workflows/irtt-cli-release.yml
similarity index 99%
rename from .github/workflows/release.yml
rename to .github/workflows/irtt-cli-release.yml
index 1dfcd0f..1f91df0 100644
--- a/.github/workflows/release.yml
+++ b/.github/workflows/irtt-cli-release.yml
@@ -42,7 +42,7 @@ on:
   pull_request:
   push:
     tags:
-      - '**[0-9]+.[0-9]+.[0-9]+*'
+      - 'irtt-cli**[0-9]+.[0-9]+.[0-9]+*'
 
 jobs:
   # Run 'dist plan' (or host) to determine what tasks we need to do
diff --git a/.github/workflows/semver.yml b/.github/workflows/semver.yml
index 6c26d01..c2a47ef 100644
--- a/.github/workflows/semver.yml
+++ b/.github/workflows/semver.yml
@@ -4,7 +4,11 @@ on:
   workflow_dispatch:
   push:
     tags:
-      - "v*.*.*"
+      - "irtt-proto/v*.*.*"
+      - "irtt-client/v*.*.*"
+      - "irtt-server/v*.*.*"
+      - "irtt-stats/v*.*.*"
+      - "irtt-cli/v*.*.*"
 
 permissions:
   contents: read
diff --git a/.github/workflows/supply-chain.yml b/.github/workflows/supply-chain.yml
index 8753f93..5fa0f6f 100644
--- a/.github/workflows/supply-chain.yml
+++ b/.github/workflows/supply-chain.yml
@@ -75,5 +75,5 @@ jobs:
       - name: actionlint generated release workflow
         uses: raven-actions/actionlint@205b530c5d9fa8f44ae9ed59f341a0db994aa6f8
         with:
-          files: .github/workflows/release.yml
+          files: .github/workflows/irtt-cli-release.yml
           shellcheck: false
diff --git a/CHANGELOG.md b/CHANGELOG.md
new file mode 100644
index 0000000..d39f614
--- /dev/null
+++ b/CHANGELOG.md
@@ -0,0 +1,130 @@
+# Changelog
+
+This project's crates are versioned independently. Each release below is
+scoped to a single crate and tagged as `<crate>/vX.Y.Z` (see
+[Releasing](#releasing) below).
+
+All notable changes to each crate are documented in its own section per
+release. The format is loosely based on
+[Keep a Changelog](https://keepachangelog.com/en/1.0.0/).
+
+## irtt-proto
+
+### 0.5.0
+
+#### Added
+
+- New server-direction wire codecs: `decode_open_request`, `encode_open_reply`, `decode_echo_request`, `encode_echo_reply`, and `decode_close_request`, so a server implementation (now `irtt-server`) can encode/decode the same wire format the client side already used, instead of duplicating protocol logic outside this crate.
+- New `ProtoError` variants `MissingField` and `UnexpectedField` for structural validation of optional fields that must be present/absent together.
+
+#### Changed
+
+- `encode_echo_request` (and the request-side echo codec generally) now takes the negotiated params as a separate argument rather than bundling them into `EchoRequest` — a breaking signature change for any direct caller of the proto-level echo encoder.
+- `ProtoError::NegativePacketLength` was renamed to `ProtoError::PacketLengthUnrepresentable { length: i64 }`, reflecting that the check now rejects any length that doesn't fit the wire representation, not only negative ones — a breaking rename for callers matching on this variant.
+
+#### Compatibility
+
+- The echo-reply length codec now accepts upstream `irtt`'s longer midpoint-echo compatibility length instead of rejecting it, fixing an interop gap against real upstream servers/clients that send that length.
+
+## irtt-client
+
+### 0.5.0
+
+#### Added
+
+- New optional `tokio` Cargo feature adding `AsyncClient`, a low-level non-blocking/poll-based Tokio adapter alongside the existing runtime-free blocking `Client`.
+- New managed driver stack built on top of `AsyncClient`: `ManagedClientTask` / `ManagedClientHandle` (a unified Tokio-based managed driver and control surface, supporting dynamic per-target updates to a running session group) and `BlockingManagedClient` (a synchronous owner that runs a dedicated current-thread Tokio runtime internally). This replaces the project's earlier managed-client design outright rather than extending it, including changes to the `ClientError` variants it can surface.
+- Linux kernel receive-timestamp capture (`SO_TIMESTAMPING`-family ancillary data) feeding one-way-delay (OWD) calculations, and equivalent kernel transmit-timestamp capture on the send side, materially improving OWD accuracy over the previous best-effort user-space send/receive timestamps on Linux. Both require the `ancillary` feature.
+
+#### Fixed
+
+- DSCP wire semantics: the negotiated DSCP value was being shifted twice on the wire path (double-application of the ECN/DSCP bit layout), which produced an incorrect traffic-class byte in some configurations; the client-side DSCP handling was reworked to apply the shift exactly once and is covered by expanded DSCP/negotiation tests.
+- Post-send timestamp capture correctness fix so the locally-recorded send timestamp used for OWD/RTT calculations reflects when the probe actually left the socket rather than a timestamp that could be skewed by scheduling between encode and send.
+- A batch of managed-session liveness and lifecycle fixes: dynamic target groups no longer spin instead of blocking while idle; empty dynamic groups stay idle correctly; peer-initiated closes are now recorded and surfaced (including counters/provenance) instead of being silently dropped or racing with correlation; authenticated close is honored ahead of reply correlation; terminal outcomes are now published for targets that fail rather than being dropped silently; completed event hubs are sealed and completed-target retention is bounded (preventing unbounded growth in long multi-target runs); missed probe slots are skipped rather than mis-scheduled; dropped-subscription events are now exposed to consumers instead of being swallowed; and a timeout-budget bug in the managed opening phase was corrected.
+- Linux receive paths (blocking `Client::open`/`recv_once`/`recv_available`, `AsyncClient`'s non-blocking recv/open polling, and the MSG_ERRQUEUE TX-timestamp drain) now retry transparently on `EINTR` instead of surfacing it as a fatal socket error, while preserving each path's existing timeout/deadline contract (no retransmit, no timeout extension under repeated interruption).
+- `ClientError` failure classification was made exhaustive/more precise, giving callers a fuller and more accurate error taxonomy to match on instead of a catch-all in some paths.
+
+#### Compatibility
+
+- The `ancillary` (Linux socket ancillary-data) feature was hardened to only perform safe operations, closing a soundness gap in how ancillary control-message buffers were handled.
+
+## irtt-server
+
+### 0.5.0
+
+#### Added
+
+- `irtt-server` is a new first-class, reusable crate this release, built from scratch: a deterministic `ServerCore` handling OPEN/ECHO/CLOSE packet admission, authentication policy, open negotiation, a bounded session table, echo processing with per-session receive state and timestamps, per-session rate limiting, session lifetime with idle expiry, server-initiated close on maximum duration, and client-initiated close.
+- A reusable Tokio UDP `Server` runs one sequential `ServerCore` per listener with caller-controlled shutdown and once-per-second scheduled idle-session maintenance (in addition to exact logical expiry on authenticated, structurally valid requests). `ServerSet` sits above it as the service-level owner of one or more independent `Server`s: it binds them all-or-none, runs each in its own Tokio task, fans one external shutdown signal out to all of them, joins them, and fails the group if any listener fails or stops early — enabling multi-listener deployments from a single `ServerConfig`.
+- Each reply now carries the raw traffic class it must be sent with, applied to the listener socket immediately before every send.
+- Wildcard listeners recover each request's local destination from packet ancillary metadata and send that request's reply from the same address, on Linux, macOS, and FreeBSD. `Server::from_socket`/`Server::bind` are now fallible specifically because of this: a wildcard bind on a platform without that path is refused at construction (`ServerRuntimeError::WildcardSourceSelectionUnsupported`) rather than silently served from a routing-table-chosen source address. Explicit-address listeners are unaffected on all platforms.
+- Configurable echo-reply payload fill policy (`ServerFill`), controlling what bytes a session's echo replies are padded with.
+- Two optional negotiation policies, both off by default and settled during open negotiation: a timestamp allowance and a DSCP permission, restricting what a session may ask the server to provide.
+- Linux kernel receive-timestamp capture for inbound packets, feeding more accurate server-side timing metadata, mirroring the equivalent client-side capability added in `irtt-client`.
+
+#### Fixed
+
+- The DSCP/traffic-class byte applied to replies was corrected to match the client-side wire-semantics fix (see `irtt-client`), so server-echoed DSCP marking is now consistent with what clients expect.
+- Executable-params validation on OPEN requests was tightened so malformed/contradictory negotiated parameters are rejected during open negotiation rather than accepted and mishandled later.
+- Packet-length policy corrected so oversized/invalid negotiated lengths are rejected consistently with the updated `irtt-proto` length validation.
+- A receive-drop/backpressure policy fix for malformed or unauthenticated inbound packets, preventing them from disrupting the session table or other in-flight sessions.
+- A receive-timestamp "wall clock" fix on the kernel RX-capture path, and a 32-bit (i686) `timespec` conversion correctness fix covered by a dedicated regression test.
+- The server's ancillary receive loop now retries transparently on `EINTR` instead of terminating the listener, matching the equivalent `irtt-client` fix.
+
+#### Compatibility
+
+- Resource bounds are enforced by design (bounded session table, per-listener `max_sessions`, rate limiting, idle/max-duration expiry) rather than mirroring upstream `irtt`'s effectively unbounded session/per-peer behavior; this is a deliberate divergence, not an oversight, and is documented in `crates/irtt-server/AGENTS.md`.
+
+## irtt-stats
+
+### 0.5.0
+
+#### Fixed
+
+- Exact median calculation for `send_call`, `timer_error`, and `server_processing` event-duration statistics, which previously always reported `None` for these medians instead of a computed value.
+
+#### Added
+
+- `LateReplyMode` (`Measure` / `CountOnly`) lets a consumer choose whether replies that arrive after their probe is considered late are still fully measured into the running statistics or only counted, without affecting the other samples.
+- `StatsConfig::estimated_retained_bytes(probe_count)` gives callers an API to estimate the memory a stats configuration will retain for a given probe count, ahead of actually running a session (used by `irtt-cli`'s multi-target memory-usage warning, see below).
+
+## irtt-cli
+
+### 0.5.0
+
+#### Added
+
+- A new `server` applet (the `irtt-server` binary and `irtt-rs server` subcommand), gated behind the `server` Cargo feature which is now part of `irtt-cli`'s default feature set. It is thin orchestration over the new `irtt-server` crate: one current-thread Tokio runtime, one repeatable `--bind`, and `ServerSet` for startup/shutdown/listener-failure handling — including for a single bind.
+- Positional `[LABEL=]TARGET` argument syntax for specifying client targets.
+
+#### Changed
+
+- Target specification moved from a `--target LABEL=TARGET` flag to plain positional `[LABEL=]TARGET` arguments — a breaking CLI syntax change for any script invoking targets via the old flag.
+- The `Target` column is now always present in default, CSV, TSV, and JSONL output, rather than only appearing once more than one target was specified. This is a breaking output-format change for scripts that parsed single-target output and assumed no `Target` column.
+- Cargo feature flags were simplified: the separate `stats`, `full`, and `client-runtime` features were removed, and statistics support is now mandatory whenever the `client` (or `tui`) feature is enabled, rather than optional. Consumers building with `--no-default-features` and selectively re-enabling a `stats` or `client-runtime` feature will need to update their feature selection.
+- The stats-related memory-usage warning now scales with the number of configured targets (using `irtt-stats`'s new `estimated_retained_bytes`), instead of assuming a single target's worth of retained memory.
+
+#### Fixed
+
+- Single-target runs are now driven through the same `ManagedClient` path as multi-target runs, instead of a separate single-target code path, fixing behavioral drift between the two (e.g. continuous single-target runs now stop correctly on peer-initiated close and multi-target failures are now reported with a nonzero exit status).
+- Continuous (unbounded-duration) runs, both single- and multi-target, now stop and report correctly when the peer closes the session, instead of hanging or exiting silently.
+- The TUI's input-event draining is now bounded per tick, fixing a starvation/liveness issue where a burst of input could stall rendering or probe scheduling.
+- The TUI's live graph history buffer is now allocated lazily instead of eagerly, avoiding unnecessary upfront allocation for graphs that are never shown.
+- A managed-session terminal-state reconciliation fix in the CLI's use of the managed client, correcting a case where a target's final/terminal outcome could be reconciled incorrectly.
+
+#### Compatibility
+
+- MSRV raised to Rust 1.88 (from 1.85), to track `ratatui`'s minimum supported Rust version; this applies to the whole workspace, including `irtt-cli`.
+- CI test coverage was expanded to include `musl` and `aarch64` targets, increasing confidence in `irtt-cli` binaries built for those platforms (no code-level behavior change).
+
+## Releasing
+
+Starting with this release, crates are versioned and tagged independently
+rather than in lockstep. Each crate's release is tagged as `<crate>/vX.Y.Z`
+(e.g. `irtt-proto/v0.5.0`), pointing at the commit its version was released
+from. `irtt-proto`, `irtt-client`, `irtt-server`, and `irtt-stats` are
+libraries published to [crates.io](https://crates.io); their tags exist to
+identify the exact source for a given crates.io release and do not produce a
+GitHub Release. `irtt-cli` is the only crate with prebuilt binary artifacts:
+pushing an `irtt-cli/vX.Y.Z` tag triggers [cargo-dist](https://opensource.axo.dev/cargo-dist/)
+to build and publish a GitHub Release with platform binaries.
diff --git a/Cargo.lock b/Cargo.lock
index 8d2d331..1578b01 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -694,7 +694,7 @@ dependencies = [
 
 [[package]]
 name = "irtt-cli"
-version = "0.4.0"
+version = "0.5.0"
 dependencies = [
  "clap",
  "crossterm",
@@ -709,7 +709,7 @@ dependencies = [
 
 [[package]]
 name = "irtt-client"
-version = "0.4.0"
+version = "0.5.0"
 dependencies = [
  "irtt-proto",
  "irtt-server",
@@ -721,7 +721,7 @@ dependencies = [
 
 [[package]]
 name = "irtt-proto"
-version = "0.4.0"
+version = "0.5.0"
 dependencies = [
  "hmac",
  "md-5",
@@ -731,7 +731,7 @@ dependencies = [
 
 [[package]]
 name = "irtt-server"
-version = "0.4.0"
+version = "0.5.0"
 dependencies = [
  "getrandom 0.4.3",
  "irtt-client",
@@ -744,7 +744,7 @@ dependencies = [
 
 [[package]]
 name = "irtt-stats"
-version = "0.4.0"
+version = "0.5.0"
 dependencies = [
  "irtt-client",
 ]
diff --git a/Cargo.toml b/Cargo.toml
index 57f47b0..d2407dc 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -17,10 +17,10 @@ homepage = "https://github.com/Lochnair/irtt-rs"
 readme = "README.md"
 
 [workspace.dependencies]
-irtt-proto = { version = "0.4.0", path = "crates/irtt-proto" }
-irtt-client = { version = "0.4.0", path = "crates/irtt-client" }
-irtt-server = { version = "0.4.0", path = "crates/irtt-server" }
-irtt-stats = { version = "0.4.0", path = "crates/irtt-stats" }
+irtt-proto = { version = "0.5.0", path = "crates/irtt-proto" }
+irtt-client = { version = "0.5.0", path = "crates/irtt-client" }
+irtt-server = { version = "0.5.0", path = "crates/irtt-server" }
+irtt-stats = { version = "0.5.0", path = "crates/irtt-stats" }
 
 [profile.release]
 opt-level = "z"
diff --git a/crates/irtt-cli/Cargo.toml b/crates/irtt-cli/Cargo.toml
index f86c457..983d67a 100644
--- a/crates/irtt-cli/Cargo.toml
+++ b/crates/irtt-cli/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "irtt-cli"
-version = "0.4.0"
+version = "0.5.0"
 description = "Command-line IRTT-compatible client and server"
 edition.workspace = true
 license.workspace = true
diff --git a/crates/irtt-client/Cargo.toml b/crates/irtt-client/Cargo.toml
index de0ef92..030b3d4 100644
--- a/crates/irtt-client/Cargo.toml
+++ b/crates/irtt-client/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "irtt-client"
-version = "0.4.0"
+version = "0.5.0"
 description = "IRTT-compatible Rust client library"
 edition.workspace = true
 license.workspace = true
diff --git a/crates/irtt-proto/Cargo.toml b/crates/irtt-proto/Cargo.toml
index fb16b33..4fbf426 100644
--- a/crates/irtt-proto/Cargo.toml
+++ b/crates/irtt-proto/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "irtt-proto"
-version = "0.4.0"
+version = "0.5.0"
 description = "IRTT protocol encoding and decoding primitives"
 edition.workspace = true
 license.workspace = true
diff --git a/crates/irtt-server/Cargo.toml b/crates/irtt-server/Cargo.toml
index e4cec03..0cb7398 100644
--- a/crates/irtt-server/Cargo.toml
+++ b/crates/irtt-server/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "irtt-server"
-version = "0.4.0"
+version = "0.5.0"
 description = "IRTT-compatible Rust server library"
 edition.workspace = true
 license.workspace = true
diff --git a/crates/irtt-stats/Cargo.toml b/crates/irtt-stats/Cargo.toml
index 07aaff1..76d9b49 100644
--- a/crates/irtt-stats/Cargo.toml
+++ b/crates/irtt-stats/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "irtt-stats"
-version = "0.4.0"
+version = "0.5.0"
 description = "Statistics aggregation for irtt-client events"
 edition.workspace = true
 license.workspace = true
diff --git a/dist-workspace.toml b/dist-workspace.toml
index c4ae63b..23792f2 100644
--- a/dist-workspace.toml
+++ b/dist-workspace.toml
@@ -11,5 +11,7 @@ ci = "github"
 installers = []
 # Target platforms to build apps for (Rust target-triple syntax)
 targets = ["aarch64-apple-darwin", "aarch64-unknown-linux-gnu", "x86_64-apple-darwin", "x86_64-unknown-linux-gnu", "x86_64-unknown-linux-musl", "x86_64-pc-windows-msvc"]
-# Features to pass to cargo build
-features = ["full"]
+# Scope dist's tag matching to irtt-cli releases only: irtt-proto/irtt-client/
+# irtt-server/irtt-stats are libraries published to crates.io and tagged for
+# provenance, but must not trigger cargo-dist or produce a GitHub Release.
+tag-namespace = "irtt-cli"
diff --git a/renovate.json b/renovate.json
index c7f720b..7812930 100644
--- a/renovate.json
+++ b/renovate.json
@@ -21,7 +21,7 @@
 
   "labels": ["dependencies"],
 
-  "ignorePaths": [".github/workflows/release.yml"],
+  "ignorePaths": [".github/workflows/irtt-cli-release.yml"],
 
   "lockFileMaintenance": {
     "enabled": true,