diff --git a/tools/internal/testnet-manager/migrations/02_performance_contract.sql b/tools/internal/testnet-manager/migrations/02_performance_contract.sql
index ad8d53b2c5..8ded793130 100644
--- a/tools/internal/testnet-manager/migrations/02_performance_contract.sql
+++ b/tools/internal/testnet-manager/migrations/02_performance_contract.sql
@@ -3,48 +3,110 @@
  * SPDX-License-Identifier: GPL-3.0-only
  */
 
+-- 1. Rename old table to preserve data
+ALTER TABLE network
+    RENAME TO network_old;
 
-CREATE TABLE network_old
+-- 2. Insert placeholder account (so that old networks would have _some_ value for performance contract)
+INSERT INTO account (address, mnemonic)
+VALUES ('n1tq2kggc6y44yqmnafh98vexxav8666cfkgvygf',
+        'opinion scene salon slice noise easy security drift brown custom verb express old matrix mammal choose attract trash general staff manual elite destroy strategy');
+
+-- 3. Insert placeholder contract and record its id
+INSERT INTO contract (name, address, admin_address)
+VALUES ('placeholder', 'n14gl07zh58rydd4k9tyw320zvqd79vrwnjj4x9g', 'n1tq2kggc6y44yqmnafh98vexxav8666cfkgvygf');
+
+CREATE TEMP TABLE tmp_placeholder
 (
-    id                            INTEGER                     NOT NULL PRIMARY KEY AUTOINCREMENT,
-    name                          TEXT                        NOT NULL,
-    created_at                    TIMESTAMP WITHOUT TIME ZONE NOT NULL,
-
-    mixnet_contract_id            INTEGER                     NOT NULL REFERENCES contract (id),
-    vesting_contract_id           INTEGER                     NOT NULL REFERENCES contract (id),
-    ecash_contract_id             INTEGER                     NOT NULL REFERENCES contract (id),
-    cw3_multisig_contract_id      INTEGER                     NOT NULL REFERENCES contract (id),
-    cw4_group_contract_id         INTEGER                     NOT NULL REFERENCES contract (id),
-    dkg_contract_id               INTEGER                     NOT NULL REFERENCES contract (id),
-
-    rewarder_address              TEXT                        NOT NULL REFERENCES account (address),
-    ecash_holding_account_address TEXT                        NOT NULL REFERENCES account (address)
+    id INTEGER NOT NULL
 );
+INSERT INTO tmp_placeholder
+VALUES (last_insert_rowid());
 
-INSERT INTO network_old
-SELECT *
-from network;
-
-DROP TABLE network;
 
+-- 4. Create the new network table with the new column
 CREATE TABLE network
 (
-    id                            INTEGER                     NOT NULL PRIMARY KEY AUTOINCREMENT,
-    name                          TEXT                        NOT NULL,
-    created_at                    TIMESTAMP WITHOUT TIME ZONE NOT NULL,
+    id                            INTEGER PRIMARY KEY AUTOINCREMENT NOT NULL,
+    name                          TEXT                              NOT NULL,
+    created_at                    TIMESTAMP WITHOUT TIME ZONE       NOT NULL,
 
-    mixnet_contract_id            INTEGER                     NOT NULL REFERENCES contract (id),
-    vesting_contract_id           INTEGER                     NOT NULL REFERENCES contract (id),
-    ecash_contract_id             INTEGER                     NOT NULL REFERENCES contract (id),
-    cw3_multisig_contract_id      INTEGER                     NOT NULL REFERENCES contract (id),
-    cw4_group_contract_id         INTEGER                     NOT NULL REFERENCES contract (id),
-    dkg_contract_id               INTEGER                     NOT NULL REFERENCES contract (id),
-    performance_contract_id       INTEGER                     NOT NULL REFERENCES contract (id),
+    mixnet_contract_id            INTEGER                           NOT NULL REFERENCES contract (id),
+    vesting_contract_id           INTEGER                           NOT NULL REFERENCES contract (id),
+    ecash_contract_id             INTEGER                           NOT NULL REFERENCES contract (id),
+    cw3_multisig_contract_id      INTEGER                           NOT NULL REFERENCES contract (id),
+    cw4_group_contract_id         INTEGER                           NOT NULL REFERENCES contract (id),
+    dkg_contract_id               INTEGER                           NOT NULL REFERENCES contract (id),
+    performance_contract_id       INTEGER                           NOT NULL REFERENCES contract (id),
 
-    rewarder_address              TEXT                        NOT NULL REFERENCES account (address),
-    ecash_holding_account_address TEXT                        NOT NULL REFERENCES account (address)
+    rewarder_address              TEXT                              NOT NULL REFERENCES account (address),
+    ecash_holding_account_address TEXT                              NOT NULL REFERENCES account (address)
 );
 
+-- 5. Copy existing data into the new table
+INSERT INTO network(id, name, created_at,
+                    mixnet_contract_id, vesting_contract_id, ecash_contract_id,
+                    cw3_multisig_contract_id, cw4_group_contract_id, dkg_contract_id,
+                    performance_contract_id,
+                    rewarder_address, ecash_holding_account_address)
+SELECT n.id,
+       n.name,
+       n.created_at,
+       n.mixnet_contract_id,
+       n.vesting_contract_id,
+       n.ecash_contract_id,
+       n.cw3_multisig_contract_id,
+       n.cw4_group_contract_id,
+       n.dkg_contract_id,
+       t.id, -- use the placeholder contract id
+       n.rewarder_address,
+       n.ecash_holding_account_address
+FROM network_old AS n
+         CROSS JOIN tmp_placeholder AS t;
+
+-- 6. recreate metadata table due to change in FK
+ALTER TABLE metadata
+    RENAME TO metadata_old;
+
+CREATE TABLE metadata
+(
+    id                INTEGER PRIMARY KEY CHECK (id = 0),
+    latest_network_id INTEGER REFERENCES network (id),
+
+    master_mnemonic   TEXT NOT NULL,
+    rpc_endpoint      TEXT NOT NULL
+);
+
+INSERT INTO metadata
+SELECT *
+FROM metadata_old;
+
+-- 7. recreate node table due to change in FK
+ALTER Table node
+    RENAME TO node_old;
+
+CREATE TABLE node
+(
+    id            INTEGER NOT NULL PRIMARY KEY AUTOINCREMENT,
+    identity_key  TEXT    NOT NULL,
+    network_id    INTEGER NOT NULL REFERENCES network (id),
+
+    -- i.e. mixnode or gateway
+    bonded_type   TEXT    NOT NULL,
+    owner_address TEXT    NOT NULL REFERENCES account (address)
+);
+
+INSERT INTO node
+SELECT *
+FROM node_old;
+
+-- 8. Clean up
+DROP TABLE tmp_placeholder;
+DROP TABLE metadata_old;
+DROP TABLE node_old;
+DROP TABLE network_old;
+
+
 CREATE TABLE authorised_network_monitor
 (
     id         INTEGER NOT NULL PRIMARY KEY AUTOINCREMENT,