diff --git a/contracts/0.4.24/Lido.sol b/contracts/0.4.24/Lido.sol
index 42bd36e45..fc0ecfc6d 100644
--- a/contracts/0.4.24/Lido.sol
+++ b/contracts/0.4.24/Lido.sol
@@ -209,18 +209,9 @@ contract Lido is Versioned, StETHPermit, AragonApp {
         onlyInit
     {
         _bootstrapInitialHolder();
-        _initialize_v2(_lidoLocator, _eip712StETH);
-        _initialize_v3();
-        initialized();
-    }
-
-    /**
-     * initializer for the Lido version "2"
-     */
-    function _initialize_v2(address _lidoLocator, address _eip712StETH) internal {
-        _setContractVersion(2);
 
         LIDO_LOCATOR_POSITION.setStorageAddress(_lidoLocator);
+        emit LidoLocatorSet(_lidoLocator);
         _initializeEIP712StETH(_eip712StETH);
 
         // set infinite allowance for burner from withdrawal queue
@@ -231,14 +222,8 @@ contract Lido is Versioned, StETHPermit, AragonApp {
             INFINITE_ALLOWANCE
         );
 
-        emit LidoLocatorSet(_lidoLocator);
-    }
-
-    /**
-     * initializer for the Lido version "3"
-     */
-    function _initialize_v3() internal {
-        _setContractVersion(3);
+        _initialize_v3();
+        initialized();
     }
 
     /**
@@ -253,6 +238,13 @@ contract Lido is Versioned, StETHPermit, AragonApp {
         _initialize_v3();
     }
 
+    /**
+     * initializer for the Lido version "3"
+     */
+    function _initialize_v3() internal {
+        _setContractVersion(3);
+    }
+
     /**
      * @notice Stops accepting new Ether to the protocol
      *
diff --git a/test/0.4.24/lido/lido.initialize.test.ts b/test/0.4.24/lido/lido.initialize.test.ts
index ad949dd8a..2d8cd43a2 100644
--- a/test/0.4.24/lido/lido.initialize.test.ts
+++ b/test/0.4.24/lido/lido.initialize.test.ts
@@ -33,7 +33,7 @@ describe("Lido.sol:initialize", () => {
 
   context("initialize", () => {
     const initialValue = 1n;
-    const contractVersion = 2n;
+    const contractVersion = 3n;
 
     let withdrawalQueueAddress: string;
     let burnerAddress: string;
@@ -86,6 +86,7 @@ describe("Lido.sol:initialize", () => {
       expect(await lido.getEIP712StETH()).to.equal(eip712helperAddress);
       expect(await lido.allowance(withdrawalQueueAddress, burnerAddress)).to.equal(MaxUint256);
       expect(await lido.getInitializationBlock()).to.equal(latestBlock + 1n);
+      expect(await lido.getContractVersion()).to.equal(contractVersion);
     });
 
     it("Does not bootstrap initial holder if total shares is not zero", async () => {