diff --git a/Makefile b/Makefile
index 65b0638e2..806541c48 100644
--- a/Makefile
+++ b/Makefile
@@ -33,7 +33,7 @@ lint: license $(patsubst %, lint/%, $(SUBTREES_ALL))
 
 config-devnet:
 	PATH="./target/release:$(PATH)" \
-	./scripts/setup.sh
+	./scripts/devnet_setup.sh
 
 run-devnet-fendermint:
 	rm -rf ~/.fendermint/data/rocksdb
diff --git a/scripts/devnet_setup.sh b/scripts/devnet_setup.sh
new file mode 100755
index 000000000..f518acbf3
--- /dev/null
+++ b/scripts/devnet_setup.sh
@@ -0,0 +1,77 @@
+#!/bin/bash
+
+set -euo pipefail
+
+export FM_NETWORK=test
+
+# Clean up old network files
+rm -rf test-network
+mkdir test-network
+
+## Setup data directory and copy default app config
+rm -rf "$HOME/.fendermint"
+mkdir -p "$HOME/.fendermint/data"
+cp -r ./fendermint/app/config "$HOME/.fendermint/config"
+
+# Init CometBFT
+rm -rf "$HOME/.cometbft"
+cometbft init
+
+# Build actors
+if [[ -z ${SKIP_BUILD+x} || "$SKIP_BUILD" == "" || "$SKIP_BUILD" == "false" ]]; then
+  (cd builtin-actors && make bundle-mainnet)
+  mkdir -p fendermint/builtin-actors/output
+  cp builtin-actors/output/builtin-actors-mainnet.car fendermint/builtin-actors/output/bundle.car
+  # These need to be built for release
+  cargo build --release -p fendermint_actors
+fi
+cp fendermint/builtin-actors/output/bundle.car "$HOME/.fendermint/bundle.car"
+cp fendermint/actors/output/custom_actors_bundle.car "$HOME/.fendermint/custom_actors_bundle.car"
+
+## Copy IPC contracts
+mkdir -p "$HOME/.fendermint/contracts"
+cp -r ./contracts/out/* "$HOME/.fendermint/contracts"
+
+# Create a new Genesis file
+fendermint genesis --genesis-file test-network/genesis.json new --chain-name test --base-fee 1000 --timestamp 1680101412 --power-scale 3
+
+# Create some keys
+mkdir test-network/keys
+for NAME in bob charlie dave; do
+  fendermint key gen --out-dir test-network/keys --name $NAME;
+done
+
+## Use fixed address for alice to make dev w/ ADM cli less painful
+## Private key hex: 1c323d494d1d069fe4c891350a1ec691c4216c17418a0cb3c7533b143bd2b812
+echo "HDI9SU0dBp/kyJE1Ch7GkcQhbBdBigyzx1M7FDvSuBI=" | tr -d '\n' > test-network/keys/alice.sk
+echo "Ayh506Z/KRZnDgtarffTZQympqQ8A4hfwse1gK9t0NJi" | tr -d '\n' > test-network/keys/alice.pk
+
+# Add accounts to the Genesis file
+## A stand-alone account
+fendermint genesis --genesis-file test-network/genesis.json add-account --public-key test-network/keys/alice.pk --balance 1000 --kind ethereum
+## A multi-sig account
+fendermint genesis --genesis-file test-network/genesis.json add-multisig --public-key test-network/keys/bob.pk --public-key test-network/keys/charlie.pk --public-key test-network/keys/dave.pk --threshold 2 --vesting-start 0 --vesting-duration 1000000 --balance 30
+
+# Add validators to the Genesis file
+fendermint genesis --genesis-file test-network/genesis.json add-validator --public-key test-network/keys/bob.pk --power 1
+
+# Add ipc to the Genesis file
+fendermint genesis --genesis-file test-network/genesis.json ipc gateway --subnet-id /r31415926 --bottom-up-check-period 10 --msg-fee 1 --majority-percentage 65
+
+# Seal Genesis file
+fendermint genesis --genesis-file test-network/genesis.json ipc seal-genesis --builtin-actors-path "$HOME/.fendermint/bundle.car" --custom-actors-path "$HOME/.fendermint/custom_actors_bundle.car" --artifacts-path "$HOME/.fendermint/contracts" --output-path test-network/sealed_genesis.car
+
+## Convert the Genesis file
+mv "$HOME/.cometbft/config/genesis.json" "$HOME/.cometbft/config/genesis.json.orig"
+fendermint genesis --genesis-file test-network/genesis.json into-tendermint --app-state test-network/sealed_genesis.car --out "$HOME/.cometbft/config/genesis.json"
+## Convert the private key
+mv "$HOME/.cometbft/config/priv_validator_key.json" "$HOME/.cometbft/config/priv_validator_key.json.orig"
+fendermint key into-tendermint --secret-key test-network/keys/bob.sk --out "$HOME/.cometbft/config/priv_validator_key.json"
+
+## Generate a network key for the IPLD resolver
+mkdir -p "$HOME/.fendermint/keys"
+fendermint key gen --out-dir "$HOME/.fendermint/keys" --name network
+
+## Copy validator keys
+cp test-network/keys/bob.pk "$HOME/.fendermint/keys/validator.pk"
+cp test-network/keys/bob.sk "$HOME/.fendermint/keys/validator.sk"