diff --git a/Analytics-CSharp/Analytics-CSharp.csproj b/Analytics-CSharp/Analytics-CSharp.csproj
index 604abc8..2d383d7 100644
--- a/Analytics-CSharp/Analytics-CSharp.csproj
+++ b/Analytics-CSharp/Analytics-CSharp.csproj
@@ -10,7 +10,7 @@
 
     <Authors>Segment, Inc</Authors>
     <Description>The hassle-free way to add analytics to your C# app.</Description>
-    <Version>2.3.2</Version>
+    <Version>2.3.4</Version>
     <PackageLicenseExpression>MIT</PackageLicenseExpression>
     <RepositoryUrl>https://github.com/segmentio/Analytics-CSharp</RepositoryUrl>
     <RepositoryType>git</RepositoryType>
diff --git a/Analytics-CSharp/Segment/Analytics/Settings.cs b/Analytics-CSharp/Segment/Analytics/Settings.cs
index 339b748..5a9fe8a 100644
--- a/Analytics-CSharp/Segment/Analytics/Settings.cs
+++ b/Analytics-CSharp/Segment/Analytics/Settings.cs
@@ -16,7 +16,7 @@ public struct Settings
 
     public partial class Analytics
     {
-        internal async void Update(Settings settings) {
+        internal async Task Update(Settings settings) {
             System systemState = await Store.CurrentState<System>();
             HashSet<int> initializedPlugins = new HashSet<int>();
             Timeline.Apply(plugin => {
@@ -49,7 +49,7 @@ await Scope.WithContext(NetworkIODispatcher, async () =>
                 settings = systemState._settings;
             }
 
-            Update(settings.Value);
+            await Update(settings.Value);
             await Store.Dispatch<System.ToggleRunningAction, System>(new System.ToggleRunningAction(true));
         }
     }
diff --git a/Analytics-CSharp/Segment/Analytics/State.cs b/Analytics-CSharp/Segment/Analytics/State.cs
index 49aa430..c1c755e 100644
--- a/Analytics-CSharp/Segment/Analytics/State.cs
+++ b/Analytics-CSharp/Segment/Analytics/State.cs
@@ -37,7 +37,15 @@ internal static System DefaultState(Configuration configuration, IStorage storag
             try
             {
                 string cache = storage.Read(StorageConstants.Settings) ?? "";
-                settings = JsonUtility.FromJson<Settings>(cache);
+                if (string.IsNullOrEmpty(cache))
+                {
+                    Analytics.Logger.Log(LogLevel.Information, null, "No settings loaded from storage. Switch to default settings provided through configuration.");
+                    settings = configuration.DefaultSettings;
+                }
+                else
+                {
+                    settings = JsonUtility.FromJson<Settings>(cache);
+                }
             }
             catch (Exception e)
             {
diff --git a/Analytics-CSharp/Segment/Analytics/Version.cs b/Analytics-CSharp/Segment/Analytics/Version.cs
index c1c498f..7b97d1f 100644
--- a/Analytics-CSharp/Segment/Analytics/Version.cs
+++ b/Analytics-CSharp/Segment/Analytics/Version.cs
@@ -2,6 +2,6 @@ namespace Segment.Analytics
 {
     internal static class Version
     {
-        internal const string SegmentVersion = "2.3.2";
+        internal const string SegmentVersion = "2.3.4";
     }
 }
diff --git a/README.md b/README.md
index 00d1456..8616a67 100644
--- a/README.md
+++ b/README.md
@@ -1,4 +1,8 @@
 # Analytics-CSharp
+
+### 🎉 Flagship 🎉
+This library is one of Segment’s most popular Flagship libraries. It is actively maintained by Segment, benefitting from new feature releases and ongoing support.
+
 ![Nuget](https://img.shields.io/nuget/v/Segment.Analytics.CSharp)
 [![openupm](https://img.shields.io/npm/v/com.segment.analytics.csharp?label=openupm&registry_uri=https://package.openupm.com)](https://openupm.com/packages/com.segment.analytics.csharp/)
 [![](https://github.com/segmentio/analytics-csharp/actions/workflows/build.yml/badge.svg)](https://github.com/segmentio/analytics-csharp/actions)
diff --git a/Tests/StateTest.cs b/Tests/StateTest.cs
index d85fb91..e70e745 100644
--- a/Tests/StateTest.cs
+++ b/Tests/StateTest.cs
@@ -55,6 +55,20 @@ public void TestSystemDefaultState()
             Assert.False(actual._running);
         }
 
+        [Fact]
+        public void TestSystemDefaultStateEmpty()
+        {
+            _storage
+                .Setup(o => o.Read(It.IsAny<StorageConstants>()))
+                .Returns("");
+
+            var actual = Segment.Analytics.System.DefaultState(_configuration, _storage.Object);
+
+            Assert.Equal(_configuration, actual._configuration);
+            Assert.Equal(_settings.Integrations.ToString(), actual._settings.Integrations.ToString());
+            Assert.False(actual._running);
+        }
+
         [Fact]
         public void TestSystemDefaultStateException()
         {