diff --git a/lib/chain/chaindb.js b/lib/chain/chaindb.js
index fa6447ec..1aea35f8 100644
--- a/lib/chain/chaindb.js
+++ b/lib/chain/chaindb.js
@@ -218,23 +218,26 @@ ChainDB.layout = layout;
  */
 
 ChainDB.prototype._open = co(function* open() {
-  var result, genesis, block;
+  var state, block, entry;
 
   this.logger.info('Starting chain load.');
 
   yield this.db.open();
 
-  result = yield this.db.has(layout.e(this.network.genesis.hash));
+  yield this.db.checkVersion('V', 1);
 
-  if (result) {
-    yield this.initState();
+  state = yield this.db.get(layout.R);
+
+  if (state) {
+    // Grab the chainstate if we have one.
+    this.state = ChainState.fromRaw(state);
   } else {
+    // Otherwise write the genesis block.
+    // (We assume this database is fresh).
     block = bcoin.block.fromRaw(this.network.genesisBlock, 'hex');
     block.setHeight(0);
-
-    genesis = bcoin.chainentry.fromBlock(this.chain, block);
-
-    yield this.save(genesis, block, new CoinView());
+    entry = bcoin.chainentry.fromBlock(this.chain, block);
+    yield this.save(entry, block, new CoinView());
   }
 
   this.logger.info('Chain successfully loaded.');
@@ -245,8 +248,6 @@ ChainDB.prototype._open = co(function* open() {
     this.state.tx,
     this.state.coin,
     utils.btc(this.state.value));
-
-  yield this.db.checkVersion('V', 1);
 });
 
 /**