diff --git a/chain/events/filter/index.go b/chain/events/filter/index.go
index 1b3beb1cae6..da4668f4df8 100644
--- a/chain/events/filter/index.go
+++ b/chain/events/filter/index.go
@@ -417,13 +417,15 @@ func (ei *EventIndex) RunMigration(from, to int) error {
 		return nil
 	}
 
+	log.Warnw("[migration v1=>v2] beginning transaction")
+
 	tx, err := ei.db.Begin()
 	if err != nil {
-		return err
+		return xerrors.Errorf("failed to begin transaction: %w", err)
 	}
 	defer tx.Rollback() //nolint
 
-	if _, err = tx.Exec(`ALTER TABLE event_entry ADD COLUMN codec INTEGER`); err != nil {
+	if _, err := tx.Exec(`ALTER TABLE event_entry ADD COLUMN codec INTEGER`); err != nil {
 		return xerrors.Errorf("failed to alter table event_entry to add codec column: %w", err)
 	}
 
@@ -434,7 +436,7 @@ func (ei *EventIndex) RunMigration(from, to int) error {
 		return xerrors.Errorf("failed to update table event_entry to set codec 0x55: %w", err)
 	}
 	n, _ := res.RowsAffected()
-	log.Warnw("[migration v1=>v2] updated %d event entries with codec=0x55", "affected", n)
+	log.Warnw("[migration v1=>v2] updated event entries with codec=0x55", "affected", n)
 
 	var keyRewrites = [][]string{
 		{"topic1", "t1"},
@@ -454,7 +456,38 @@ func (ei *EventIndex) RunMigration(from, to int) error {
 		log.Warnw("[migration v1=>v2] rewrote entry keys", "from", from, "to", to, "affected", n)
 	}
 
-	update, err := tx.Prepare(`UPDATE event_entry SET value = ? WHERE value = ?`)
+	if _, err := tx.Exec(`DROP TABLE IF EXISTS event_entry_tmp`); err != nil {
+		return xerrors.Errorf("failed to drop old event_entry_tmp temporary table: %w", err)
+	}
+
+	if _, err := tx.Exec(`CREATE TABLE event_entry_tmp (
+		event_id INTEGER,
+		indexed INTEGER NOT NULL,
+		flags BLOB NOT NULL,
+		key TEXT NOT NULL,
+		codec INTEGER,
+		value BLOB NOT NULL
+	)`); err != nil {
+		return xerrors.Errorf("failed to create temporary table: %w", err)
+	}
+
+	// Copy over all data. We will run the iterator from this table.
+	if _, err := tx.Exec(`INSERT INTO event_entry_tmp SELECT * FROM event_entry`); err != nil {
+		return xerrors.Errorf("failed to copy over data: %w", err)
+	}
+
+	// Add an index on value.
+	if _, err := tx.Exec(`CREATE INDEX event_entry_value ON event_entry(value)`); err != nil {
+		return xerrors.Errorf("failed to create index on event_entry: %w", err)
+	}
+
+	// Add an index on event_id.
+	if _, err := tx.Exec(`CREATE INDEX event_entry_event_id ON event_entry(event_id)`); err != nil {
+		return xerrors.Errorf("failed to create index on event_entry: %w", err)
+	}
+
+	// Match by value to be extra safe.
+	update, err := tx.Prepare(`UPDATE event_entry SET value = ? WHERE event_id = ? and key = ?`)
 	if err != nil {
 		return xerrors.Errorf("failed to prepare update statement: %w", err)
 	}
@@ -468,26 +501,24 @@ func (ei *EventIndex) RunMigration(from, to int) error {
 		"t4": {},
 	}
 
-	if _, err = tx.Exec(`CREATE TABLE tmp AS SELECT key, value FROM event_entry`); err != nil {
-		return xerrors.Errorf("failed to create temporary table: %w", err)
-	}
-
-	// Pull the values out and process them in Go land before updating.
-	rows, err := tx.Query(`SELECT key, value FROM tmp`)
+	// Pull the values out out of the original table, process them in Go land before updating, and the update the v2 table.
+	rows, err := tx.Query(`SELECT event_id, key, value FROM event_entry_tmp`)
 	if err != nil {
 		return xerrors.Errorf("failed to select values: %w", err)
 	}
 
 	var i int
 	for rows.Next() {
+		var eventId int
 		var key string
 		var before []byte
-		if err := rows.Scan(&key, &before); err != nil {
+		if err := rows.Scan(&eventId, &key, &before); err != nil {
+			_ = rows.Close()
 			return xerrors.Errorf("failed to scan from query: %w", err)
 		}
 		reader := bytes.NewReader(before)
 		after, err := cbg.ReadByteArray(reader, 4<<20)
-		if err != nil || reader.Len() > 0 {
+		if err != nil {
 			// Before Jan 23 we decoded events before putting them into the database. So
 			// we're just going to assume that that's what's happening here, log an
 			// error, and continue.
@@ -499,22 +530,29 @@ func (ei *EventIndex) RunMigration(from, to int) error {
 			copy(pvalue[32-len(after):], after)
 			after = pvalue
 		}
-		if _, err := update.Exec(after, before); err != nil {
-			return xerrors.Errorf("failed to scan from query: %w", err)
+		if _, err := update.Exec(after, eventId, key); err != nil {
+			log.Warnw("failed to update entry", "value_before", before, "value_after", after)
 		}
 
 		if i++; i%500 == 0 {
 			log.Warnw("[migration v1=>v2] processed values", "count", i)
 		}
 	}
+	_ = rows.Close()
 
 	log.Warnw("[migration v1=>v2] processed all values", "count", i)
 
-	if _, err = tx.Exec(`DROP TABLE tmp`); err != nil {
-		return xerrors.Errorf("failed to drop temporary table: %w", err)
+	if _, err := tx.Exec(`DROP INDEX event_entry_value`); err != nil {
+		log.Warnw("[migration v1=>v2] failed to drop index event_entry_value; ignoring")
 	}
 
-	log.Warnw("[migration v1=>v2] dropped temporary table")
+	if _, err := tx.Exec(`DROP INDEX event_entry_event_id`); err != nil {
+		log.Warnw("[migration v1=>v2] failed to drop index event_entry_event_id; ignoring")
+	}
+
+	if _, err = tx.Exec(`DROP TABLE event_entry_tmp`); err != nil {
+		return xerrors.Errorf("failed to drop original table: %w", err)
+	}
 
 	if _, err = tx.Exec(`INSERT INTO _meta (version) VALUES (2)`); err != nil {
 		return xerrors.Errorf("failed to update schema version: %w", err)