Starting June 4th, the 128GB version of the Quest 2 will cost $299.99 while the 256GB version will cost $349.99, Meta announced today. That’s a $100 price cut for the entry-level version and a $80 price cut for the step-up model. As well as cutting the price of the headset, Meta also says it’s working on a software update that will improve both CPU and GPU performance on the Quest 2, as well as the more recent Quest Pro.

News of the price cut comes roughly a year after Meta increased the price of both storage variants of the headset by $100, almost two years after its original release in 2020. It later cut the price of the 256GB version of the Quest 2 to $429.99. News of the price cut came on the same day that Meta announced the Quest 2’s successor, the Quest 3, which it plans to release this fall for $499.99. It’s also due to hold a gaming showcase later today, where it’s promising “new game announcements, gameplay first-looks, updates to existing games, and more.”

Meta says it plans to continue selling the Quest 2 (as well as the more professionally focused Quest Pro) alongside the Quest 3 when it launches later in the year. “Quest 2 remains our most affordable entry point to VR and Pro is optimized for work use cases, with face and eye tracking for more authentic self-expression in meetings,” its press release reads.

With a forthcoming software update, Meta says it will increase the CPU performance of the Quest 2 and Quest Pro by up to 26 percent. The update will also increase the GPU performance of the Quest 2 by 19 percent and the Quest Pro by 11 percent. Developers will have to configure their apps to make the most of the changes, but once they do, Meta claims users will benefit from “smoother gameplay, a more responsive UI, and richer content on both headsets.”

Dynamic Resolution Scaling is also coming to both pieces of hardware “so games and apps can take advantage of increased pixel density without dropping frames” when the GPU is underutilized.

Today’s announcement doesn’t mention when exactly this update will roll out, but the new pricing will take effect from June 4th, the day before Apple is expected to unveil its debut headset at WWDC at an anticipated price of $3,000.