diff --git a/packages/playwright-core/src/server/trace/recorder/tracing.ts b/packages/playwright-core/src/server/trace/recorder/tracing.ts
index 774cd24163..2639aff91d 100644
--- a/packages/playwright-core/src/server/trace/recorder/tracing.ts
+++ b/packages/playwright-core/src/server/trace/recorder/tracing.ts
@@ -45,7 +45,7 @@ import type { ConsoleMessage } from '../../console';
 import { Dispatcher } from '../../dispatchers/dispatcher';
 import { serializeError } from '../../errors';
 
-const version: trace.VERSION = 6;
+const version: trace.VERSION = 7;
 
 export type TracerOptions = {
   name?: string;
@@ -100,10 +100,12 @@ export class Tracing extends SdkObject implements InstrumentationListener, Snaps
     this._contextCreatedEvent = {
       version,
       type: 'context-options',
+      origin: 'library',
       browserName: '',
       options: {},
       platform: process.platform,
       wallTime: 0,
+      monotonicTime: 0,
       sdkLanguage: context.attribution.playwright.options.sdkLanguage,
       testIdAttributeName
     };
@@ -177,7 +179,12 @@ export class Tracing extends SdkObject implements InstrumentationListener, Snaps
       this._allocateNewTraceFile(this._state);
 
     this._fs.mkdir(path.dirname(this._state.traceFile));
-    const event: trace.TraceEvent = { ...this._contextCreatedEvent, title: options.title, wallTime: Date.now() };
+    const event: trace.TraceEvent = {
+      ...this._contextCreatedEvent,
+      title: options.title,
+      wallTime: Date.now(),
+      monotonicTime: monotonicTime()
+    };
     this._fs.appendFile(this._state.traceFile, JSON.stringify(event) + '\n');
 
     this._context.instrumentation.addListener(this, this._context);
diff --git a/packages/playwright/src/worker/testTracing.ts b/packages/playwright/src/worker/testTracing.ts
index 82c84000e7..5462564c49 100644
--- a/packages/playwright/src/worker/testTracing.ts
+++ b/packages/playwright/src/worker/testTracing.ts
@@ -28,6 +28,7 @@ import type { TestInfoImpl } from './testInfo';
 
 export type Attachment = TestInfo['attachments'][0];
 export const testTraceEntryName = 'test.trace';
+const version: trace.VERSION = 7;
 let traceOrdinal = 0;
 
 type TraceFixtureValue =  PlaywrightWorkerOptions['trace'] | undefined;
@@ -41,11 +42,24 @@ export class TestTracing {
   private _temporaryTraceFiles: string[] = [];
   private _artifactsDir: string;
   private _tracesDir: string;
+  private _contextCreatedEvent: trace.ContextCreatedTraceEvent;
 
   constructor(testInfo: TestInfoImpl, artifactsDir: string) {
     this._testInfo = testInfo;
     this._artifactsDir = artifactsDir;
     this._tracesDir = path.join(this._artifactsDir, 'traces');
+    this._contextCreatedEvent = {
+      version,
+      type: 'context-options',
+      origin: 'testRunner',
+      browserName: '',
+      options: {},
+      platform: process.platform,
+      wallTime: Date.now(),
+      monotonicTime: monotonicTime(),
+      sdkLanguage: 'javascript',
+    };
+    this._appendTraceEvent(this._contextCreatedEvent);
   }
 
   private _shouldCaptureTrace() {
diff --git a/packages/trace-viewer/src/entries.ts b/packages/trace-viewer/src/entries.ts
index 543e36ec49..a53fd0314b 100644
--- a/packages/trace-viewer/src/entries.ts
+++ b/packages/trace-viewer/src/entries.ts
@@ -26,7 +26,7 @@ export type ContextEntry = {
   browserName: string;
   channel?: string;
   platform?: string;
-  wallTime?: number;
+  wallTime: number;
   sdkLanguage?: Language;
   testIdAttributeName?: string;
   title?: string;
@@ -58,6 +58,7 @@ export function createEmptyContext(): ContextEntry {
     origin: 'testRunner',
     traceUrl: '',
     startTime: Number.MAX_SAFE_INTEGER,
+    wallTime: Number.MAX_SAFE_INTEGER,
     endTime: 0,
     browserName: '',
     options: {
diff --git a/packages/trace-viewer/src/traceModernizer.ts b/packages/trace-viewer/src/traceModernizer.ts
index 3ba3605973..a2a987318c 100644
--- a/packages/trace-viewer/src/traceModernizer.ts
+++ b/packages/trace-viewer/src/traceModernizer.ts
@@ -18,6 +18,7 @@ import type * as trace from '@trace/trace';
 import type * as traceV3 from './versions/traceV3';
 import type * as traceV4 from './versions/traceV4';
 import type * as traceV5 from './versions/traceV5';
+import type * as traceV6 from './versions/traceV6';
 import type { ActionEntry, ContextEntry, PageEntry } from './entries';
 import type { SnapshotStorage } from './snapshotStorage';
 
@@ -71,12 +72,13 @@ export class TraceModernizer {
     switch (event.type) {
       case 'context-options': {
         this._version = event.version;
-        contextEntry.origin = 'library';
+        contextEntry.origin = event.origin;
         contextEntry.browserName = event.browserName;
         contextEntry.channel = event.channel;
         contextEntry.title = event.title;
         contextEntry.platform = event.platform;
         contextEntry.wallTime = event.wallTime;
+        contextEntry.startTime = event.monotonicTime;
         contextEntry.sdkLanguage = event.sdkLanguage;
         contextEntry.options = event.options;
         contextEntry.testIdAttributeName = event.testIdAttributeName;
@@ -145,11 +147,11 @@ export class TraceModernizer {
         break;
       }
       case 'resource-snapshot':
-        this._snapshotStorage!.addResource(event.snapshot);
+        this._snapshotStorage.addResource(event.snapshot);
         contextEntry.resources.push(event.snapshot);
         break;
       case 'frame-snapshot':
-        this._snapshotStorage!.addFrameSnapshot(event.snapshot);
+        this._snapshotStorage.addFrameSnapshot(event.snapshot);
         break;
     }
     // Make sure there is a page entry for each page, even without screencast frames,
@@ -170,12 +172,18 @@ export class TraceModernizer {
     }
   }
 
+  private _processedContextCreatedEvent() {
+    return this._version !== undefined;
+  }
+
   private _modernize(event: any): trace.TraceEvent[] {
-    if (this._version === undefined)
+    // In trace 6->7 we also need to modernize context-options event.
+    let version = this._version || event.version;
+    if (version === undefined)
       return [event];
-    const lastVersion: trace.VERSION = 6;
+    const lastVersion: trace.VERSION = 7;
     let events = [event];
-    for (let version = this._version; version < lastVersion; ++version)
+    for (; version < lastVersion; ++version)
       events = (this as any)[`_modernize_${version}_to_${version + 1}`].call(this, events);
     return events;
   }
@@ -341,8 +349,8 @@ export class TraceModernizer {
     return event;
   }
 
-  _modernize_5_to_6(events: traceV5.TraceEvent[]): trace.TraceEvent[] {
-    const result: trace.TraceEvent[] = [];
+  _modernize_5_to_6(events: traceV5.TraceEvent[]): traceV6.TraceEvent[] {
+    const result: traceV6.TraceEvent[] = [];
     for (const event of events) {
       result.push(event);
       if (event.type !== 'after' || !event.log.length)
@@ -358,4 +366,35 @@ export class TraceModernizer {
     }
     return result;
   }
+
+  _modernize_6_to_7(events: traceV6.TraceEvent[]): trace.TraceEvent[] {
+    const result: trace.TraceEvent[] = [];
+    if (!this._processedContextCreatedEvent() && events[0].type !== 'context-options') {
+      const event: trace.ContextCreatedTraceEvent = {
+        type: 'context-options',
+        origin: 'testRunner',
+        version: 7,
+        browserName: '',
+        options: {},
+        platform: process.platform,
+        wallTime: 0,
+        monotonicTime: 0,
+        sdkLanguage: 'javascript',
+      };
+      result.push(event);
+    }
+    for (const event of events) {
+      if (event.type === 'context-options') {
+        result.push({ ...event, monotonicTime: 0, origin: 'library' });
+        continue;
+      }
+      // Take wall and monotonic time from the first event.
+      if (!this._contextEntry.wallTime && event.type === 'before')
+        this._contextEntry.wallTime = event.wallTime;
+      if (!this._contextEntry.startTime && event.type === 'before')
+        this._contextEntry.startTime = event.startTime;
+      result.push(event);
+    }
+    return result;
+  }
 }
diff --git a/packages/trace-viewer/src/versions/traceV6.ts b/packages/trace-viewer/src/versions/traceV6.ts
new file mode 100644
index 0000000000..2bbbd447b3
--- /dev/null
+++ b/packages/trace-viewer/src/versions/traceV6.ts
@@ -0,0 +1,239 @@
+/**
+ * Copyright (c) Microsoft Corporation.
+ *
+ * Licensed under the Apache License, Version 2.0 (the "License");
+ * you may not use this file except in compliance with the License.
+ * You may obtain a copy of the License at
+ *
+ *     http://www.apache.org/licenses/LICENSE-2.0
+ *
+ * Unless required by applicable law or agreed to in writing, software
+ * distributed under the License is distributed on an "AS IS" BASIS,
+ * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ * See the License for the specific language governing permissions and
+ * limitations under the License.
+ */
+
+import type { Entry as ResourceSnapshot } from '../../../trace/src/har';
+
+type Language = 'javascript' | 'python' | 'java' | 'csharp' | 'jsonl';
+type Point = { x: number, y: number };
+type Size = { width: number, height: number };
+
+type StackFrame = {
+  file: string,
+  line: number,
+  column: number,
+  function?: string,
+};
+
+type SerializedValue = {
+  n?: number,
+  b?: boolean,
+  s?: string,
+  v?: 'null' | 'undefined' | 'NaN' | 'Infinity' | '-Infinity' | '-0',
+  d?: string,
+  u?: string,
+  bi?: string,
+  m?: SerializedValue,
+  se?: SerializedValue,
+  r?: {
+    p: string,
+    f: string,
+  },
+  a?: SerializedValue[],
+  o?: {
+    k: string,
+    v: SerializedValue,
+  }[],
+  h?: number,
+  id?: number,
+  ref?: number,
+};
+
+type SerializedError = {
+  error?: {
+    message: string,
+    name: string,
+    stack?: string,
+  },
+  value?: SerializedValue,
+};
+
+type NodeSnapshot =
+  // Text node.
+  string |
+  // Subtree reference, "x snapshots ago, node #y". Could point to a text node.
+  // Only nodes that are not references are counted, starting from zero, using post-order traversal.
+  [ [number, number] ] |
+  // Just node name.
+  [ string ] |
+  // Node name, attributes, child nodes.
+  // Unfortunately, we cannot make this type definition recursive, therefore "any".
+  [ string, { [attr: string]: string }, ...any ];
+
+
+type ResourceOverride = {
+  url: string,
+  sha1?: string,
+  ref?: number
+};
+
+type FrameSnapshot = {
+  snapshotName?: string,
+  callId: string,
+  pageId: string,
+  frameId: string,
+  frameUrl: string,
+  timestamp: number,
+  collectionTime: number,
+  doctype?: string,
+  html: NodeSnapshot,
+  resourceOverrides: ResourceOverride[],
+  viewport: { width: number, height: number },
+  isMainFrame: boolean,
+};
+
+export type BrowserContextEventOptions = {
+  viewport?: Size,
+  deviceScaleFactor?: number,
+  isMobile?: boolean,
+  userAgent?: string,
+};
+
+export type ContextCreatedTraceEvent = {
+  version: number,
+  type: 'context-options',
+  browserName: string,
+  channel?: string,
+  platform: string,
+  wallTime: number,
+  title?: string,
+  options: BrowserContextEventOptions,
+  sdkLanguage?: Language,
+  testIdAttributeName?: string,
+};
+
+export type ScreencastFrameTraceEvent = {
+  type: 'screencast-frame',
+  pageId: string,
+  sha1: string,
+  width: number,
+  height: number,
+  timestamp: number,
+};
+
+export type BeforeActionTraceEvent = {
+  type: 'before',
+  callId: string;
+  startTime: number;
+  apiName: string;
+  class: string;
+  method: string;
+  params: Record<string, any>;
+  wallTime: number;
+  beforeSnapshot?: string;
+  stack?: StackFrame[];
+  pageId?: string;
+  parentId?: string;
+};
+
+export type InputActionTraceEvent = {
+  type: 'input',
+  callId: string;
+  inputSnapshot?: string;
+  point?: Point;
+};
+
+export type AfterActionTraceEventAttachment = {
+  name: string;
+  contentType: string;
+  path?: string;
+  sha1?: string;
+  base64?: string;
+};
+
+export type AfterActionTraceEvent = {
+  type: 'after',
+  callId: string;
+  endTime: number;
+  afterSnapshot?: string;
+  error?: SerializedError['error'];
+  attachments?: AfterActionTraceEventAttachment[];
+  result?: any;
+  point?: Point;
+};
+
+export type LogTraceEvent = {
+  type: 'log',
+  callId: string;
+  time: number;
+  message: string;
+};
+
+export type EventTraceEvent = {
+  type: 'event',
+  time: number;
+  class: string;
+  method: string;
+  params: any;
+  pageId?: string;
+};
+
+export type ConsoleMessageTraceEvent = {
+  type: 'console';
+  time: number;
+  pageId?: string;
+  messageType: string,
+  text: string,
+  args?: { preview: string, value: any }[],
+  location: {
+    url: string,
+    lineNumber: number,
+    columnNumber: number,
+  },
+};
+
+export type ResourceSnapshotTraceEvent = {
+  type: 'resource-snapshot',
+  snapshot: ResourceSnapshot,
+};
+
+export type FrameSnapshotTraceEvent = {
+  type: 'frame-snapshot',
+  snapshot: FrameSnapshot,
+};
+
+export type ActionTraceEvent = {
+  type: 'action',
+} & Omit<BeforeActionTraceEvent, 'type'>
+  & Omit<AfterActionTraceEvent, 'type'>
+  & Omit<InputActionTraceEvent, 'type'>;
+
+export type StdioTraceEvent = {
+  type: 'stdout' | 'stderr';
+  timestamp: number;
+  text?: string;
+  base64?: string;
+};
+
+export type ErrorTraceEvent = {
+  type: 'error';
+  message: string;
+  stack?: StackFrame[];
+};
+
+export type TraceEvent =
+    ContextCreatedTraceEvent |
+    ScreencastFrameTraceEvent |
+    ActionTraceEvent |
+    BeforeActionTraceEvent |
+    InputActionTraceEvent |
+    AfterActionTraceEvent |
+    EventTraceEvent |
+    LogTraceEvent |
+    ConsoleMessageTraceEvent |
+    ResourceSnapshotTraceEvent |
+    FrameSnapshotTraceEvent |
+    StdioTraceEvent |
+    ErrorTraceEvent;
diff --git a/packages/trace/src/trace.ts b/packages/trace/src/trace.ts
index 2f4974aae4..7387f612aa 100644
--- a/packages/trace/src/trace.ts
+++ b/packages/trace/src/trace.ts
@@ -21,7 +21,7 @@ import type { FrameSnapshot, ResourceSnapshot } from './snapshot';
 export type Size = { width: number, height: number };
 
 // Make sure you add _modernize_N_to_N1(event: any) to traceModel.ts.
-export type VERSION = 6;
+export type VERSION = 7;
 
 export type BrowserContextEventOptions = {
   viewport?: Size,
@@ -33,10 +33,12 @@ export type BrowserContextEventOptions = {
 export type ContextCreatedTraceEvent = {
   version: number,
   type: 'context-options',
+  origin: 'testRunner' | 'library',
   browserName: string,
   channel?: string,
   platform: string,
   wallTime: number,
+  monotonicTime: number,
   title?: string,
   options: BrowserContextEventOptions,
   sdkLanguage?: Language,