diff --git a/README.md b/README.md
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+# Setup Anchor
+
+An optimized action for installing [Anchor](https://www.anchor-lang.com/).
+
+# Usage
+
+Here's an example workflow:
+
+```yaml
+name: example-workflow
+on: [push]
+jobs:
+  run-anchor-build:
+    runs-on: ubuntu-20.04
+    steps:
+      - uses: actions/checkout@v3
+      - uses: metadaoproject/setup-anchor@v1.1
+      - run: anchor build
+        shell: bash
+```
+
+This will use the default versions of Anchor, Node.js, and the Solana CLI tools, which are 0.27.0, 16.15.1, and 1.15.2 respectively. You can also configure these versions like so:
+
+```yaml
+steps:
+  - uses: actions/checkout@v3
+  - uses: metadaoproject/setup-anchor@v1.1
+    with: 
+      anchor-version: '0.24.2' 
+      solana-cli-version: '1.10.32'
+      node-version: '16.15.1'
+```
+
+# License
+
+The scripts and documentation in this project are released under the [MIT License](LICENSE).
diff --git a/action.yml b/action.yml
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+name: 'Setup Anchor'
+description: 'Install Anchor, Solana CLI tools, and Node.js.'
+branding:
+  icon: anchor
+  color: blue
+inputs:
+  node-version:
+    description: 'Version of node.js to use'
+    required: false
+    default: '16.15.1' # LTS
+  solana-cli-version:
+    description: 'Version of Solana CLI to use'
+    required: false
+    default: '1.15.2' # stable
+  anchor-version:
+    description: 'Version of Anchor to use'
+    required: false
+    default: '0.27.0' # latest
+runs:
+  using: 'composite'
+  steps:
+    - uses: actions/setup-node@v3
+      with:
+        node-version: ${{ inputs.node-version }}
+    - name: Cache Solana CLI tools
+      uses: actions/cache@v3
+      with:
+        path: |
+          ~/.cache/solana/
+          ~/.local/share/solana/
+        key: solana-cli-${{ runner.os }}-build-${{ inputs.solana-cli-version }}
+    - name: Install Solana CLI tools
+      run: sh -c "$(curl -sSfL https://release.solana.com/v${{ inputs.solana-cli-version }}/install)"
+      shell: bash
+    - name: Update PATH
+      run: echo "/home/runner/.local/share/solana/install/active_release/bin" >> $GITHUB_PATH 
+      shell: bash
+    - name: Install Anchor
+      run: npm i -g @project-serum/anchor-cli@${{ inputs.anchor-version }}
+      shell: bash
+