diff --git a/app/genesis.go b/app/genesis.go
index 31a49b50..df501771 100644
--- a/app/genesis.go
+++ b/app/genesis.go
@@ -37,11 +37,11 @@ func (genState GenesisState) AddMarketData(cdc codec.JSONCodec) GenesisState {
 	var marketGenState marketmaptypes.GenesisState
 	cdc.MustUnmarshalJSON(genState[marketmaptypes.ModuleName], &marketGenState)
 
-	// Load initial markets
-	coreMarkets := marketmaps.CoreMarketMap
-	markets := coreMarkets.Markets
+	// Load the initial markets into the marketmap genesis state
+	marketGenState.MarketMap = marketmaps.CoreMarketMap
 
 	// Sort keys so we can deterministically iterate over map items.
+	markets := marketGenState.MarketMap.Markets
 	keys := make([]string, 0, len(markets))
 	for name := range markets {
 		keys = append(keys, name)
@@ -51,7 +51,8 @@ func (genState GenesisState) AddMarketData(cdc codec.JSONCodec) GenesisState {
 	// Initialize all markets
 	var id uint64
 	currencyPairGenesis := make([]oracletypes.CurrencyPairGenesis, len(markets))
-	for _, market := range markets {
+	for _, key := range keys {
+		market := markets[key]
 		currencyPairGenesis[id] = oracletypes.CurrencyPairGenesis{
 			CurrencyPair:      market.Ticker.CurrencyPair,
 			CurrencyPairPrice: nil,
diff --git a/app/genesis_test.go b/app/genesis_test.go
index 8f43ddf9..ffd9086a 100644
--- a/app/genesis_test.go
+++ b/app/genesis_test.go
@@ -10,6 +10,8 @@ import (
 	simtestutil "github.com/cosmos/cosmos-sdk/testutil/sims"
 	oracleconfig "github.com/skip-mev/connect/v2/oracle/config"
 	marketmaptypes "github.com/skip-mev/connect/v2/x/marketmap/types"
+	oracletypes "github.com/skip-mev/connect/v2/x/oracle/types"
+	"github.com/stretchr/testify/require"
 
 	milkyway "github.com/milkyway-labs/milkyway/v2/app"
 )
@@ -28,6 +30,21 @@ func TestNewDefaultGenesisState(t *testing.T) {
 		baseapp.SetChainID("milkyway-app"),
 	)
 
+	// Generate the genesis file
 	genesis := milkyway.NewDefaultGenesisState(app.AppCodec(), app.ModuleBasics)
-	println(genesis[marketmaptypes.ModuleName])
+
+	// Get the codes
+	cdc, _ := milkyway.MakeCodecs()
+
+	// Make sure there are some markets in the genesis state
+	var marketMapGenesis marketmaptypes.GenesisState
+	err := cdc.UnmarshalJSON(genesis[marketmaptypes.ModuleName], &marketMapGenesis)
+	require.NoError(t, err)
+	require.NotEmpty(t, marketMapGenesis.MarketMap.Markets)
+
+	// Make sure the oracle genesis state is properly initialized
+	var oracleGenesis oracletypes.GenesisState
+	err = cdc.UnmarshalJSON(genesis[oracletypes.ModuleName], &oracleGenesis)
+	require.NoError(t, err)
+	require.Len(t, oracleGenesis.CurrencyPairGenesis, len(marketMapGenesis.MarketMap.Markets))
 }