diff --git a/package.json b/package.json
index 93ac62264..a45cb926d 100644
--- a/package.json
+++ b/package.json
@@ -20,6 +20,7 @@
   "scripts": {
     "format": "prettier --loglevel warn --write \"**/*.{js,jsx,ts,tsx,css,md,yml,json}\"",
     "dev": "lerna run dev --parallel",
+    "dev:ui": "lerna run dev:ui --parallel",
     "clean": "rm -rf packages/extension/dist packages/get-starket/dist",
     "build": "lerna run build --stream",
     "build:sourcemaps": "GEN_SOURCE_MAPS=true lerna run build",
diff --git a/packages/extension/package.json b/packages/extension/package.json
index 4074ff879..e398a4191 100644
--- a/packages/extension/package.json
+++ b/packages/extension/package.json
@@ -47,6 +47,7 @@
     "build:sourcemaps": "NODE_ENV=production GEN_SOURCE_MAPS=true webpack",
     "start": "webpack",
     "dev": "webpack --color --watch",
+    "dev:ui": "SHOW_DEV_UI=true webpack --color --watch",
     "lint": "eslint . --cache --ext .ts,.tsx",
     "test": "vitest run",
     "pretest:e2e": "playwright install chromium && ([ -d dist ] || yarn build)",
diff --git a/packages/extension/src/ui/App.tsx b/packages/extension/src/ui/App.tsx
index a75eb345e..646c89ea5 100644
--- a/packages/extension/src/ui/App.tsx
+++ b/packages/extension/src/ui/App.tsx
@@ -7,6 +7,7 @@ import { AppRoutes } from "./AppRoutes"
 import { ErrorBoundary } from "./components/ErrorBoundary"
 import { LoadingScreen } from "./features/actions/LoadingScreen"
 import { useExtensionIsInTab } from "./features/browser/tabs"
+import DevUI from "./features/dev/DevUI"
 import { useTracking } from "./services/analytics"
 import { swrCacheProvider } from "./services/swr"
 import { GlobalStyle, theme } from "./theme"
@@ -24,6 +25,7 @@ export const App: FC = () => {
           rel="stylesheet"
         />
         <GlobalStyle extensionIsInTab={extensionIsInTab} />
+        {process.env.SHOW_DEV_UI && <DevUI />}
         <ErrorBoundary fallback={<AppErrorBoundaryFallback />}>
           <Suspense fallback={<LoadingScreen />}>
             <AppRoutes />
diff --git a/packages/extension/src/ui/features/accountTokens/AccountTokens.tsx b/packages/extension/src/ui/features/accountTokens/AccountTokens.tsx
index aa4b645d2..668c9ad1b 100644
--- a/packages/extension/src/ui/features/accountTokens/AccountTokens.tsx
+++ b/packages/extension/src/ui/features/accountTokens/AccountTokens.tsx
@@ -1,4 +1,4 @@
-import { FC, Suspense, useEffect, useRef } from "react"
+import { FC, useEffect, useRef } from "react"
 import { Link, useNavigate } from "react-router-dom"
 import styled from "styled-components"
 import useSWR from "swr"
@@ -8,7 +8,6 @@ import {
   isDeprecated,
 } from "../../../shared/wallet.service"
 import { useAppState } from "../../app.state"
-import { ErrorBoundary } from "../../components/ErrorBoundary"
 import ErrorBoundaryFallbackWithCopyError from "../../components/ErrorBoundaryFallbackWithCopyError"
 import { IconButton } from "../../components/IconButton"
 import { AddIcon } from "../../components/Icons/MuiIcons"
@@ -75,7 +74,8 @@ export const AccountTokens: FC<AccountTokensProps> = ({ account }) => {
     { suspense: false },
   )
 
-  const { isValidating, tokenDetails } = useTokensWithBalance(account)
+  const { isValidating, error, tokenDetails, tokenDetailsIsInitialising } =
+    useTokensWithBalance(account)
 
   const { data: needsUpgrade = false, mutate } = useSWR(
     [
@@ -131,30 +131,31 @@ export const AccountTokens: FC<AccountTokensProps> = ({ account }) => {
       )}
       {showNoBalanceForUpgrade && <UpgradeBanner canNotPay />}
       <PendingTransactions account={account} />
-      <ErrorBoundary
-        fallback={
-          <ErrorBoundaryFallbackWithCopyError
-            message={"Sorry, an error occurred fetching tokens"}
+      {error ? (
+        <ErrorBoundaryFallbackWithCopyError
+          error={error}
+          message={"Sorry, an error occurred fetching tokens"}
+        />
+      ) : (
+        <>
+          <TokenList
+            showTitle={showPendingTransactions}
+            isValidating={isValidating}
+            tokenList={tokenDetails}
+            variant={tokenListVariant}
           />
-        }
-      >
-        <Suspense fallback={<Spinner size={64} style={{ marginTop: 40 }} />}>
-          <>
-            <TokenList
-              showTitle={showPendingTransactions}
-              variant={tokenListVariant}
-              isValidating={isValidating}
-              tokenList={tokenDetails}
-            />
+          {tokenDetailsIsInitialising ? (
+            <Spinner size={64} style={{ marginTop: 40 }} />
+          ) : (
             <TokenWrapper {...makeClickable(() => navigate(routes.newToken()))}>
               <AddTokenIconButton size={40}>
                 <AddIcon />
               </AddTokenIconButton>
               <TokenTitle>Add token</TokenTitle>
             </TokenWrapper>
-          </>
-        </Suspense>
-      </ErrorBoundary>
+          )}
+        </>
+      )}
     </Container>
   )
 }
diff --git a/packages/extension/src/ui/features/accountTokens/TokenList.tsx b/packages/extension/src/ui/features/accountTokens/TokenList.tsx
index 39ad8ff1a..e8086a783 100644
--- a/packages/extension/src/ui/features/accountTokens/TokenList.tsx
+++ b/packages/extension/src/ui/features/accountTokens/TokenList.tsx
@@ -24,7 +24,7 @@ export const TokenList: FC<TokenListProps> = ({
   navigateToSend = false,
 }) => {
   if (!tokenList) {
-    return <></>
+    return null
   }
 
   return (
diff --git a/packages/extension/src/ui/features/accountTokens/tokens.state.ts b/packages/extension/src/ui/features/accountTokens/tokens.state.ts
index a9a63595e..a925f8291 100644
--- a/packages/extension/src/ui/features/accountTokens/tokens.state.ts
+++ b/packages/extension/src/ui/features/accountTokens/tokens.state.ts
@@ -3,6 +3,7 @@ import { useEffect, useMemo } from "react"
 import { number } from "starknet"
 import useSWR from "swr"
 import create from "zustand"
+import shallow from "zustand/shallow"
 
 import { messageStream } from "../../../shared/messages"
 import { Token, equalToken } from "../../../shared/token"
@@ -106,6 +107,7 @@ export const selectTokensByNetwork = (networkId: string) => (state: State) =>
 
 interface UseTokens {
   tokenDetails: TokenDetailsWithBalance[]
+  tokenDetailsIsInitialising: boolean
   isValidating: boolean
   error?: any
 }
@@ -114,15 +116,28 @@ export const useTokensWithBalance = (
   account?: BaseWalletAccount,
 ): UseTokens => {
   const selectedAccount = useAccount(account)
-  const tokensInNetwork = useTokens(
-    selectTokensByNetwork(selectedAccount?.networkId ?? ""),
-  )
-  const tokenAddresses = useMemo(
-    () => tokensInNetwork.map((t) => t.address),
-    [tokensInNetwork],
-  )
 
-  const { data, isValidating, error, mutate } = useSWR(
+  const tokensInNetworkSelector = useMemo(() => {
+    return selectTokensByNetwork(selectedAccount?.networkId ?? "")
+  }, [selectedAccount?.networkId])
+
+  const tokenAddressesSelector = useMemo(() => {
+    return (state: State) => {
+      const tokensInNetwork = tokensInNetworkSelector(state)
+      return tokensInNetwork.map((t) => t.address)
+    }
+  }, [tokensInNetworkSelector])
+
+  // shallow compare objects and arrays
+  const tokensInNetwork = useTokens(tokensInNetworkSelector, shallow)
+  const tokenAddresses = useTokens(tokenAddressesSelector, shallow)
+
+  const {
+    data,
+    isValidating,
+    error: rawError,
+    mutate,
+  } = useSWR(
     // skip if no account selected
     selectedAccount && [
       getAccountIdentifier(selectedAccount),
@@ -130,7 +145,7 @@ export const useTokensWithBalance = (
     ],
     async () => {
       if (!selectedAccount) {
-        return {}
+        return
       }
 
       const balances = await fetchAllTokensBalance(
@@ -138,17 +153,45 @@ export const useTokensWithBalance = (
         selectedAccount,
       )
 
-      return balances ?? {}
+      return balances
     },
     {
-      suspense: true,
       refreshInterval: 30000,
     },
   )
 
-  // refetch balances on transaction success or token edit (token was added or removed)
+  /**
+   * FIXME:
+   * Investigate what causes the SWR hook above to cache an empty object `error: {}`, usually observed after reloading the extension
+   *
+   * This is subsequently retreived by SWR from the cache and causes an immediately defined error if left unchecked
+   *
+   * You can verify this by debugging in the `set` method of `swrCacheProvider`, and
+   * checking for SWR setting a value containing a key of `error` with an empty object {}
+   *
+   * As a workaround we check for empty object here and treat as undefined while the hook revalidates properly
+   *
+   */
+
+  const error: any = useMemo(() => {
+    if (!rawError) {
+      return
+    }
+    try {
+      if (JSON.stringify(rawError) === "{}") {
+        console.warn("FIXME: Ignoring empty object {} error")
+        return
+      }
+    } catch (e) {
+      // ignore any stringify errors
+    }
+    return rawError
+  }, [rawError])
+
+  const tokenDetailsIsInitialising = !error && !data && isValidating
+
+  // refetch balances on transaction success
   useEffect(() => {
-    mutate()
     const subscription = messageStream.subscribe(([msg]) => {
       if (msg.type === "TRANSACTION_SUCCESS") {
         mutate() // refetch balances
@@ -159,7 +202,12 @@ export const useTokensWithBalance = (
         subscription.unsubscribe()
       }
     }
-  }, [tokenAddresses.join(":")])
+  }, [mutate])
+
+  // refetch balances on token edit (token was added or removed)
+  useEffect(() => {
+    mutate()
+  }, [mutate, tokenAddresses])
 
   const tokenDetails = useMemo(() => {
     return tokensInNetwork
@@ -170,7 +218,12 @@ export const useTokensWithBalance = (
       .filter(
         (token) => token.showAlways || (token.balance && token.balance.gt(0)),
       )
-  }, [tokenAddresses, data])
-
-  return { tokenDetails, isValidating, error }
+  }, [tokensInNetwork, data])
+
+  return {
+    tokenDetails,
+    tokenDetailsIsInitialising,
+    isValidating,
+    error,
+  }
 }
diff --git a/packages/extension/src/ui/features/dev/DevUI.tsx b/packages/extension/src/ui/features/dev/DevUI.tsx
new file mode 100644
index 000000000..8582b19e3
--- /dev/null
+++ b/packages/extension/src/ui/features/dev/DevUI.tsx
@@ -0,0 +1,46 @@
+import { FC, useCallback } from "react"
+import styled from "styled-components"
+import browser from "webextension-polyfill"
+
+import { RowCentered } from "../../components/Row"
+import { useBackupRequired } from "../recovery/backupDownload.state"
+
+const Container = styled(RowCentered)`
+  position: fixed;
+  z-index: 123;
+`
+
+const DevButton = styled.div`
+  background-color: rgba(255, 255, 255, 0.15);
+  padding: 4px 8px;
+  cursor: pointer;
+  border-radius: 500px;
+  margin-top: 4px;
+  &:hover {
+    background-color: rgba(255, 255, 255, 0.25);
+  }
+`
+
+const DevUI: FC = () => {
+  const reset = useCallback(() => {
+    // reset cache
+    const backupState = useBackupRequired.getState()
+    localStorage.clear()
+    useBackupRequired.setState(backupState)
+  }, [])
+  const onReload = useCallback(() => {
+    const url = browser.runtime.getURL("index.html")
+    setTimeout(() => {
+      // ensure state got persisted before reloading
+      window.location.href = url
+    }, 100)
+  }, [])
+  return (
+    <Container gap={"4px"}>
+      <DevButton onClick={reset}>Reset cache</DevButton>
+      <DevButton onClick={onReload}>Reload</DevButton>
+    </Container>
+  )
+}
+
+export default DevUI