diff --git a/Cargo.lock b/Cargo.lock
index 5319621502..89e83e669c 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2624,9 +2624,9 @@ dependencies = [
 
 [[package]]
 name = "serde"
-version = "1.0.127"
+version = "1.0.128"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f03b9878abf6d14e6779d3f24f07b2cfa90352cfec4acc5aab8f1ac7f146fae8"
+checksum = "1056a0db1978e9dbf0f6e4fca677f6f9143dc1c19de346f22cac23e422196834"
 dependencies = [
  "serde_derive",
 ]
@@ -2652,9 +2652,9 @@ dependencies = [
 
 [[package]]
 name = "serde_derive"
-version = "1.0.127"
+version = "1.0.128"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a024926d3432516606328597e0f224a51355a493b49fdd67e9209187cbe55ecc"
+checksum = "13af2fbb8b60a8950d6c72a56d2095c28870367cc8e10c55e9745bac4995a2c4"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/relayer-rest/Cargo.toml b/relayer-rest/Cargo.toml
index 32a40005d7..7f1b513127 100644
--- a/relayer-rest/Cargo.toml
+++ b/relayer-rest/Cargo.toml
@@ -22,7 +22,7 @@ rouille           = { version = "3.1" }
 tracing           = { version = "0.1" }
 
 [dev-dependencies]
-serde = "1.0.127"
+serde = "1.0.128"
 serde_json = "1.0.66"
 toml = "0.5.8"
 ureq = "2.1.1"
diff --git a/relayer/Cargo.toml b/relayer/Cargo.toml
index 28935b5a73..9d1c4281c9 100644
--- a/relayer/Cargo.toml
+++ b/relayer/Cargo.toml
@@ -29,7 +29,7 @@ ibc-telemetry = { version = "0.6.2", path = "../telemetry", optional = true }
 subtle-encoding = "0.5"
 async-trait = "0.1.50"
 humantime-serde = "1.0.0"
-serde = "1.0.125"
+serde = "1.0.128"
 serde_cbor = "0.11.2"
 serde_derive = "1.0"
 sled = { version = "0.34.4", features = ["no_metrics", "no_logs"] }