diff --git a/examples/albert/utils.py b/examples/albert/utils.py
index 4d5d0a9b9..3aa2cccf1 100644
--- a/examples/albert/utils.py
+++ b/examples/albert/utils.py
@@ -1,16 +1,16 @@
 from typing import Dict, List, Tuple
 
-from pydantic import BaseModel, StrictFloat, confloat, conint
+from pydantic import StrictFloat, confloat, conint
 
 from hivemind.dht.crypto import RSASignatureValidator
-from hivemind.dht.schema import BytesWithPublicKey, SchemaValidator
+from hivemind.dht.schema import BytesWithPublicKey, ExtendedBaseModel, SchemaValidator
 from hivemind.dht.validation import RecordValidatorBase
 from hivemind.utils.logging import get_logger
 
 logger = get_logger(__name__)
 
 
-class LocalMetrics(BaseModel):
+class LocalMetrics(ExtendedBaseModel):
     step: conint(ge=0, strict=True)
     samples_per_second: confloat(ge=0.0, strict=True)
     samples_accumulated: conint(ge=0, strict=True)
@@ -18,7 +18,7 @@ class LocalMetrics(BaseModel):
     mini_steps: conint(ge=0, strict=True)
 
 
-class MetricSchema(BaseModel):
+class MetricSchema(ExtendedBaseModel):
     metrics: Dict[BytesWithPublicKey, LocalMetrics]
 
 
diff --git a/hivemind/dht/schema.py b/hivemind/dht/schema.py
index 587afd1fb..4bb7f6c51 100644
--- a/hivemind/dht/schema.py
+++ b/hivemind/dht/schema.py
@@ -2,6 +2,7 @@
 from typing import Any, Dict, Optional, Type
 
 import pydantic
+from pydantic_core import CoreSchema, core_schema
 
 from hivemind.dht.crypto import RSASignatureValidator
 from hivemind.dht.protocol import DHTProtocol
@@ -12,13 +13,18 @@
 logger = get_logger(__name__)
 
 
+class ExtendedBaseModel(pydantic.BaseModel):
+    class Config:
+        arbitrary_types_allowed = True
+
+
 class SchemaValidator(RecordValidatorBase):
     """
     Restricts specified DHT keys to match a Pydantic schema.
     This allows to enforce types, min/max values, require a subkey to contain a public key, etc.
     """
 
-    def __init__(self, schema: Type[pydantic.BaseModel], allow_extra_keys: bool = True, prefix: Optional[str] = None):
+    def __init__(self, schema: Type[ExtendedBaseModel], allow_extra_keys: bool = True, prefix: Optional[str] = None):
         """
         :param schema: The Pydantic model (a subclass of pydantic.BaseModel).
 
@@ -37,22 +43,23 @@ def __init__(self, schema: Type[pydantic.BaseModel], allow_extra_keys: bool = Tr
         :param prefix: (optional) Add ``prefix + '_'`` to the names of all schema fields.
         """
 
-        self._patch_schema(schema)
+        # self._patch_schema(schema)
         self._schemas = [schema]
 
         self._key_id_to_field_name = {}
-        for field in schema.__fields__.values():
-            raw_key = f"{prefix}_{field.name}" if prefix is not None else field.name
-            self._key_id_to_field_name[DHTID.generate(source=raw_key).to_bytes()] = field.name
+        for field_name in schema.__fields__.keys():
+            raw_key = f"{prefix}_{field_name}" if prefix is not None else field_name
+            self._key_id_to_field_name[DHTID.generate(source=raw_key).to_bytes()] = field_name
         self._allow_extra_keys = allow_extra_keys
 
-    @staticmethod
-    def _patch_schema(schema: pydantic.BaseModel):
-        # We set required=False because the validate() interface provides only one key at a time
-        for field in schema.__fields__.values():
-            field.required = False
+    # // required was changed to is_required in 2.0, and made read-only 
+    # @staticmethod
+    # def _patch_schema(schema: ExtendedBaseModel):
+    #     # We set required=False because the validate() interface provides only one key at a time
+    #     for field in schema.__fields__.values():
+    #         field.required = False
 
-        schema.Config.extra = pydantic.Extra.forbid
+    #     schema.Config.extra = pydantic.Extra.forbid
 
     def validate(self, record: DHTRecord) -> bool:
         """
@@ -151,11 +158,11 @@ def __setstate__(self, state):
         self.__dict__.update(state)
 
         # If unpickling happens in another process, the previous model modifications may be lost
-        for schema in self._schemas:
-            self._patch_schema(schema)
+        # for schema in self._schemas:
+        #     self._patch_schema(schema)
 
 
-def conbytes(*, regex: bytes = None, **kwargs) -> Type[pydantic.BaseModel]:
+def conbytes(*, regex: bytes = None, **kwargs) -> Type[ExtendedBaseModel]:
     """
     Extend pydantic.conbytes() to support ``regex`` constraints (like pydantic.constr() does).
     """
@@ -164,11 +171,7 @@ def conbytes(*, regex: bytes = None, **kwargs) -> Type[pydantic.BaseModel]:
 
     class ConstrainedBytesWithRegex(pydantic.conbytes(**kwargs)):
         @classmethod
-        def __get_validators__(cls):
-            yield from super().__get_validators__()
-            yield cls.match_regex
-
-        @classmethod
+        @pydantic.validator("*")
         def match_regex(cls, value: bytes) -> bytes:
             if compiled_regex is not None and compiled_regex.match(value) is None:
                 raise ValueError(f"Value `{value}` doesn't match regex `{regex}`")
diff --git a/hivemind/optim/progress_tracker.py b/hivemind/optim/progress_tracker.py
index 9a6ff66e7..63987a983 100644
--- a/hivemind/optim/progress_tracker.py
+++ b/hivemind/optim/progress_tracker.py
@@ -6,10 +6,10 @@
 from typing import Dict, Optional
 
 import numpy as np
-from pydantic import BaseModel, StrictBool, StrictFloat, confloat, conint
+from pydantic import StrictBool, StrictFloat, confloat, conint
 
 from hivemind.dht import DHT
-from hivemind.dht.schema import BytesWithPublicKey, RSASignatureValidator, SchemaValidator
+from hivemind.dht.schema import BytesWithPublicKey, ExtendedBaseModel, RSASignatureValidator, SchemaValidator
 from hivemind.utils import DHTExpiration, ValueWithExpiration, enter_asynchronously, get_dht_time, get_logger
 from hivemind.utils.crypto import RSAPrivateKey
 from hivemind.utils.performance_ema import PerformanceEMA
@@ -28,7 +28,7 @@ class GlobalTrainingProgress:
     next_fetch_time: float
 
 
-class LocalTrainingProgress(BaseModel):
+class LocalTrainingProgress(ExtendedBaseModel):
     peer_id: bytes
     epoch: conint(ge=0, strict=True)
     samples_accumulated: conint(ge=0, strict=True)
@@ -37,7 +37,7 @@ class LocalTrainingProgress(BaseModel):
     client_mode: StrictBool
 
 
-class TrainingProgressSchema(BaseModel):
+class TrainingProgressSchema(ExtendedBaseModel):
     progress: Dict[BytesWithPublicKey, Optional[LocalTrainingProgress]]
 
 
diff --git a/requirements.txt b/requirements.txt
index df60317d8..8420ae128 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -12,5 +12,5 @@ configargparse>=1.2.3
 py-multihash>=0.2.3
 multiaddr @ git+https://github.com/multiformats/py-multiaddr.git@e01dbd38f2c0464c0f78b556691d655265018cce
 cryptography>=3.4.6
-pydantic>=1.8.1,<2.0
+pydantic>=2.7.3
 packaging>=20.9
diff --git a/tests/test_dht_schema.py b/tests/test_dht_schema.py
index 8c9fd4aeb..74afd365d 100644
--- a/tests/test_dht_schema.py
+++ b/tests/test_dht_schema.py
@@ -2,16 +2,16 @@
 from typing import Dict
 
 import pytest
-from pydantic import BaseModel, StrictInt, conint
+from pydantic import StrictInt, conint
 
 import hivemind
 from hivemind.dht.node import DHTNode
-from hivemind.dht.schema import BytesWithPublicKey, SchemaValidator
+from hivemind.dht.schema import BytesWithPublicKey, ExtendedBaseModel, SchemaValidator
 from hivemind.dht.validation import DHTRecord, RecordValidatorBase
 from hivemind.utils.timed_storage import get_dht_time
 
 
-class SampleSchema(BaseModel):
+class SampleSchema(ExtendedBaseModel):
     experiment_name: bytes
     n_batches: Dict[bytes, conint(ge=0, strict=True)]
     signed_data: Dict[BytesWithPublicKey, bytes]
@@ -94,10 +94,10 @@ async def test_expecting_public_keys(dht_nodes_with_schema):
 @pytest.mark.forked
 @pytest.mark.asyncio
 async def test_keys_outside_schema(dht_nodes_with_schema):
-    class Schema(BaseModel):
+    class Schema(ExtendedBaseModel):
         some_field: StrictInt
 
-    class MergedSchema(BaseModel):
+    class MergedSchema(ExtendedBaseModel):
         another_field: StrictInt
 
     for allow_extra_keys in [False, True]:
@@ -121,7 +121,7 @@ class MergedSchema(BaseModel):
 @pytest.mark.forked
 @pytest.mark.asyncio
 async def test_prefix():
-    class Schema(BaseModel):
+    class Schema(ExtendedBaseModel):
         field: StrictInt
 
     validator = SchemaValidator(Schema, allow_extra_keys=False, prefix="prefix")
@@ -153,11 +153,11 @@ def validate(self, record: DHTRecord) -> bool:
     # Can't merge with the validator of the different type
     assert not alice.protocol.record_validator.merge_with(second_validator)
 
-    class SecondSchema(BaseModel):
+    class SecondSchema(ExtendedBaseModel):
         some_field: StrictInt
         another_field: str
 
-    class ThirdSchema(BaseModel):
+    class ThirdSchema(ExtendedBaseModel):
         another_field: StrictInt  # Allow it to be a StrictInt as well
 
     for schema in [SecondSchema, ThirdSchema]:
diff --git a/tests/test_dht_validation.py b/tests/test_dht_validation.py
index 56420d3d7..a0d77b5c4 100644
--- a/tests/test_dht_validation.py
+++ b/tests/test_dht_validation.py
@@ -2,21 +2,21 @@
 from typing import Dict
 
 import pytest
-from pydantic import BaseModel, StrictInt
+from pydantic import StrictInt
 
 import hivemind
 from hivemind.dht.crypto import RSASignatureValidator
 from hivemind.dht.protocol import DHTProtocol
 from hivemind.dht.routing import DHTID
-from hivemind.dht.schema import BytesWithPublicKey, SchemaValidator
+from hivemind.dht.schema import BytesWithPublicKey, ExtendedBaseModel, SchemaValidator
 from hivemind.dht.validation import CompositeValidator, DHTRecord
 
 
-class SchemaA(BaseModel):
+class SchemaA(ExtendedBaseModel):
     field_a: bytes
 
 
-class SchemaB(BaseModel):
+class SchemaB(ExtendedBaseModel):
     field_b: Dict[BytesWithPublicKey, StrictInt]