diff --git a/.github/workflows/ci.yml b/.github/workflows/ci.yml
index cadd41fb9..70d31f1b2 100644
--- a/.github/workflows/ci.yml
+++ b/.github/workflows/ci.yml
@@ -25,6 +25,8 @@ env:
   RUSTUP_MAX_RETRIES: 10
   # Don't emit giant backtraces in the CI logs.
   RUST_BACKTRACE: short
+  # Pin a nightly version for minimal versions
+  rust_nightly: nightly-2024-05-05
 
 jobs:
   check:
@@ -42,6 +44,27 @@ jobs:
       - name: Run cargo check
         run: cargo check
 
+  minimal-versions:
+    name: minimal-versions
+    runs-on: ubuntu-latest
+    steps:
+      - uses: actions/checkout@v4
+      - name: Install Rust ${{ env.rust_nightly }}
+        uses: dtolnay/rust-toolchain@stable
+        with:
+          toolchain: ${{ env.rust_nightly }}
+      - name: Install cargo-hack
+        uses: taiki-e/install-action@cargo-hack
+      - uses: Swatinem/rust-cache@v2
+      - name: "check -Z direct-minimal-versions"
+        run: |
+          # Remove dev-dependencies from Cargo.toml to prevent the next `cargo update`
+          # from determining minimal versions based on dev-dependencies.
+          cargo hack --remove-dev-deps --workspace
+          # Update Cargo.lock to minimal version dependencies.
+          cargo +${{ env.rust_nightly }} update -Z direct-minimal-versions
+          cargo check
+
   test_os:
     name: Tests on ${{ matrix.os }} with Rust ${{ matrix.rust }}
     runs-on: ${{ matrix.os }}
diff --git a/console-api/Cargo.toml b/console-api/Cargo.toml
index cc40fa4f0..c1114683e 100644
--- a/console-api/Cargo.toml
+++ b/console-api/Cargo.toml
@@ -34,13 +34,13 @@ tonic = { version = "0.12.3", default-features = false, features = [
     "codegen",
     "transport",
 ] }
-prost = "0.13.1"
-prost-types = "0.13.1"
-tracing-core = "0.1.17"
-futures-core = "0.3"
+prost = "0.13.3"
+prost-types = "0.13.3"
+tracing-core = "0.1.30"
+futures-core = "0.3.31"
 
 [dev-dependencies]
-tonic-build = { version = "0.12", default-features = false, features = [
+tonic-build = { version = "0.12.3", default-features = false, features = [
     "prost", "transport"
 ] }
 # explicit dep so we can get the version with fixed whitespace.
diff --git a/console-subscriber/Cargo.toml b/console-subscriber/Cargo.toml
index fcf2103be..9d5cc19e4 100644
--- a/console-subscriber/Cargo.toml
+++ b/console-subscriber/Cargo.toml
@@ -32,24 +32,24 @@ grpc-web = ["dep:tonic-web"]
 
 [dependencies]
 crossbeam-utils = "0.8.7"
-tokio = { version = "^1.21", features = ["sync", "time", "macros", "tracing"] }
-tokio-stream = { version = "0.1", features = ["net"] }
-thread_local = "1.1.3"
-console-api = { version = "0.8.1", path = "../console-api", features = ["transport"] }
-tonic = { version = "0.12", features = ["transport"] }
-tracing-core = "0.1.24"
-tracing = "0.1.26"
+tokio = { version = "1.34", features = ["sync", "time", "macros", "tracing"] }
+tokio-stream = { version = "0.1.16", features = ["net"] }
+thread_local = "1.1.4"
+console-api = { version = "0.8.0", path = "../console-api", features = ["transport"] }
+tonic = { version = "0.12.3", features = ["transport"] }
+tracing-core = "0.1.30"
+tracing = "0.1.35"
 tracing-subscriber = { version = "0.3.17", default-features = false, features = ["fmt", "registry"] }
-futures-task = { version = "0.3", default-features = false }
-hdrhistogram = { version = "7.3.0", default-features = false, features = ["serialization"] }
-parking_lot = { version = "0.12", optional = true }
+futures-task = { version = "0.3.31", default-features = false }
+hdrhistogram = { version = "7.4.0", default-features = false, features = ["serialization"] }
+parking_lot = { version = "0.12.1", optional = true }
 humantime = "2.1.0"
-prost = "0.13.1"
-prost-types = "0.13.1"
+prost = "0.13.3"
+prost-types = "0.13.3"
 hyper-util = { version = "0.1.6", features = ["tokio"] }
 
 # Required for recording:
-serde = { version = "1", features = ["derive"] }
+serde = { version = "1.0.145", features = ["derive"] }
 serde_json = "1"
 crossbeam-channel = "0.5"
 
@@ -57,8 +57,8 @@ crossbeam-channel = "0.5"
 tonic-web = { version = "0.12", optional = true }
 
 [dev-dependencies]
-tokio = { version = "^1.21", features = ["full", "rt-multi-thread"] }
-tower = { version = "0.4", default-features = false }
+tokio = { version = "1.34", features = ["full", "rt-multi-thread"] }
+tower = { version = "0.4.12", default-features = false }
 futures = "0.3"
 http = "1.1"
 tower-http = { version = "0.5", features = ["cors"] }
diff --git a/tokio-console/Cargo.toml b/tokio-console/Cargo.toml
index 1368a4150..47a4d34cf 100644
--- a/tokio-console/Cargo.toml
+++ b/tokio-console/Cargo.toml
@@ -36,26 +36,26 @@ eula = false
 console-api = { version = "0.8.1", path = "../console-api", features = ["transport"] }
 clap = { version = "~4.5.4", features = ["wrap_help", "cargo", "derive", "env"] }
 clap_complete = "~4.5.2"
-tokio = { version = "1", features = ["full", "rt-multi-thread"] }
-tonic = { version = "0.12", features = ["transport"] }
+tokio = { version = "1.34", features = ["full", "rt-multi-thread"] }
+tonic = { version = "0.12.3", features = ["transport"] }
 futures = "0.3"
 ratatui = { version = "0.26.2", default-features = false, features = ["crossterm"] }
 tower = "0.4.12"
-tracing = "0.1"
-tracing-subscriber = { version = "0.3" }
+tracing = "0.1.35"
+tracing-subscriber = { version = "0.3.17" }
 tracing-journald = { version = "0.2", optional = true }
-prost-types = "0.13.1"
+prost-types = "0.13.3"
 crossterm = { version = "0.27.0", features = ["event-stream"] }
 color-eyre = { version = "0.6", features = ["issue-url"] }
-hdrhistogram = { version = "7.3.0", default-features = false, features = ["serialization"] }
+hdrhistogram = { version = "7.4.0", default-features = false, features = ["serialization"] }
 # Keep this in sync with the version from `tonic`.
 # Because we inspect the error from tonic, we need to make sure that the
 # version of h2 we use is compatible with the version of tonic we use.
-h2 = "0.4"
-regex = "1.5"
-once_cell = "1.8"
+h2 = "0.4.6"
+regex = "1.11"
+once_cell = "1.17.1"
 humantime = "2.1.0"
-serde = { version = "1", features = ["derive"] }
+serde = { version = "1.0.145", features = ["derive"] }
 toml = "0.5"
 dirs = "5"
 hyper-util = { version = "0.1.6", features = ["tokio"] }
diff --git a/xtask/Cargo.toml b/xtask/Cargo.toml
index 1296c6380..e66bec883 100644
--- a/xtask/Cargo.toml
+++ b/xtask/Cargo.toml
@@ -7,9 +7,9 @@ rust-version = "1.74.0"
 publish = false
 
 [dependencies]
-tonic-build = { version = "0.12", default-features = false, features = [
+tonic-build = { version = "0.12.3", default-features = false, features = [
     "prost", "transport"
 ] }
 clap = { version = "~4.5.4", features = ["derive"] }
 color-eyre = "0.6"
-regex = "1.11.0"
+regex = "1.11"