diff --git a/.github/actions/setup-rust/action.yml b/.github/actions/setup-rust/action.yml
index bb6044cbf08f1..b64b23b584ced 100644
--- a/.github/actions/setup-rust/action.yml
+++ b/.github/actions/setup-rust/action.yml
@@ -4,61 +4,17 @@ inputs:
   targets:
     description: 'Comma-separated list of target triples to install for this toolchain'
     required: false
-  components:
-    description: 'Comma-separated list of components to be additionally installed'
-    required: false
-  skip-install:
-    description: 'Sets environment variables without installing the rust toolchain'
-    required: false
 
 runs:
   using: 'composite'
   steps:
-    - name: 'Get toolchain version from file'
-      id: file
-      shell: bash
-      run: echo "toolchain=$(cat ./rust-toolchain)" >> $GITHUB_OUTPUT
-
-    - shell: bash
-      run: |
-        : force toolchain version
-        echo "RUST_TOOLCHAIN=${{ steps.file.outputs.toolchain }}" >> $GITHUB_ENV
-
-    - shell: bash
-      run: |
-        : disable incremental compilation
-        if [ -z "${CARGO_INCREMENTAL+set}" ]; then
-          echo CARGO_INCREMENTAL=0 >> $GITHUB_ENV
-        fi
-
-    - shell: bash
-      run: |
-        : enable colors in Cargo output
-        if [ -z "${CARGO_TERM_COLOR+set}" ]; then
-          echo CARGO_TERM_COLOR=always >> $GITHUB_ENV
-        fi
-
-    - shell: bash
-      run: |
-        : enable rust backtrace
-        if [ -z "${RUST_BACKTRACE+set}" ]; then
-          echo RUST_BACKTRACE=short >> $GITHUB_ENV
-        fi
-
-    - shell: bash
-      run: |
-        : enable faster cargo sparse registry
-        if [ -z "${CARGO_REGISTRIES_CRATES_IO_PROTOCOL+set}" ]; then
-          echo CARGO_REGISTRIES_CRATES_IO_PROTOCOL=sparse >> $GITHUB_ENV
-        fi
-
     - name: 'Setup Rust toolchain'
-      uses: dtolnay/rust-toolchain@master
-      if: ${{ !inputs.skip-install }}
+      uses: actions-rust-lang/setup-rust-toolchain@v1
       with:
-        toolchain: ${{ steps.file.outputs.toolchain }}
-        targets: ${{ inputs.targets }}
-        components: ${{ inputs.components }}
+        target: ${{ inputs.targets }}
+        # needed to not make it override the defaults
+        rustflags: ''
+        cache: false
 
     - name: 'Add cargo problem matchers'
       shell: bash
diff --git a/.github/workflows/build_and_deploy.yml b/.github/workflows/build_and_deploy.yml
index 82ac9931614af..8557a51cb7f3f 100644
--- a/.github/workflows/build_and_deploy.yml
+++ b/.github/workflows/build_and_deploy.yml
@@ -255,11 +255,11 @@ jobs:
           check-latest: true
       - run: corepack enable
 
+      # we always want to run this to set environment variables
       - name: Install Rust
         uses: ./.github/actions/setup-rust
         with:
           targets: ${{ matrix.settings.target }}
-          skip-install: ${{ matrix.settings.docker }}
 
       - name: normalize versions
         run: node scripts/normalize-version-bump.js
diff --git a/.github/workflows/build_reusable.yml b/.github/workflows/build_reusable.yml
index 0d48f5403af8a..83bef38898f47 100644
--- a/.github/workflows/build_reusable.yml
+++ b/.github/workflows/build_reusable.yml
@@ -105,8 +105,6 @@ jobs:
       - name: Install Rust
         uses: ./.github/actions/setup-rust
         if: ${{ inputs.skipNativeBuild != 'yes' || inputs.needsNextest == 'yes' || inputs.needsRust == 'yes' }}
-        with:
-          components: rustfmt, clippy
 
       - name: 'Install mold linker'
         if: ${{ inputs.mold == 'yes' }}
diff --git a/Cargo.lock b/Cargo.lock
index 3fc65cd0e173d..c75312459235c 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -385,51 +385,6 @@ dependencies = [
  "arrayvec",
 ]
 
-[[package]]
-name = "axum"
-version = "0.6.12"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "349f8ccfd9221ee7d1f3d4b33e1f8319b3a81ed8f61f2ea40b37b859794b4491"
-dependencies = [
- "async-trait",
- "axum-core",
- "bitflags 1.3.2",
- "bytes",
- "futures-util",
- "http",
- "http-body",
- "hyper",
- "itoa",
- "matchit",
- "memchr",
- "mime",
- "percent-encoding",
- "pin-project-lite",
- "rustversion",
- "serde",
- "sync_wrapper",
- "tower",
- "tower-layer",
- "tower-service",
-]
-
-[[package]]
-name = "axum-core"
-version = "0.3.3"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b2f958c80c248b34b9a877a643811be8dbca03ca5ba827f2b63baf3a81e5fc4e"
-dependencies = [
- "async-trait",
- "bytes",
- "futures-util",
- "http",
- "http-body",
- "mime",
- "rustversion",
- "tower-layer",
- "tower-service",
-]
-
 [[package]]
 name = "backtrace"
 version = "0.3.68"
@@ -839,42 +794,6 @@ dependencies = [
  "windows-sys 0.45.0",
 ]
 
-[[package]]
-name = "console-api"
-version = "0.4.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e57ff02e8ad8e06ab9731d5dc72dc23bef9200778eae1a89d555d8c42e5d4a86"
-dependencies = [
- "prost",
- "prost-types",
- "tonic",
- "tracing-core",
-]
-
-[[package]]
-name = "console-subscriber"
-version = "0.1.8"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "22a3a81dfaf6b66bce5d159eddae701e3a002f194d378cbf7be5f053c281d9be"
-dependencies = [
- "console-api",
- "crossbeam-channel",
- "crossbeam-utils",
- "futures",
- "hdrhistogram",
- "humantime",
- "prost-types",
- "serde",
- "serde_json",
- "thread_local",
- "tokio",
- "tokio-stream",
- "tonic",
- "tracing",
- "tracing-core",
- "tracing-subscriber",
-]
-
 [[package]]
 name = "console_error_panic_hook"
 version = "0.1.7"
@@ -2004,19 +1923,6 @@ version = "0.14.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "290f1a1d9242c78d09ce40a5e87e7554ee637af1351968159f4952f028f75604"
 
-[[package]]
-name = "hdrhistogram"
-version = "7.5.2"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "7f19b9f54f7c7f55e31401bb647626ce0cf0f67b0004982ce815b3ee72a02aa8"
-dependencies = [
- "base64 0.13.1",
- "byteorder",
- "flate2",
- "nom",
- "num-traits",
-]
-
 [[package]]
 name = "heapless"
 version = "0.7.16"
@@ -2114,12 +2020,6 @@ version = "1.0.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "c4a1e36c821dbe04574f602848a19f742f4fb3c98d40449f11bcad18d6b17421"
 
-[[package]]
-name = "humantime"
-version = "2.1.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9a3a5bfb195931eeb336b2a7b4d761daec841b97f947d34394601737a7bba5e4"
-
 [[package]]
 name = "hyper"
 version = "0.14.28"
@@ -2157,18 +2057,6 @@ dependencies = [
  "tokio-rustls",
 ]
 
-[[package]]
-name = "hyper-timeout"
-version = "0.4.1"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "bbb958482e8c7be4bc3cf272a766a2b0bf1a6755e7a6ae777f017a31d11b13b1"
-dependencies = [
- "hyper",
- "pin-project-lite",
- "tokio",
- "tokio-io-timeout",
-]
-
 [[package]]
 name = "hyper-tls"
 version = "0.5.0"
@@ -2802,12 +2690,6 @@ version = "0.1.10"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "2532096657941c2fea9c289d370a250971c689d4f143798ff67113ec042024a5"
 
-[[package]]
-name = "matchit"
-version = "0.7.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b87248edafb776e59e6ee64a79086f65890d3510f2c656c000bf2a7e8a0aea40"
-
 [[package]]
 name = "maybe-rayon"
 version = "0.1.1"
@@ -3103,17 +2985,12 @@ name = "next-api"
 version = "0.1.0"
 dependencies = [
  "anyhow",
- "futures",
  "indexmap 1.9.3",
- "indoc",
  "next-core",
- "once_cell",
  "serde",
  "serde_json",
  "shadow-rs",
- "tokio",
  "tracing",
- "tracing-subscriber",
  "turbo-tasks",
  "turbopack-binding",
 ]
@@ -3122,9 +2999,7 @@ dependencies = [
 name = "next-build"
 version = "0.1.0"
 dependencies = [
- "console-subscriber",
  "next-core",
- "turbo-tasks",
  "turbopack-binding",
  "vergen 7.5.1",
 ]
@@ -3935,38 +3810,6 @@ dependencies = [
  "unicode-ident",
 ]
 
-[[package]]
-name = "prost"
-version = "0.11.8"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e48e50df39172a3e7eb17e14642445da64996989bc212b583015435d39a58537"
-dependencies = [
- "bytes",
- "prost-derive",
-]
-
-[[package]]
-name = "prost-derive"
-version = "0.11.8"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "4ea9b0f8cbe5e15a8a042d030bd96668db28ecb567ec37d691971ff5731d2b1b"
-dependencies = [
- "anyhow",
- "itertools 0.10.5",
- "proc-macro2",
- "quote",
- "syn 1.0.109",
-]
-
-[[package]]
-name = "prost-types"
-version = "0.11.8"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "379119666929a1afd7a043aa6cf96fa67a6dce9af60c88095a4686dbce4c9c88"
-dependencies = [
- "prost",
-]
-
 [[package]]
 name = "psm"
 version = "0.1.21"
@@ -6563,12 +6406,6 @@ dependencies = [
  "unicode-ident",
 ]
 
-[[package]]
-name = "sync_wrapper"
-version = "0.1.2"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "2047c6ded9c721764247e62cd3b03c09ffc529b2ba5b10ec482ae507a4a70160"
-
 [[package]]
 name = "sys-info"
 version = "0.9.1"
@@ -6822,20 +6659,9 @@ dependencies = [
  "signal-hook-registry",
  "socket2 0.5.6",
  "tokio-macros",
- "tracing",
  "windows-sys 0.48.0",
 ]
 
-[[package]]
-name = "tokio-io-timeout"
-version = "1.2.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "30b74022ada614a1b4834de765f9bb43877f910cc8ce4be40e89042c9223a8bf"
-dependencies = [
- "pin-project-lite",
- "tokio",
-]
-
 [[package]]
 name = "tokio-macros"
 version = "2.1.0"
@@ -6973,64 +6799,6 @@ dependencies = [
  "winnow",
 ]
 
-[[package]]
-name = "tonic"
-version = "0.8.3"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8f219fad3b929bef19b1f86fbc0358d35daed8f2cac972037ac0dc10bbb8d5fb"
-dependencies = [
- "async-stream",
- "async-trait",
- "axum",
- "base64 0.13.1",
- "bytes",
- "futures-core",
- "futures-util",
- "h2",
- "http",
- "http-body",
- "hyper",
- "hyper-timeout",
- "percent-encoding",
- "pin-project",
- "prost",
- "prost-derive",
- "tokio",
- "tokio-stream",
- "tokio-util",
- "tower",
- "tower-layer",
- "tower-service",
- "tracing",
- "tracing-futures",
-]
-
-[[package]]
-name = "tower"
-version = "0.4.13"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b8fa9be0de6cf49e536ce1851f987bd21a43b771b09473c3549a6c853db37c1c"
-dependencies = [
- "futures-core",
- "futures-util",
- "indexmap 1.9.3",
- "pin-project",
- "pin-project-lite",
- "rand",
- "slab",
- "tokio",
- "tokio-util",
- "tower-layer",
- "tower-service",
- "tracing",
-]
-
-[[package]]
-name = "tower-layer"
-version = "0.3.2"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c20c8dbed6283a09604c3e69b4b7eeb54e298b8a600d4d5ecb5ad39de609f1d0"
-
 [[package]]
 name = "tower-service"
 version = "0.3.2"
@@ -7082,16 +6850,6 @@ dependencies = [
  "valuable",
 ]
 
-[[package]]
-name = "tracing-futures"
-version = "0.2.5"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "97d095ae15e245a057c8e8451bab9b3ee1e1f68e9ba2b4fbc18d0ac5237835f2"
-dependencies = [
- "pin-project",
- "tracing",
-]
-
 [[package]]
 name = "tracing-log"
 version = "0.2.0"
@@ -7103,16 +6861,6 @@ dependencies = [
  "tracing-core",
 ]
 
-[[package]]
-name = "tracing-serde"
-version = "0.1.3"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "bc6b213177105856957181934e4920de57730fc69bf42c37ee5bb664d406d9e1"
-dependencies = [
- "serde",
- "tracing-core",
-]
-
 [[package]]
 name = "tracing-subscriber"
 version = "0.3.18"
@@ -7123,15 +6871,12 @@ dependencies = [
  "nu-ansi-term",
  "once_cell",
  "regex",
- "serde",
- "serde_json",
  "sharded-slab",
  "smallvec",
  "thread_local",
  "tracing",
  "tracing-core",
  "tracing-log",
- "tracing-serde",
 ]
 
 [[package]]
@@ -8321,6 +8066,7 @@ dependencies = [
  "serde-wasm-bindgen",
  "serde_json",
  "swc_core",
+ "tracing",
  "turbopack-binding",
  "wasm-bindgen",
  "wasm-bindgen-futures",
diff --git a/packages/next-swc/crates/wasm/Cargo.toml b/packages/next-swc/crates/wasm/Cargo.toml
index bc3bf0bc680c1..c184f6b6c5f84 100644
--- a/packages/next-swc/crates/wasm/Cargo.toml
+++ b/packages/next-swc/crates/wasm/Cargo.toml
@@ -21,6 +21,7 @@ anyhow = "1.0.66"
 console_error_panic_hook = "0.1.6"
 next-custom-transforms = { workspace = true }
 serde_json = "1"
+tracing = { version = "0.1.37" }
 wasm-bindgen = { version = "0.2", features = ["enable-interning"] }
 wasm-bindgen-futures = "0.4.8"
 getrandom = { version = "0.2.9", default-features = false, features = ["js"] }
diff --git a/rust-toolchain b/rust-toolchain
deleted file mode 100644
index fb98c0f091c33..0000000000000
--- a/rust-toolchain
+++ /dev/null
@@ -1 +0,0 @@
-nightly-2024-04-03
diff --git a/rust-toolchain.toml b/rust-toolchain.toml
new file mode 100644
index 0000000000000..59c3a03ab6aaf
--- /dev/null
+++ b/rust-toolchain.toml
@@ -0,0 +1,4 @@
+[toolchain]
+channel = "nightly-2024-04-03"
+components = ["rustfmt", "clippy"]
+profile = "minimal"