diff --git a/Cargo.toml b/Cargo.toml
index 3c23eb0a1..ecb53d244 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -116,5 +116,5 @@ tendermint-rpc                   = { version = "0.40.0", default-features = fals
 tendermint-testgen               = { version = "0.40.0", default-features = false }
 
 # parity dependencies
-parity-scale-codec = { version = "3.6.12", default-features = false, features = [ "derive" ] }
+parity-scale-codec = { version = "3.7.4", default-features = false, features = [ "derive" ] }
 scale-info         = { version = "2.11.3", default-features = false }
diff --git a/ci/no-std-check/Cargo.lock b/ci/no-std-check/Cargo.lock
index a456a6ea1..36547f1fd 100644
--- a/ci/no-std-check/Cargo.lock
+++ b/ci/no-std-check/Cargo.lock
@@ -458,6 +458,26 @@ version = "0.9.6"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "c2459377285ad874054d797f3ccebf984978aa39129f6eafde5cdc8315b612f8"
 
+[[package]]
+name = "const_format"
+version = "0.2.34"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "126f97965c8ad46d6d9163268ff28432e8f6a1196a55578867832e3049df63dd"
+dependencies = [
+ "const_format_proc_macros",
+]
+
+[[package]]
+name = "const_format_proc_macros"
+version = "0.2.34"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "1d57c2eccfb16dbac1f4e61e206105db5820c9d26c3c472bc17c774259ef7744"
+dependencies = [
+ "proc-macro2",
+ "quote",
+ "unicode-xid",
+]
+
 [[package]]
 name = "constant_time_eq"
 version = "0.3.1"
@@ -1903,14 +1923,15 @@ dependencies = [
 
 [[package]]
 name = "parity-scale-codec"
-version = "3.7.0"
+version = "3.7.4"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8be4817d39f3272f69c59fe05d0535ae6456c2dc2fa1ba02910296c7e0a5c590"
+checksum = "c9fde3d0718baf5bc92f577d652001da0f8d54cd03a7974e118d04fc888dc23d"
 dependencies = [
  "arrayvec",
  "bitvec",
  "byte-slice-cast",
  "bytes",
+ "const_format",
  "impl-trait-for-tuples",
  "parity-scale-codec-derive",
  "rustversion",
@@ -1919,9 +1940,9 @@ dependencies = [
 
 [[package]]
 name = "parity-scale-codec-derive"
-version = "3.7.0"
+version = "3.7.4"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8781a75c6205af67215f382092b6e0a4ff3734798523e69073d4bcd294ec767b"
+checksum = "581c837bb6b9541ce7faa9377c20616e4fb7650f6b0f68bc93c827ee504fb7b3"
 dependencies = [
  "proc-macro-crate",
  "proc-macro2",
@@ -2098,9 +2119,9 @@ dependencies = [
 
 [[package]]
 name = "proc-macro2"
-version = "1.0.92"
+version = "1.0.93"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "37d3544b3f2748c54e147655edb5025752e2303145b5aefb3c3ea2c78b973bb0"
+checksum = "60946a68e5f9d28b0dc1c21bb8a97ee7d018a8b322fa57838ba31cc878e22d99"
 dependencies = [
  "unicode-ident",
 ]
@@ -2130,9 +2151,9 @@ dependencies = [
 
 [[package]]
 name = "quote"
-version = "1.0.37"
+version = "1.0.38"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b5b9d34b8991d19d98081b46eacdd8eb58c6f2b201139f7c5f643cc155a633af"
+checksum = "0e4dccaaaf89514f546c693ddc140f729f958c247918a13380cccc6078391acc"
 dependencies = [
  "proc-macro2",
 ]
@@ -2419,9 +2440,9 @@ checksum = "61697e0a1c7e512e84a621326239844a24d8207b4669b41bc18b32ea5cbf988b"
 
 [[package]]
 name = "serde"
-version = "1.0.215"
+version = "1.0.217"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6513c1ad0b11a9376da888e3e0baa0077f1aed55c17f50e7b2397136129fb88f"
+checksum = "02fc4265df13d6fa1d00ecff087228cc0a2b5f3c0e87e258d8b94a156e984c70"
 dependencies = [
  "serde_derive",
 ]
@@ -2446,9 +2467,9 @@ dependencies = [
 
 [[package]]
 name = "serde_derive"
-version = "1.0.215"
+version = "1.0.217"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ad1e866f866923f252f05c889987993144fb74e722403468a4ebd70c3cd756c0"
+checksum = "5a9bf7cf98d04a2b28aead066b7496853d4779c9cc183c440dbac457641e19a0"
 dependencies = [
  "proc-macro2",
  "quote",