diff --git a/Cargo.lock b/Cargo.lock
index 9363eb707d3c..9c34ec99b683 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -193,7 +193,7 @@ checksum = "8d3a45e77e34375a7923b1e8febb049bb011f064714a8e17a1a616fef01da13d"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -1386,7 +1386,7 @@ dependencies = [
  "diem-workspace-hack",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -1722,7 +1722,7 @@ dependencies = [
  "diem-workspace-hack",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -2270,7 +2270,7 @@ dependencies = [
  "serde",
  "sha-1 0.9.2",
  "subtle",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -2531,7 +2531,7 @@ dependencies = [
  "once_cell",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -2928,7 +2928,7 @@ dependencies = [
  "proc-macro-hack",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -3414,7 +3414,7 @@ dependencies = [
  "proc-macro-hack",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -4531,7 +4531,7 @@ checksum = "876a53fff98e03a936a674b29568b0e605f06b29372c2489ff4de23f1949743d"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -4595,7 +4595,7 @@ dependencies = [
  "diem-workspace-hack",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -4784,7 +4784,7 @@ dependencies = [
  "pest_meta",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -4834,7 +4834,7 @@ checksum = "65ad2ae56b6abe3a1ee25f15ee605bacadb9a764edaba9c2bf4103800d4a1895"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -4845,7 +4845,7 @@ checksum = "f8e8d2bf0b23038a4424865103a4df472855692821aab4e4f5c3312d461d9e5f"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -4944,7 +4944,7 @@ dependencies = [
  "proc-macro-error-attr",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
  "version_check",
 ]
 
@@ -5072,7 +5072,7 @@ dependencies = [
  "itertools 0.8.2",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -5386,7 +5386,7 @@ checksum = "0c523ccaed8ac4b0288948849a350b37d3035827413c458b6a40ddb614bb4f72"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -5443,7 +5443,7 @@ checksum = "475e68978dc5b743f2f40d8e0a8fdc83f1c5e78cbf4b8fa5e74e73beebc340de"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -5898,9 +5898,9 @@ dependencies = [
 
 [[package]]
 name = "serde"
-version = "1.0.117"
+version = "1.0.127"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b88fa983de7720629c9387e9f517353ed404164b1e482c970a90c1a4aaf7dc1a"
+checksum = "f03b9878abf6d14e6779d3f24f07b2cfa90352cfec4acc5aab8f1ac7f146fae8"
 dependencies = [
  "serde_derive",
 ]
@@ -5975,13 +5975,13 @@ dependencies = [
 
 [[package]]
 name = "serde_derive"
-version = "1.0.117"
+version = "1.0.127"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "cbd1ae72adb44aab48f325a02444a5fc079349a8d804c1fc922aed3f7454c74e"
+checksum = "a024926d3432516606328597e0f224a51355a493b49fdd67e9209187cbe55ecc"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -6050,7 +6050,7 @@ checksum = "b2acd6defeddb41eb60bb468f8825d0cfd0c2a76bc03bfd235b6a1dc4f6a1ad5"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -6411,7 +6411,7 @@ dependencies = [
  "quote 1.0.7",
  "serde",
  "serde_derive",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -6427,7 +6427,7 @@ dependencies = [
  "serde_derive",
  "serde_json",
  "sha1",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -6543,7 +6543,7 @@ dependencies = [
  "proc-macro-error",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -6598,9 +6598,9 @@ dependencies = [
 
 [[package]]
 name = "syn"
-version = "1.0.53"
+version = "1.0.67"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8833e20724c24de12bbaba5ad230ea61c3eafb05b881c7c9d3cfe8638b187e68"
+checksum = "6498a9efc342871f91cc2d0d694c674368b4ceb40f62b65a7a08c3792935e702"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
@@ -6615,7 +6615,7 @@ checksum = "b834f2d66f734cb897113e34aaff2f1ab4719ca946f9a7358dba8f8064148701"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
  "unicode-xid 0.2.1",
 ]
 
@@ -6763,7 +6763,7 @@ checksum = "9ba20f23e85b10754cd195504aebf6a27e2e6cbe28c17778a0c930724628dd56"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -6821,7 +6821,7 @@ dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
  "standback",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -6891,7 +6891,7 @@ checksum = "f0c3acc6aa564495a0f2e1d59fab677cd7f81a19994cfc7f3ad0e64301560389"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
 ]
 
 [[package]]
@@ -7406,7 +7406,7 @@ dependencies = [
  "log",
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
  "wasm-bindgen-shared",
 ]
 
@@ -7440,7 +7440,7 @@ checksum = "b5a48c72f299d80557c7c62e37e7225369ecc0c963964059509fbafe917c7549"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
  "wasm-bindgen-backend",
  "wasm-bindgen-shared",
 ]
@@ -7678,6 +7678,6 @@ checksum = "c3f369ddb18862aba61aa49bf31e74d29f0f162dec753063200e1dc084345d16"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.7",
- "syn 1.0.53",
+ "syn 1.0.67",
  "synstructure",
 ]
diff --git a/client/faucet/Cargo.toml b/client/faucet/Cargo.toml
index a2633ae83b6c..66626ecf3a82 100644
--- a/client/faucet/Cargo.toml
+++ b/client/faucet/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 anyhow = "1.0.34"
 hex = "0.4.2"
 reqwest = { version = "0.10.9", features = ["blocking"], default-features = false }
-serde = "1.0.117"
+serde = "1.0.127"
 serde_derive = "1.0.117"
 structopt = "0.3.21"
 tokio = { version = "0.2.22", features = ["full"] }
diff --git a/client/json-rpc/Cargo.toml b/client/json-rpc/Cargo.toml
index 5f5fabe9ef71..b78d6fe3f827 100644
--- a/client/json-rpc/Cargo.toml
+++ b/client/json-rpc/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 anyhow = "1.0.34"
 hex = "0.4.2"
 reqwest = { version = "0.10.9", features = ["blocking", "json"], default_features = false }
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 serde_json = "1.0.60"
 tokio = { version = "0.2.22", features = ["full"] }
 
diff --git a/client/swiss-knife/Cargo.toml b/client/swiss-knife/Cargo.toml
index 38ae624febf0..0d7b22233618 100644
--- a/client/swiss-knife/Cargo.toml
+++ b/client/swiss-knife/Cargo.toml
@@ -14,7 +14,7 @@ structopt = "0.3.21"
 rand = "0.7.3"
 hex = "0.4.2"
 serde_json = "1.0.60"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 diem-types = { path = "../../types", version = "0.1.0" }
diff --git a/client/transaction-builder/Cargo.toml b/client/transaction-builder/Cargo.toml
index b3e792980707..fc6a10051c0b 100644
--- a/client/transaction-builder/Cargo.toml
+++ b/client/transaction-builder/Cargo.toml
@@ -10,7 +10,7 @@ edition = "2018"
 
 [dependencies]
 once_cell = "1.4.1"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 
 compiled-stdlib = { path = "../../language/stdlib/compiled",  version = "0.1.0" }
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/common/bitvec/Cargo.toml b/common/bitvec/Cargo.toml
index 7b70ff375f42..9348170f1f5a 100644
--- a/common/bitvec/Cargo.toml
+++ b/common/bitvec/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 diem-workspace-hack = { path = "../workspace-hack", version = "0.1.0" }
 proptest = { version = "0.10.1", default-features = true, optional = true }
 proptest-derive = { version = "0.2.0", optional = true }
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 serde_bytes = "0.11.5"
 
 [dev-dependencies]
diff --git a/common/crash-handler/Cargo.toml b/common/crash-handler/Cargo.toml
index 27adee71bcc3..2d78e4dced96 100644
--- a/common/crash-handler/Cargo.toml
+++ b/common/crash-handler/Cargo.toml
@@ -15,4 +15,4 @@ toml = "0.5.7"
 
 diem-logger = { path = "../logger", version = "0.1.0" }
 diem-workspace-hack = { path = "../workspace-hack", version = "0.1.0" }
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
diff --git a/common/diemdoc/Cargo.toml b/common/diemdoc/Cargo.toml
index 35cc65cacdce..f9a0ef476ac5 100644
--- a/common/diemdoc/Cargo.toml
+++ b/common/diemdoc/Cargo.toml
@@ -20,7 +20,7 @@ once_cell = "1.4.1"
 diem-workspace-hack = { path = "../../common/workspace-hack", version = "0.1.0" }
 
 [dev-dependencies]
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 tempfile = "3.1.0"
 
 [features]
diff --git a/common/logger/Cargo.toml b/common/logger/Cargo.toml
index ee84ac272e63..f9e668f5f12d 100644
--- a/common/logger/Cargo.toml
+++ b/common/logger/Cargo.toml
@@ -19,6 +19,6 @@ diem-log-derive = { path = "derive", version = "0.1.0" }
 diem-infallible = { path = "../infallible", version = "0.1.0" }
 diem-workspace-hack = { path = "../workspace-hack", version = "0.1.0" }
 once_cell = "1.4.1"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 serde_json = "1.0.60"
 prometheus = { version = "0.11.0", default-features = false }
diff --git a/common/nibble/Cargo.toml b/common/nibble/Cargo.toml
index 79db2a93df81..cd3aba8f1a91 100644
--- a/common/nibble/Cargo.toml
+++ b/common/nibble/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 diem-workspace-hack = { path = "../workspace-hack", version = "0.1.0" }
 proptest = { version = "0.10.1", optional = true }
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 
 [features]
 default = []
diff --git a/common/short-hex-str/Cargo.toml b/common/short-hex-str/Cargo.toml
index 067ae561e609..fd2c1af11168 100644
--- a/common/short-hex-str/Cargo.toml
+++ b/common/short-hex-str/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 mirai-annotations = "1.10.1"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 thiserror = "1.0.22"
 
 diem-workspace-hack = { path = "../workspace-hack", version = "0.1.0" }
diff --git a/common/trace/Cargo.toml b/common/trace/Cargo.toml
index 5470df6a2589..2a1519623c16 100644
--- a/common/trace/Cargo.toml
+++ b/common/trace/Cargo.toml
@@ -14,7 +14,7 @@ chrono = "0.4.19"
 structopt = "0.3.21"
 tokio = { version = "0.2.22", features = ["full"] }
 serde_json = "1.0.60"
-serde = "1.0.117"
+serde = "1.0.127"
 anyhow = "1.0.34"
 reqwest = { version = "0.10.9", features = ["blocking", "json"], default_features = false }
 once_cell = "1.4.1"
diff --git a/common/workspace-hack/Cargo.toml b/common/workspace-hack/Cargo.toml
index 2bafbc004db5..06d133ba7a5a 100644
--- a/common/workspace-hack/Cargo.toml
+++ b/common/workspace-hack/Cargo.toml
@@ -16,7 +16,7 @@ log = { version = "0.4.11", features = ["serde", "std"] }
 memchr = { version = "2.3.4", features = ["std", "use_std"] }
 num-traits = { version = "0.2.14", features = ["std"] }
 petgraph = { version = "0.5.1", features = ["graphmap", "matrix_graph", "stable_graph"] }
-serde = { version = "1.0.117", features = ["derive", "rc"] }
+serde = { version = "1.0.127", features = ["derive", "rc"] }
 sha-1 = { version = "0.9.2", features = ["std"] }
 subtle = { version = "2.3.0", features = ["i128", "std"] }
 syn = { version = "1.0.53", features = ["clone-impls", "derive", "extra-traits", "fold", "full", "parsing", "printing", "proc-macro", "quote", "visit", "visit-mut"] }
diff --git a/config/Cargo.toml b/config/Cargo.toml
index a30cd7164337..1ef090e56b5d 100644
--- a/config/Cargo.toml
+++ b/config/Cargo.toml
@@ -14,7 +14,7 @@ get_if_addrs = { version = "0.5.3", default-features = false }
 log = { version = "0.4.11", features = ["serde"] }
 mirai-annotations = "1.10.1"
 rand = "0.7.3"
-serde = { version = "1.0.117", features = ["rc"], default-features = false }
+serde = { version = "1.0.127", features = ["rc"], default-features = false }
 serde_yaml = "0.8.14"
 thiserror = "1.0.22"
 
diff --git a/config/management/Cargo.toml b/config/management/Cargo.toml
index 7b50951840ab..dd37f974bae0 100644
--- a/config/management/Cargo.toml
+++ b/config/management/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.34"
 hex = "0.4.2"
-serde = { version = "1.0.117", features = ["rc"], default-features = false }
+serde = { version = "1.0.127", features = ["rc"], default-features = false }
 serde_yaml = "0.8.14"
 structopt = "0.3.21"
 thiserror = "1.0.22"
diff --git a/config/management/genesis/Cargo.toml b/config/management/genesis/Cargo.toml
index f3511557ab31..9dc19d083654 100644
--- a/config/management/genesis/Cargo.toml
+++ b/config/management/genesis/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.34"
 rand = "0.7.3"
-serde = { version = "1.0.117", features = ["rc"], default-features = false }
+serde = { version = "1.0.127", features = ["rc"], default-features = false }
 structopt = "0.3.21"
 thiserror = "1.0.22"
 toml = { version = "0.5.7", default-features = false }
diff --git a/config/management/network-address-encryption/Cargo.toml b/config/management/network-address-encryption/Cargo.toml
index 54e10d8b38c3..57ff8771bb9f 100644
--- a/config/management/network-address-encryption/Cargo.toml
+++ b/config/management/network-address-encryption/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 base64 = "0.13.0"
-serde = { version = "1.0.117", features = ["rc"], default-features = false }
+serde = { version = "1.0.127", features = ["rc"], default-features = false }
 thiserror = "1.0.22"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/config/management/operational/Cargo.toml b/config/management/operational/Cargo.toml
index 584d20eb1019..10b1a76d5e0e 100644
--- a/config/management/operational/Cargo.toml
+++ b/config/management/operational/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.34"
 hex = "0.4.2"
-serde = { version = "1.0.117", features = ["rc"], default-features = false }
+serde = { version = "1.0.127", features = ["rc"], default-features = false }
 serde_json = "1.0.60"
 structopt = "0.3.21"
 thiserror = "1.0.22"
diff --git a/consensus/Cargo.toml b/consensus/Cargo.toml
index 5e97608dce67..607f817d72da 100644
--- a/consensus/Cargo.toml
+++ b/consensus/Cargo.toml
@@ -23,7 +23,7 @@ num-traits = { version = "0.2.14", default-features = false }
 once_cell = "1.4.1"
 proptest = { version = "0.10.1", optional = true }
 rand = { version = "0.7.3", default-features = false }
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 serde_json = "1.0.60"
 termion = { version = "1.5.5", default-features = false }
 thiserror = "1.0.22"
diff --git a/consensus/consensus-types/Cargo.toml b/consensus/consensus-types/Cargo.toml
index 3da3703fb8e9..895cd79096e7 100644
--- a/consensus/consensus-types/Cargo.toml
+++ b/consensus/consensus-types/Cargo.toml
@@ -10,7 +10,7 @@ edition = "2018"
 anyhow = "1.0.34"
 mirai-annotations = { version = "1.10.1", default-features = false }
 proptest = { version = "0.10.1", optional = true }
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 
 executor-types = { path = "../../execution/executor-types", version = "0.1.0" }
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/consensus/safety-rules/Cargo.toml b/consensus/safety-rules/Cargo.toml
index d442fb60fcb3..55c23aff384f 100644
--- a/consensus/safety-rules/Cargo.toml
+++ b/consensus/safety-rules/Cargo.toml
@@ -28,7 +28,7 @@ diem-temppath = { path = "../../common/temppath", version = "0.1.0" }
 diem-types = { path = "../../types", version = "0.1.0" }
 diem-vault-client = { path = "../../secure/storage/vault", version = "0.1.0" }
 diem-workspace-hack = { path = "../../common/workspace-hack", version = "0.1.0" }
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 thiserror = "1.0.22"
 
 [dev-dependencies]
diff --git a/crypto/crypto/Cargo.toml b/crypto/crypto/Cargo.toml
index 034c17ec166e..42e7227b837e 100644
--- a/crypto/crypto/Cargo.toml
+++ b/crypto/crypto/Cargo.toml
@@ -25,7 +25,7 @@ proptest = { version = "0.10.1", optional = true }
 proptest-derive = { version = "0.2.0", optional = true }
 rand = "0.7.3"
 rand_core = { version = "0.5.1", default-features = false }
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 serde_bytes = "0.11.5"
 serde-name = "0.1.1"
 sha2 = "0.9.2"
diff --git a/devtools/x-core/Cargo.toml b/devtools/x-core/Cargo.toml
index 20511acced4e..9d6ba1d183b7 100644
--- a/devtools/x-core/Cargo.toml
+++ b/devtools/x-core/Cargo.toml
@@ -17,4 +17,4 @@ log = "0.4.11"
 toml = "0.5.7"
 once_cell = "1.4.1"
 rental = "0.5.5"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
diff --git a/devtools/x-lint/Cargo.toml b/devtools/x-lint/Cargo.toml
index 5ba87ec3cf60..c6dafd200a15 100644
--- a/devtools/x-lint/Cargo.toml
+++ b/devtools/x-lint/Cargo.toml
@@ -12,5 +12,5 @@ guppy = "0.6.1"
 diem-workspace-hack = { path = "../../common/workspace-hack", version = "0.1.0" }
 once_cell = "1.4.1"
 toml = "0.5.7"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 x-core = { version = "0.1.0", path = "../x-core" }
diff --git a/devtools/x/Cargo.toml b/devtools/x/Cargo.toml
index 6c5264e7ff1b..753c0b97f373 100644
--- a/devtools/x/Cargo.toml
+++ b/devtools/x/Cargo.toml
@@ -9,7 +9,7 @@ license = "Apache-2.0"
 
 [dependencies]
 determinator = "0.1.1"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 serde_json = "1.0.60"
 structopt = "0.3.21"
 anyhow = "1.0.34"
diff --git a/execution/execution-correctness/Cargo.toml b/execution/execution-correctness/Cargo.toml
index 556f9309cd46..6c264af71972 100644
--- a/execution/execution-correctness/Cargo.toml
+++ b/execution/execution-correctness/Cargo.toml
@@ -25,7 +25,7 @@ diem-temppath = { path = "../../common/temppath", version = "0.1.0" }
 diem-types = { path = "../../types", version = "0.1.0" }
 diem-vm = { path = "../../language/diem-vm", version = "0.1.0" }
 diem-workspace-hack = { path = "../../common/workspace-hack", version = "0.1.0" }
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 storage-client = { path = "../../storage/storage-client", version = "0.1.0" }
 thiserror = "1.0.22"
 # this is actually a dev-dependency (see "Conditional compilation of tests" in coding_guidelines.md)
diff --git a/execution/executor-types/Cargo.toml b/execution/executor-types/Cargo.toml
index a2c561e4765b..510eac8870b1 100644
--- a/execution/executor-types/Cargo.toml
+++ b/execution/executor-types/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 anyhow = "1.0.34"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 thiserror = "1.0.22"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/execution/executor/Cargo.toml b/execution/executor/Cargo.toml
index a8ae43eae019..6d1ae4c662de 100644
--- a/execution/executor/Cargo.toml
+++ b/execution/executor/Cargo.toml
@@ -15,7 +15,7 @@ fail = "0.4.0"
 itertools = { version = "0.9.0", default-features = false }
 once_cell = "1.4.1"
 serde_json = "1.0.60"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 
 consensus-types = { path = "../../consensus/consensus-types", version = "0.1.0"}
 executor-types = { path = "../executor-types", version = "0.1.0" }
diff --git a/json-rpc/Cargo.toml b/json-rpc/Cargo.toml
index baab39476a10..ba8d5197b6c0 100644
--- a/json-rpc/Cargo.toml
+++ b/json-rpc/Cargo.toml
@@ -18,7 +18,7 @@ hyper = "0.13.9"
 once_cell = "1.4.1"
 rand = "0.7.3"
 serde_json = "1.0.60"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 tokio = { version = "0.2.22", features = ["full"] }
 warp = "0.2.5"
 reqwest = { version = "0.10.9", features = ["blocking", "json"], default_features = false, optional = true }
diff --git a/json-rpc/types/Cargo.toml b/json-rpc/types/Cargo.toml
index 6e73ce7fbca1..cffcb47b706a 100644
--- a/json-rpc/types/Cargo.toml
+++ b/json-rpc/types/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.34"
 hex = "0.4.2"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 serde_json = "1.0.60"
 prost = "0.6.1"
 
diff --git a/language/compiler/bytecode-source-map/Cargo.toml b/language/compiler/bytecode-source-map/Cargo.toml
index d4c42390e95e..0bbb4ab75791 100644
--- a/language/compiler/bytecode-source-map/Cargo.toml
+++ b/language/compiler/bytecode-source-map/Cargo.toml
@@ -16,7 +16,7 @@ vm = { path = "../../vm", version = "0.1.0" }
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 codespan = "0.8.0"
 codespan-reporting = "0.8.0"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 
 [features]
 default = []
diff --git a/language/diem-tools/writeset-transaction-generator/Cargo.toml b/language/diem-tools/writeset-transaction-generator/Cargo.toml
index 9778963d4341..aa7b5c79813d 100644
--- a/language/diem-tools/writeset-transaction-generator/Cargo.toml
+++ b/language/diem-tools/writeset-transaction-generator/Cargo.toml
@@ -16,7 +16,7 @@ anyhow = "1.0.34"
 structopt = "0.3.21"
 tempfile = "3.1.0"
 handlebars = "3.5.1"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 serde_json = "1.0.60"
 
 diem-workspace-hack = { path = "../../../common/workspace-hack", version = "0.1.0" }
diff --git a/language/diem-vm/Cargo.toml b/language/diem-vm/Cargo.toml
index 2c715a1e6672..94089dd122f2 100644
--- a/language/diem-vm/Cargo.toml
+++ b/language/diem-vm/Cargo.toml
@@ -29,7 +29,7 @@ move-vm-runtime = { path = "../move-vm/runtime", version = "0.1.0" }
 move-vm-types = { path = "../move-vm/types", version = "0.1.0" }
 vm = { path = "../vm", version = "0.1.0" }
 serde_json = "1.0.60"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 
 [dev-dependencies]
 proptest = "0.10.1"
diff --git a/language/move-core/types/Cargo.toml b/language/move-core/types/Cargo.toml
index 2c45c73b5849..86e4c8890f80 100644
--- a/language/move-core/types/Cargo.toml
+++ b/language/move-core/types/Cargo.toml
@@ -17,7 +17,7 @@ proptest = { version = "0.10.1", default-features = false, optional = true }
 mirai-annotations = "1.10.1"
 proptest-derive = { version = "0.2.0", default-features = false, optional = true }
 ref-cast = "1.0.3"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 serde_bytes = "0.11.5"
 static_assertions = "1.1.0"
 thiserror = "1.0.22"
diff --git a/language/move-ir/types/Cargo.toml b/language/move-ir/types/Cargo.toml
index 494d72413ec3..e3f8940c5882 100644
--- a/language/move-ir/types/Cargo.toml
+++ b/language/move-ir/types/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.34"
 codespan = { version = "0.8.0", features = ["serialization"] }
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 hex = "0.4.2"
 once_cell = "1.4.1"
 
diff --git a/language/move-prover/Cargo.toml b/language/move-prover/Cargo.toml
index 9f5521625c19..42f89bacb5dd 100644
--- a/language/move-prover/Cargo.toml
+++ b/language/move-prover/Cargo.toml
@@ -36,7 +36,7 @@ num = "0.3.0"
 pretty = "0.10.0"
 rand = "0.7.3"
 regex = "1.4.2"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 serde_json = "1.0.60"
 simplelog = "0.8.0"
 once_cell = "1.4.1"
diff --git a/language/move-prover/abigen/Cargo.toml b/language/move-prover/abigen/Cargo.toml
index 2c5ffc4ca177..f089ed088c7b 100644
--- a/language/move-prover/abigen/Cargo.toml
+++ b/language/move-prover/abigen/Cargo.toml
@@ -18,7 +18,7 @@ lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 log = "0.4.11"
 anyhow = "1.0.34"
 heck = "0.3.1"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 
 [dev-dependencies]
 codespan-reporting = "0.8.0"
diff --git a/language/move-prover/docgen/Cargo.toml b/language/move-prover/docgen/Cargo.toml
index e163467e9df3..9f8e27161e16 100644
--- a/language/move-prover/docgen/Cargo.toml
+++ b/language/move-prover/docgen/Cargo.toml
@@ -20,7 +20,7 @@ log = "0.4.11"
 num = "0.3.0"
 regex = "1.4.2"
 anyhow = "1.0.34"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 once_cell = "1.4.1"
 
 [dev-dependencies]
diff --git a/language/move-prover/errmapgen/Cargo.toml b/language/move-prover/errmapgen/Cargo.toml
index 86cf816c8496..b02d1d94b14c 100644
--- a/language/move-prover/errmapgen/Cargo.toml
+++ b/language/move-prover/errmapgen/Cargo.toml
@@ -17,7 +17,7 @@ lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 # external dependencies
 log = "0.4.11"
 anyhow = "1.0.34"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 
 [dev-dependencies]
 codespan-reporting = "0.8.0"
diff --git a/language/move-prover/spec-lang/Cargo.toml b/language/move-prover/spec-lang/Cargo.toml
index 83d9860f732f..f28801221a8c 100644
--- a/language/move-prover/spec-lang/Cargo.toml
+++ b/language/move-prover/spec-lang/Cargo.toml
@@ -26,7 +26,7 @@ num = "0.3.0"
 once_cell = "1.4.1"
 regex = "1.4.2"
 anyhow = "1.0.34"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 
 [dev-dependencies]
 datatest-stable = { path = "../../../common/datatest-stable", version = "0.1.0" }
diff --git a/language/move-vm/types/Cargo.toml b/language/move-vm/types/Cargo.toml
index dadd56b346ee..931c9f75f8bd 100644
--- a/language/move-vm/types/Cargo.toml
+++ b/language/move-vm/types/Cargo.toml
@@ -14,7 +14,7 @@ mirai-annotations = "1.10.1"
 once_cell = "1.4.1"
 proptest = { version = "0.10.1", optional = true }
 sha2 = "0.9.2"
-serde = { version = "1.0.117", features = ["derive", "rc"] }
+serde = { version = "1.0.127", features = ["derive", "rc"] }
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 diem-crypto = { path = "../../../crypto/crypto", version = "0.1.0"}
diff --git a/language/tools/move-coverage/Cargo.toml b/language/tools/move-coverage/Cargo.toml
index 3fd681d59297..cb8c6618934b 100644
--- a/language/tools/move-coverage/Cargo.toml
+++ b/language/tools/move-coverage/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 once_cell = "1.4.1"
 petgraph = "0.5.1"
 structopt = "0.3.21"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 anyhow = "1.0.34"
 codespan = { version = "0.8.0", features = ["serialization"] }
 colored = "2.0.0"
diff --git a/language/tools/resource-viewer/Cargo.toml b/language/tools/resource-viewer/Cargo.toml
index 85dd3f8291be..b431c35b5425 100644
--- a/language/tools/resource-viewer/Cargo.toml
+++ b/language/tools/resource-viewer/Cargo.toml
@@ -20,7 +20,7 @@ move-vm-types = { path = "../../move-vm/types", version = "0.1.0" }
 compiled-stdlib = { path = "../../stdlib/compiled",  version = "0.1.0" }
 vm = { path = "../../vm", version = "0.1.0" }
 serde_json = "1.0.60"
-serde = { version = "1.0.117", features = ["derive", "rc"] }
+serde = { version = "1.0.127", features = ["derive", "rc"] }
 
 anyhow = "1.0.34"
 once_cell = "1.4.1"
diff --git a/mempool/Cargo.toml b/mempool/Cargo.toml
index ca76f1a90594..bdcc8de93f2f 100644
--- a/mempool/Cargo.toml
+++ b/mempool/Cargo.toml
@@ -17,7 +17,7 @@ itertools = "0.9.0"
 once_cell = "1.4.1"
 proptest = { version = "0.10.1", optional = true }
 rayon = "1.4.1"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 tokio = { version = "0.2.22", features = ["full"] }
 
 bounded-executor = { path = "../common/bounded-executor", version = "0.1.0" }
diff --git a/network/Cargo.toml b/network/Cargo.toml
index 859ae19a6073..63716bba9a03 100644
--- a/network/Cargo.toml
+++ b/network/Cargo.toml
@@ -21,7 +21,7 @@ proptest = { version = "0.10.1", default-features = true, optional = true }
 proptest-derive = { version = "0.2.0", optional = true }
 rand = { version = "0.7.3", features = ["small_rng"] }
 rand_core = { version = "0.5.1", optional = true }
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 serde_bytes = "0.11.5"
 thiserror = "1.0.22"
 tokio = { version = "0.2.22", features = ["full"] }
diff --git a/network/builder/Cargo.toml b/network/builder/Cargo.toml
index 0875d644839c..857ca0d22052 100644
--- a/network/builder/Cargo.toml
+++ b/network/builder/Cargo.toml
@@ -14,7 +14,7 @@ edition = "2018"
 [dependencies]
 futures = "0.3.8"
 rand = "0.7.3"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 tokio = { version = "0.2.22", features = ["full"] }
 tokio-retry = "0.2.0"
 
diff --git a/network/netcore/Cargo.toml b/network/netcore/Cargo.toml
index 232e76072013..3ff29cec07b3 100644
--- a/network/netcore/Cargo.toml
+++ b/network/netcore/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 bytes = "0.5.6"
 futures = "0.3.8"
 pin-project = "1.0.2"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 tokio = { version = "0.2.22", features = ["full"] }
 url = { version = "2.1.1" }
 
diff --git a/network/network-address/Cargo.toml b/network/network-address/Cargo.toml
index 818a46c25762..770e979152a2 100644
--- a/network/network-address/Cargo.toml
+++ b/network/network-address/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 aes-gcm = "0.8.0"
 proptest = { version = "0.10.1", optional = true }
 proptest-derive = { version = "0.2.0", optional = true }
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 serde_bytes = "0.11.5"
 static_assertions = "1.1.0"
 thiserror = "1.0.22"
diff --git a/secure/json-rpc/Cargo.toml b/secure/json-rpc/Cargo.toml
index 72b6aea67235..bf6fd9a5859f 100644
--- a/secure/json-rpc/Cargo.toml
+++ b/secure/json-rpc/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 hex = "0.4.2"
 proptest = { version = "0.10.1", optional = true }
-serde = { version = "1.0.117", features = ["derive"], default-features = false }
+serde = { version = "1.0.127", features = ["derive"], default-features = false }
 serde_json = "1.0.60"
 thiserror = "1.0.22"
 ureq = { version = "1.5.2", features = ["json", "native-tls"], default-features = false }
diff --git a/secure/key-manager/Cargo.toml b/secure/key-manager/Cargo.toml
index e16ceef7fab7..b127afb7e191 100644
--- a/secure/key-manager/Cargo.toml
+++ b/secure/key-manager/Cargo.toml
@@ -11,7 +11,7 @@ publish = false
 
 [dependencies]
 once_cell = "1.4.1"
-serde = { version = "1.0.117", features = ["rc"], default-features = false }
+serde = { version = "1.0.127", features = ["rc"], default-features = false }
 thiserror = "1.0.22"
 
 diem-config = { path = "../../config", version = "0.1.0"}
diff --git a/secure/net/Cargo.toml b/secure/net/Cargo.toml
index 1f8bb2960880..6bd057dd5a35 100644
--- a/secure/net/Cargo.toml
+++ b/secure/net/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 once_cell = "1.4.1"
-serde = { version = "1.0.117", features = ["rc"], default-features = false }
+serde = { version = "1.0.127", features = ["rc"], default-features = false }
 thiserror = "1.0.22"
 
 diem-logger = { path = "../../common/logger", version = "0.1.0" }
diff --git a/secure/storage/Cargo.toml b/secure/storage/Cargo.toml
index bb03dc75e2a6..d7cc082ab204 100644
--- a/secure/storage/Cargo.toml
+++ b/secure/storage/Cargo.toml
@@ -14,7 +14,7 @@ base64 = "0.13.0"
 chrono = "0.4.19"
 enum_dispatch = "0.3.4"
 rand = "0.7.3"
-serde = { version = "1.0.117", features = ["rc"], default-features = false }
+serde = { version = "1.0.127", features = ["rc"], default-features = false }
 serde_json = "1.0.60"
 thiserror = "1.0.22"
 
diff --git a/secure/storage/github/Cargo.toml b/secure/storage/github/Cargo.toml
index 82281f9f252a..ea4f8b33d22e 100644
--- a/secure/storage/github/Cargo.toml
+++ b/secure/storage/github/Cargo.toml
@@ -10,7 +10,7 @@ publish = false
 edition = "2018"
 
 [dependencies]
-serde = { version = "1.0.117", features = ["derive"], default-features = false }
+serde = { version = "1.0.127", features = ["derive"], default-features = false }
 serde_json = "1.0.60"
 thiserror = "1.0.22"
 ureq = { version = "1.5.2", features = ["json", "native-tls"], default-features = false }
diff --git a/secure/storage/vault/Cargo.toml b/secure/storage/vault/Cargo.toml
index 6d38d899ed91..1037fe0d5a99 100644
--- a/secure/storage/vault/Cargo.toml
+++ b/secure/storage/vault/Cargo.toml
@@ -15,7 +15,7 @@ chrono = "0.4.19"
 once_cell = "1.4.1"
 proptest = { version = "0.10.1", optional = true }
 native-tls = "0.2.6"
-serde = { version = "1.0.117", features = ["derive"], default-features = false }
+serde = { version = "1.0.127", features = ["derive"], default-features = false }
 serde_json = "1.0.60"
 thiserror = "1.0.22"
 ureq = { version = "1.5.2", features = ["json", "native-tls"], default-features = false }
diff --git a/state-synchronizer/Cargo.toml b/state-synchronizer/Cargo.toml
index c5e01e870a9e..91774382b660 100644
--- a/state-synchronizer/Cargo.toml
+++ b/state-synchronizer/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 anyhow = "1.0.34"
 fail = "0.4.0"
 futures = "0.3.8"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 once_cell = "1.4.1"
 rand = "0.7.3"
 tokio = { version = "0.2.22", features = ["full"] }
diff --git a/storage/backup/backup-cli/Cargo.toml b/storage/backup/backup-cli/Cargo.toml
index c2e27b566623..bf8ea46c463e 100644
--- a/storage/backup/backup-cli/Cargo.toml
+++ b/storage/backup/backup-cli/Cargo.toml
@@ -22,7 +22,7 @@ pin-project = "1.0.2"
 rand = "0.7.3"
 regex = "1.4.2"
 reqwest = { version = "0.10.9", features = ["stream"], default-features = false }
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 serde_json = "1.0.60"
 structopt = "0.3.21"
 toml = "0.5.7"
diff --git a/storage/backup/backup-service/Cargo.toml b/storage/backup/backup-service/Cargo.toml
index a5285fe4bba8..e4af5b4401f7 100644
--- a/storage/backup/backup-service/Cargo.toml
+++ b/storage/backup/backup-service/Cargo.toml
@@ -14,7 +14,7 @@ bytes = "0.5.6"
 futures = "0.3.8"
 hyper = "0.13.9"
 once_cell = "1.4.1"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 tokio = { version = "0.2.22", features = ["full"] }
 warp = "0.2.5"
 
diff --git a/storage/diemdb/Cargo.toml b/storage/diemdb/Cargo.toml
index 1b83cd767bde..a09db751cd1c 100644
--- a/storage/diemdb/Cargo.toml
+++ b/storage/diemdb/Cargo.toml
@@ -19,7 +19,7 @@ num-derive = "0.3.3"
 num-traits = "0.2.14"
 proptest = { version = "0.10.1", optional = true }
 proptest-derive = { version = "0.2.0", optional = true }
-serde = "1.0.117"
+serde = "1.0.127"
 thiserror = "1.0.22"
 
 accumulator = { path = "../accumulator", version = "0.1.0" }
diff --git a/storage/diemsum/Cargo.toml b/storage/diemsum/Cargo.toml
index 01e34b08f16b..fe4f6c17dcfb 100644
--- a/storage/diemsum/Cargo.toml
+++ b/storage/diemsum/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.34"
 structopt = "0.3.21"
-serde = "1.0.117"
+serde = "1.0.127"
 serde_json = "1.0.60"
 
 diemdb = { path = "../diemdb", version = "0.1.0", features = ["diemsum"] }
diff --git a/storage/jellyfish-merkle/Cargo.toml b/storage/jellyfish-merkle/Cargo.toml
index c9074ed2d811..a57d06738085 100644
--- a/storage/jellyfish-merkle/Cargo.toml
+++ b/storage/jellyfish-merkle/Cargo.toml
@@ -18,7 +18,7 @@ num-traits = "0.2.14"
 proptest = { version = "0.10.1", optional = true }
 proptest-derive = { version = "0.2.0", optional = true }
 rand = {version = "0.7.3", optional = true }
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 thiserror = "1.0.22"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/storage/storage-client/Cargo.toml b/storage/storage-client/Cargo.toml
index b2335a76645a..c0a018398a41 100644
--- a/storage/storage-client/Cargo.toml
+++ b/storage/storage-client/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 anyhow = "1.0.34"
-serde = "1.0.117"
+serde = "1.0.127"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
 diem-crypto = { path = "../../crypto/crypto", version = "0.1.0" }
diff --git a/storage/storage-interface/Cargo.toml b/storage/storage-interface/Cargo.toml
index 8d9663abf7bb..c554b42b76f0 100644
--- a/storage/storage-interface/Cargo.toml
+++ b/storage/storage-interface/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.34"
 itertools = "0.9.0"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 thiserror = "1.0.22"
 
 lcs = { version = "0.1.0", package = "libra-canonical-serialization" }
diff --git a/testsuite/cli/Cargo.toml b/testsuite/cli/Cargo.toml
index c2bfa3d81866..31d41c92ef5a 100644
--- a/testsuite/cli/Cargo.toml
+++ b/testsuite/cli/Cargo.toml
@@ -19,7 +19,7 @@ rust_decimal = "1.8.1"
 num-traits = "0.2.14"
 once_cell = "1.4.1"
 reqwest = { version = "0.10.9", features = ["blocking", "json"] }
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 structopt = "0.3.21"
 tokio = { version = "0.2.22", features = ["full"] }
 walkdir = "2.3.1"
diff --git a/testsuite/cli/diem-wallet/Cargo.toml b/testsuite/cli/diem-wallet/Cargo.toml
index d707a5310d82..27574967c4d5 100644
--- a/testsuite/cli/diem-wallet/Cargo.toml
+++ b/testsuite/cli/diem-wallet/Cargo.toml
@@ -16,7 +16,7 @@ hex = "0.4.2"
 hmac = "0.10.1"
 byteorder = "1.3.4"
 pbkdf2 = "0.6.0"
-serde = "1.0.117"
+serde = "1.0.127"
 sha2 = "0.9.2"
 thiserror = "1.0.22"
 vanilla-ed25519-dalek = { version = "1.0.1", package = 'ed25519-dalek', optional = true}
diff --git a/testsuite/cluster-test/Cargo.toml b/testsuite/cluster-test/Cargo.toml
index 9323f8cccbc0..653b493376a5 100644
--- a/testsuite/cluster-test/Cargo.toml
+++ b/testsuite/cluster-test/Cargo.toml
@@ -21,7 +21,7 @@ reqwest = { version = "0.10.9", features = ["blocking", "json"] }
 serde_json = "1.0.60"
 serde_yaml = "0.8.14"
 termion = "1.5.5"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 structopt = "0.3.21"
 rusoto_core = { version = "0.45.0" }
 rusoto_autoscaling = { version = "0.45.0" }
diff --git a/testsuite/generate-format/Cargo.toml b/testsuite/generate-format/Cargo.toml
index 0b95a07d5f65..37b2faa7bc78 100644
--- a/testsuite/generate-format/Cargo.toml
+++ b/testsuite/generate-format/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 rand = "0.7.3"
-serde = { version = "1.0.117", features = ["derive"] }
+serde = { version = "1.0.127", features = ["derive"] }
 serde-reflection = "0.3.2"
 serde_yaml = "0.8.14"
 structopt = "0.3.21"
diff --git a/types/Cargo.toml b/types/Cargo.toml
index b762a98593c6..10f1d85ece09 100644
--- a/types/Cargo.toml
+++ b/types/Cargo.toml
@@ -20,7 +20,7 @@ mirai-annotations = "1.10.1"
 proptest = { version = "0.10.1", default-features = false, optional = true }
 proptest-derive = { version = "0.2.0", default-features = false, optional = true }
 rand = "0.7.3"
-serde = { version = "1.0.117", default-features = false }
+serde = { version = "1.0.127", default-features = false }
 serde_json = "1.0.60"
 serde_bytes = "0.11.5"
 thiserror = "1.0.22"