diff --git a/Cargo.lock b/Cargo.lock
index 6ccabcd8ab8d..46eeee9e2bee 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -6247,9 +6247,9 @@ dependencies = [
 
 [[package]]
 name = "serde"
-version = "1.0.124"
+version = "1.0.131"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "bd761ff957cb2a45fbb9ab3da6512de9de55872866160b23c25f1a841e99d29f"
+checksum = "b4ad69dfbd3e45369132cc64e6748c2d65cdfb001a2b1c232d128b4ad60561c1"
 dependencies = [
  "serde_derive",
 ]
@@ -6324,9 +6324,9 @@ dependencies = [
 
 [[package]]
 name = "serde_derive"
-version = "1.0.124"
+version = "1.0.131"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "1800f7693e94e186f5e25a28291ae1570da908aff7d97a095dec1e56ff99069b"
+checksum = "b710a83c4e0dff6a3d511946b95274ad9ca9e5d3ae497b63fda866ac955358d2"
 dependencies = [
  "proc-macro2 1.0.24",
  "quote 1.0.9",
diff --git a/client/faucet/Cargo.toml b/client/faucet/Cargo.toml
index 0722c3236a08..e2a416b0f9ee 100644
--- a/client/faucet/Cargo.toml
+++ b/client/faucet/Cargo.toml
@@ -14,7 +14,7 @@ anyhow = "1.0.38"
 hex = "0.4.3"
 rand = "0.8.3"
 reqwest = { version = "0.11.2", features = ["blocking"], default-features = false }
-serde = "1.0.124"
+serde = "1.0.131"
 serde_derive = "1.0.117"
 structopt = "0.3.21"
 tokio = { version = "1.3.0", features = ["full"] }
diff --git a/client/json-rpc/Cargo.toml b/client/json-rpc/Cargo.toml
index 5f417fbbaf78..7d4f7c5aeef0 100644
--- a/client/json-rpc/Cargo.toml
+++ b/client/json-rpc/Cargo.toml
@@ -16,7 +16,7 @@ futures = "0.3.12"
 hex = "0.4.3"
 rand = "0.8.3"
 reqwest = { version = "0.11.2", features = ["blocking", "json"], default_features = false }
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 serde_json = "1.0.64"
 tokio = { version = "1.3.0", features = ["full"] }
 
diff --git a/client/swiss-knife/Cargo.toml b/client/swiss-knife/Cargo.toml
index 911e1e134275..1e6b503562af 100644
--- a/client/swiss-knife/Cargo.toml
+++ b/client/swiss-knife/Cargo.toml
@@ -14,7 +14,7 @@ structopt = "0.3.21"
 rand = "0.8.3"
 hex = "0.4.3"
 serde_json = "1.0.64"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 
 bcs = "0.1.2"
 diem-types = { path = "../../types" }
diff --git a/client/transaction-builder/Cargo.toml b/client/transaction-builder/Cargo.toml
index a6730ddc2eda..793ed70dabe2 100644
--- a/client/transaction-builder/Cargo.toml
+++ b/client/transaction-builder/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 bcs = "0.1.2"
 once_cell = "1.7.2"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 
 move-core-types = { path = "../../language/move-core/types", version = "0.0.1" }
 diem-types = { path = "../../types", version = "0.0.1" }
diff --git a/common/bitvec/Cargo.toml b/common/bitvec/Cargo.toml
index 04d3cdc70538..053998c35d7b 100644
--- a/common/bitvec/Cargo.toml
+++ b/common/bitvec/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 diem-workspace-hack = { path = "../workspace-hack" }
 proptest = { version = "1.0.0", default-features = true, optional = true }
 proptest-derive = { version = "0.3.0", optional = true }
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 serde_bytes = "0.11.5"
 
 [dev-dependencies]
diff --git a/common/crash-handler/Cargo.toml b/common/crash-handler/Cargo.toml
index 5be2d95a514e..c9d3fc35f13f 100644
--- a/common/crash-handler/Cargo.toml
+++ b/common/crash-handler/Cargo.toml
@@ -15,4 +15,4 @@ toml = "0.5.8"
 
 diem-logger = { path = "../logger" }
 diem-workspace-hack = { path = "../workspace-hack" }
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
diff --git a/common/diemdoc/Cargo.toml b/common/diemdoc/Cargo.toml
index edd6ab2388d5..ae5e299bc5f3 100644
--- a/common/diemdoc/Cargo.toml
+++ b/common/diemdoc/Cargo.toml
@@ -21,7 +21,7 @@ once_cell = "1.7.2"
 diem-workspace-hack = { path = "../workspace-hack" }
 
 [dev-dependencies]
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 tempfile = "3.2.0"
 
 [features]
diff --git a/common/logger/Cargo.toml b/common/logger/Cargo.toml
index cfc6372fb322..a23f42035de9 100644
--- a/common/logger/Cargo.toml
+++ b/common/logger/Cargo.toml
@@ -20,6 +20,6 @@ diem-log-derive = { path = "derive" }
 diem-infallible = { path = "../infallible" }
 diem-workspace-hack = { path = "../workspace-hack" }
 once_cell = "1.7.2"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 serde_json = "1.0.64"
 prometheus = { version = "0.12.0", default-features = false }
diff --git a/common/nibble/Cargo.toml b/common/nibble/Cargo.toml
index ef01cf54c8a0..0fc538015b7b 100644
--- a/common/nibble/Cargo.toml
+++ b/common/nibble/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 diem-workspace-hack = { path = "../workspace-hack" }
 proptest = { version = "1.0.0", optional = true }
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 
 [features]
 default = []
diff --git a/common/short-hex-str/Cargo.toml b/common/short-hex-str/Cargo.toml
index 28f31b3ac0ec..45d42bf46083 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 = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 static_assertions = "1.1.0"
 thiserror = "1.0.24"
 
diff --git a/common/trace/Cargo.toml b/common/trace/Cargo.toml
index a250510dac9d..8f819725dd82 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 = "1.3.0", features = ["full"] }
 serde_json = "1.0.64"
-serde = "1.0.124"
+serde = "1.0.131"
 anyhow = "1.0.38"
 reqwest = { version = "0.11.2", features = ["blocking", "json"], default_features = false }
 once_cell = "1.7.2"
diff --git a/common/workspace-hack/Cargo.toml b/common/workspace-hack/Cargo.toml
index 3a6edf353356..1d81ff629888 100644
--- a/common/workspace-hack/Cargo.toml
+++ b/common/workspace-hack/Cargo.toml
@@ -44,7 +44,7 @@ regex = { version = "1.4.3", features = ["aho-corasick", "default", "memchr", "p
 regex-syntax = { version = "0.6.23", features = ["default", "unicode", "unicode-age", "unicode-bool", "unicode-case", "unicode-gencat", "unicode-perl", "unicode-script", "unicode-segment"] }
 reqwest = { version = "0.11.2", features = ["__tls", "blocking", "default", "default-tls", "hyper-tls", "json", "native-tls", "native-tls-crate", "serde_json", "stream", "tokio-native-tls"] }
 rusty-fork = { version = "0.3.0", features = ["default", "timeout", "wait-timeout"] }
-serde = { version = "1.0.124", features = ["alloc", "default", "derive", "rc", "serde_derive", "std"] }
+serde = { version = "1.0.131", features = ["alloc", "default", "derive", "rc", "serde_derive", "std"] }
 serde_json = { version = "1.0.64", features = ["default", "indexmap", "preserve_order", "std"] }
 standback = { version = "0.2.15", default-features = false, features = ["std"] }
 subtle = { version = "2.4.0", default-features = false, features = ["std"] }
@@ -92,7 +92,7 @@ regex = { version = "1.4.3", features = ["aho-corasick", "default", "memchr", "p
 regex-syntax = { version = "0.6.23", features = ["default", "unicode", "unicode-age", "unicode-bool", "unicode-case", "unicode-gencat", "unicode-perl", "unicode-script", "unicode-segment"] }
 reqwest = { version = "0.11.2", features = ["__tls", "blocking", "default", "default-tls", "hyper-tls", "json", "native-tls", "native-tls-crate", "serde_json", "stream", "tokio-native-tls"] }
 rusty-fork = { version = "0.3.0", features = ["default", "timeout", "wait-timeout"] }
-serde = { version = "1.0.124", features = ["alloc", "default", "derive", "rc", "serde_derive", "std"] }
+serde = { version = "1.0.131", features = ["alloc", "default", "derive", "rc", "serde_derive", "std"] }
 serde_json = { version = "1.0.64", features = ["default", "indexmap", "preserve_order", "std"] }
 standback = { version = "0.2.15", default-features = false, features = ["std"] }
 subtle = { version = "2.4.0", default-features = false, features = ["std"] }
@@ -139,7 +139,7 @@ regex = { version = "1.4.3", features = ["aho-corasick", "default", "memchr", "p
 regex-syntax = { version = "0.6.23", features = ["default", "unicode", "unicode-age", "unicode-bool", "unicode-case", "unicode-gencat", "unicode-perl", "unicode-script", "unicode-segment"] }
 reqwest = { version = "0.11.2", features = ["__tls", "blocking", "default", "default-tls", "hyper-tls", "json", "native-tls", "native-tls-crate", "serde_json", "stream", "tokio-native-tls"] }
 rusty-fork = { version = "0.3.0", features = ["default", "timeout", "wait-timeout"] }
-serde = { version = "1.0.124", features = ["alloc", "default", "derive", "rc", "serde_derive", "std"] }
+serde = { version = "1.0.131", features = ["alloc", "default", "derive", "rc", "serde_derive", "std"] }
 serde_json = { version = "1.0.64", features = ["default", "indexmap", "preserve_order", "std"] }
 standback = { version = "0.2.15", default-features = false, features = ["std"] }
 subtle = { version = "2.4.0", default-features = false, features = ["std"] }
@@ -187,7 +187,7 @@ regex = { version = "1.4.3", features = ["aho-corasick", "default", "memchr", "p
 regex-syntax = { version = "0.6.23", features = ["default", "unicode", "unicode-age", "unicode-bool", "unicode-case", "unicode-gencat", "unicode-perl", "unicode-script", "unicode-segment"] }
 reqwest = { version = "0.11.2", features = ["__tls", "blocking", "default", "default-tls", "hyper-tls", "json", "native-tls", "native-tls-crate", "serde_json", "stream", "tokio-native-tls"] }
 rusty-fork = { version = "0.3.0", features = ["default", "timeout", "wait-timeout"] }
-serde = { version = "1.0.124", features = ["alloc", "default", "derive", "rc", "serde_derive", "std"] }
+serde = { version = "1.0.131", features = ["alloc", "default", "derive", "rc", "serde_derive", "std"] }
 serde_json = { version = "1.0.64", features = ["default", "indexmap", "preserve_order", "std"] }
 standback = { version = "0.2.15", default-features = false, features = ["std"] }
 subtle = { version = "2.4.0", default-features = false, features = ["std"] }
diff --git a/config/Cargo.toml b/config/Cargo.toml
index fd58d01fde79..1d0651f8ce39 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 = "0.4.14", features = ["serde"] }
 mirai-annotations = "1.10.1"
 rand = "0.8.3"
-serde = { version = "1.0.124", features = ["rc"], default-features = false }
+serde = { version = "1.0.131", features = ["rc"], default-features = false }
 serde_yaml = "0.8.17"
 thiserror = "1.0.24"
 
diff --git a/config/management/Cargo.toml b/config/management/Cargo.toml
index c3b3edc9d374..aa9e1a154f37 100644
--- a/config/management/Cargo.toml
+++ b/config/management/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.38"
 hex = "0.4.3"
-serde = { version = "1.0.124", features = ["rc"], default-features = false }
+serde = { version = "1.0.131", features = ["rc"], default-features = false }
 serde_yaml = "0.8.17"
 structopt = "0.3.21"
 thiserror = "1.0.24"
diff --git a/config/management/genesis/Cargo.toml b/config/management/genesis/Cargo.toml
index d009003268b4..ea344ce6a598 100644
--- a/config/management/genesis/Cargo.toml
+++ b/config/management/genesis/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.38"
 rand = "0.8.3"
-serde = { version = "1.0.124", features = ["rc"], default-features = false }
+serde = { version = "1.0.131", features = ["rc"], default-features = false }
 structopt = "0.3.21"
 thiserror = "1.0.24"
 toml = { version = "0.5.8", default-features = false }
diff --git a/config/management/network-address-encryption/Cargo.toml b/config/management/network-address-encryption/Cargo.toml
index 9093e050ce8d..90665bf1e948 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 = "1.0.124", features = ["rc"], default-features = false }
+serde = { version = "1.0.131", features = ["rc"], default-features = false }
 thiserror = "1.0.24"
 
 bcs = "0.1.2"
diff --git a/config/management/operational/Cargo.toml b/config/management/operational/Cargo.toml
index 9e583696eb86..40bee3c9cbbd 100644
--- a/config/management/operational/Cargo.toml
+++ b/config/management/operational/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.38"
 hex = "0.4.3"
-serde = { version = "1.0.124", features = ["rc"], default-features = false }
+serde = { version = "1.0.131", features = ["rc"], default-features = false }
 serde_json = "1.0.64"
 structopt = "0.3.21"
 thiserror = "1.0.24"
diff --git a/consensus/Cargo.toml b/consensus/Cargo.toml
index d40201162906..83077d7d5e11 100644
--- a/consensus/Cargo.toml
+++ b/consensus/Cargo.toml
@@ -23,7 +23,7 @@ num-traits = { version = "0.2.14", default-features = false }
 once_cell = "1.7.2"
 proptest = { version = "1.0.0", optional = true }
 rand = { version = "0.8.3", default-features = false }
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 serde_json = "1.0.64"
 termion = { version = "1.5.6", default-features = false }
 thiserror = "1.0.24"
diff --git a/consensus/consensus-types/Cargo.toml b/consensus/consensus-types/Cargo.toml
index 425ee10311aa..f1203673cad8 100644
--- a/consensus/consensus-types/Cargo.toml
+++ b/consensus/consensus-types/Cargo.toml
@@ -10,7 +10,7 @@ edition = "2018"
 anyhow = "1.0.38"
 mirai-annotations = { version = "1.10.1", default-features = false }
 proptest = { version = "1.0.0", optional = true }
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 
 executor-types = { path = "../../execution/executor-types" }
 bcs = "0.1.2"
diff --git a/consensus/safety-rules/Cargo.toml b/consensus/safety-rules/Cargo.toml
index 5f0f8a2f8739..073a1545ce5d 100644
--- a/consensus/safety-rules/Cargo.toml
+++ b/consensus/safety-rules/Cargo.toml
@@ -28,7 +28,7 @@ diem-temppath = { path = "../../common/temppath" }
 diem-types = { path = "../../types" }
 diem-vault-client = { path = "../../secure/storage/vault" }
 diem-workspace-hack = { path = "../../common/workspace-hack" }
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 thiserror = "1.0.24"
 
 [dev-dependencies]
diff --git a/crypto/crypto/Cargo.toml b/crypto/crypto/Cargo.toml
index c7c762683c67..8e54bc27a343 100644
--- a/crypto/crypto/Cargo.toml
+++ b/crypto/crypto/Cargo.toml
@@ -23,7 +23,7 @@ proptest = { version = "1.0.0", optional = true }
 proptest-derive = { version = "0.3.0", optional = true }
 rand = "0.8.0"
 rand_core = { version = "0.6.2", default-features = false }
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 serde_bytes = "0.11.5"
 serde-name = "0.1.1"
 sha2 = "0.9.3"
diff --git a/devtools/x-core/Cargo.toml b/devtools/x-core/Cargo.toml
index 3214d1a87388..cfe61988228f 100644
--- a/devtools/x-core/Cargo.toml
+++ b/devtools/x-core/Cargo.toml
@@ -18,4 +18,4 @@ log = "0.4.14"
 toml = "0.5.8"
 once_cell = "1.7.2"
 rental = "0.5.5"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
diff --git a/devtools/x-lint/Cargo.toml b/devtools/x-lint/Cargo.toml
index 8493e010da5d..12bf02b1ffc9 100644
--- a/devtools/x-lint/Cargo.toml
+++ b/devtools/x-lint/Cargo.toml
@@ -13,5 +13,5 @@ guppy = "0.9.0"
 hakari = "0.3.0"
 once_cell = "1.7.2"
 toml = "0.5.8"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 x-core = { path = "../x-core" }
diff --git a/devtools/x/Cargo.toml b/devtools/x/Cargo.toml
index c3364459e611..6af52b0a3cb8 100644
--- a/devtools/x/Cargo.toml
+++ b/devtools/x/Cargo.toml
@@ -10,7 +10,7 @@ license = "Apache-2.0"
 [dependencies]
 camino = "1.0.3"
 determinator = "0.4.0"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 serde_json = "1.0.64"
 structopt = "0.3.21"
 anyhow = "1.0.38"
diff --git a/execution/execution-correctness/Cargo.toml b/execution/execution-correctness/Cargo.toml
index 509b9c2bc9c9..3082a2648f7a 100644
--- a/execution/execution-correctness/Cargo.toml
+++ b/execution/execution-correctness/Cargo.toml
@@ -25,7 +25,7 @@ diem-temppath = { path = "../../common/temppath" }
 diem-types = { path = "../../types" }
 diem-vm = { path = "../../language/diem-vm" }
 diem-workspace-hack = { path = "../../common/workspace-hack" }
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 storage-client = { path = "../../storage/storage-client" }
 thiserror = "1.0.24"
 # 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 cdd0b73c28cb..82a2a5001f3b 100644
--- a/execution/executor-types/Cargo.toml
+++ b/execution/executor-types/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 anyhow = "1.0.38"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 thiserror = "1.0.24"
 
 bcs = "0.1.2"
diff --git a/execution/executor/Cargo.toml b/execution/executor/Cargo.toml
index 27e92a4aa534..319cf4c79c95 100644
--- a/execution/executor/Cargo.toml
+++ b/execution/executor/Cargo.toml
@@ -15,7 +15,7 @@ fail = "0.4.0"
 itertools = { version = "0.10.0", default-features = false }
 once_cell = "1.7.2"
 serde_json = "1.0.64"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 
 consensus-types = { path = "../../consensus/consensus-types"}
 executor-types = { path = "../executor-types" }
diff --git a/json-rpc/Cargo.toml b/json-rpc/Cargo.toml
index 3fb732bb76de..264bed36ffc9 100644
--- a/json-rpc/Cargo.toml
+++ b/json-rpc/Cargo.toml
@@ -18,7 +18,7 @@ hyper = "0.14.4"
 once_cell = "1.7.2"
 rand = "0.8.3"
 serde_json = "1.0.64"
-serde = { version = "1.0.124", features = ["derive"], default-features = false }
+serde = { version = "1.0.131", features = ["derive"], default-features = false }
 tokio = { version = "1.3.0", features = ["full"] }
 warp = { version = "0.3.0", features = ["tls"] }
 reqwest = { version = "0.11.2", features = ["blocking", "json"], default_features = false, optional = true }
diff --git a/json-rpc/types/Cargo.toml b/json-rpc/types/Cargo.toml
index c8fadc9b4db7..03ba83af489e 100644
--- a/json-rpc/types/Cargo.toml
+++ b/json-rpc/types/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.38"
 hex = "0.4.3"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 serde_json = "1.0.64"
 prost = "0.7.0"
 
diff --git a/language/compiler/bytecode-source-map/Cargo.toml b/language/compiler/bytecode-source-map/Cargo.toml
index 7a7eaf884a51..c1a369e74f2c 100644
--- a/language/compiler/bytecode-source-map/Cargo.toml
+++ b/language/compiler/bytecode-source-map/Cargo.toml
@@ -15,7 +15,7 @@ vm = { path = "../../vm" }
 bcs = "0.1.2"
 codespan = "0.8.0"
 codespan-reporting = "0.8.0"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", 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 dcddfb554e50..ea6ae6b3fe9c 100644
--- a/language/diem-tools/writeset-transaction-generator/Cargo.toml
+++ b/language/diem-tools/writeset-transaction-generator/Cargo.toml
@@ -16,7 +16,7 @@ anyhow = "1.0.38"
 structopt = "0.3.21"
 tempfile = "3.2.0"
 handlebars = "3.5.3"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 serde_json = "1.0.64"
 once_cell = "1.7.2"
 
diff --git a/language/diem-vm/Cargo.toml b/language/diem-vm/Cargo.toml
index 5e839a455ecb..e3b317182814 100644
--- a/language/diem-vm/Cargo.toml
+++ b/language/diem-vm/Cargo.toml
@@ -29,7 +29,7 @@ move-vm-runtime = { path = "../move-vm/runtime" }
 move-vm-types = { path = "../move-vm/types" }
 vm = { path = "../vm" }
 serde_json = "1.0.64"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 
 [dev-dependencies]
 proptest = "1.0.0"
diff --git a/language/move-core/types/Cargo.toml b/language/move-core/types/Cargo.toml
index 4a3afef3cf7f..8becee39f538 100644
--- a/language/move-core/types/Cargo.toml
+++ b/language/move-core/types/Cargo.toml
@@ -19,7 +19,7 @@ proptest = { version = "1.0.0", default-features = false, optional = true }
 proptest-derive = { version = "0.3.0", default-features = false, optional = true }
 rand = "0.8.3"
 ref-cast = "1.0.6"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 serde_bytes = "0.11.5"
 
 [dev-dependencies]
diff --git a/language/move-ir/types/Cargo.toml b/language/move-ir/types/Cargo.toml
index 6be0b7cc5f48..2dc3ff294b37 100644
--- a/language/move-ir/types/Cargo.toml
+++ b/language/move-ir/types/Cargo.toml
@@ -14,7 +14,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.38"
 codespan = { version = "0.8.0", features = ["serialization"] }
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 hex = "0.4.3"
 once_cell = "1.7.2"
 
diff --git a/language/move-model/Cargo.toml b/language/move-model/Cargo.toml
index cbab217f74d6..d06b8fe2e54c 100644
--- a/language/move-model/Cargo.toml
+++ b/language/move-model/Cargo.toml
@@ -25,7 +25,7 @@ num = "0.4.0"
 once_cell = "1.7.2"
 regex = "1.4.3"
 anyhow = "1.0.38"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 
 [dev-dependencies]
 datatest-stable = { path = "../../common/datatest-stable" }
diff --git a/language/move-prover/Cargo.toml b/language/move-prover/Cargo.toml
index eec2c9e347ad..b45d10e664bb 100644
--- a/language/move-prover/Cargo.toml
+++ b/language/move-prover/Cargo.toml
@@ -36,7 +36,7 @@ num = "0.4.0"
 pretty = "0.10.0"
 rand = "0.8.3"
 regex = "1.4.3"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 serde_json = "1.0.64"
 simplelog = "0.9.0"
 once_cell = "1.7.2"
diff --git a/language/move-prover/abigen/Cargo.toml b/language/move-prover/abigen/Cargo.toml
index f85057f7e305..4cc219bb77d6 100644
--- a/language/move-prover/abigen/Cargo.toml
+++ b/language/move-prover/abigen/Cargo.toml
@@ -19,7 +19,7 @@ bcs = "0.1.2"
 log = "0.4.14"
 anyhow = "1.0.38"
 heck = "0.3.2"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 
 [dev-dependencies]
 codespan-reporting = "0.8.0"
diff --git a/language/move-prover/boogie-backend/Cargo.toml b/language/move-prover/boogie-backend/Cargo.toml
index 7523582e16a4..a34811a17595 100644
--- a/language/move-prover/boogie-backend/Cargo.toml
+++ b/language/move-prover/boogie-backend/Cargo.toml
@@ -17,7 +17,7 @@ num = "0.4.0"
 itertools = "0.10.0"
 move-core-types = { path = "../../move-core/types" }
 log = "0.4.14"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 serde_json = "1.0.64"
 anyhow = "1.0.37"
 once_cell = "1.7.2"
diff --git a/language/move-prover/bytecode/Cargo.toml b/language/move-prover/bytecode/Cargo.toml
index ae9303615f28..6dcd6f7b92b5 100644
--- a/language/move-prover/bytecode/Cargo.toml
+++ b/language/move-prover/bytecode/Cargo.toml
@@ -21,7 +21,7 @@ itertools = "0.10.0"
 diem-types = { path = "../../../types" }
 move-core-types = { path = "../../move-core/types" }
 log = "0.4.14"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 serde_json = "1.0.64"
 once_cell = "1.7.2"
 petgraph = "0.5.1"
diff --git a/language/move-prover/docgen/Cargo.toml b/language/move-prover/docgen/Cargo.toml
index f31e5244acfa..778a8667868b 100644
--- a/language/move-prover/docgen/Cargo.toml
+++ b/language/move-prover/docgen/Cargo.toml
@@ -20,7 +20,7 @@ log = "0.4.14"
 num = "0.4.0"
 regex = "1.4.3"
 anyhow = "1.0.38"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 once_cell = "1.7.2"
 
 [dev-dependencies]
diff --git a/language/move-prover/errmapgen/Cargo.toml b/language/move-prover/errmapgen/Cargo.toml
index e146270a51bf..b1b2f02403b3 100644
--- a/language/move-prover/errmapgen/Cargo.toml
+++ b/language/move-prover/errmapgen/Cargo.toml
@@ -16,7 +16,7 @@ bcs = "0.1.2"
 # external dependencies
 log = "0.4.14"
 anyhow = "1.0.38"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 
 [dev-dependencies]
 codespan-reporting = "0.8.0"
diff --git a/language/move-vm/types/Cargo.toml b/language/move-vm/types/Cargo.toml
index 5ba87fd88004..e29993c0160d 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 = "1.7.2"
 proptest = { version = "1.0.0", optional = true }
 sha2 = "0.9.3"
-serde = { version = "1.0.124", features = ["derive", "rc"] }
+serde = { version = "1.0.131", features = ["derive", "rc"] }
 smallvec = "1.6.1"
 
 bcs = "0.1.2"
diff --git a/language/tools/move-coverage/Cargo.toml b/language/tools/move-coverage/Cargo.toml
index 962f8c90fd2e..585212006d06 100644
--- a/language/tools/move-coverage/Cargo.toml
+++ b/language/tools/move-coverage/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 once_cell = "1.7.2"
 petgraph = "0.5.1"
 structopt = "0.3.21"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 anyhow = "1.0.38"
 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 506b9cb1a5bf..cfd9004a68d7 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" }
 compiled-stdlib = { path = "../../diem-framework/compiled" }
 vm = { path = "../../vm" }
 serde_json = "1.0.64"
-serde = { version = "1.0.124", features = ["derive", "rc"] }
+serde = { version = "1.0.131", features = ["derive", "rc"] }
 
 anyhow = "1.0.38"
 once_cell = "1.7.2"
diff --git a/mempool/Cargo.toml b/mempool/Cargo.toml
index 045753e23b80..594825587179 100644
--- a/mempool/Cargo.toml
+++ b/mempool/Cargo.toml
@@ -17,7 +17,7 @@ itertools = "0.10.0"
 once_cell = "1.7.2"
 proptest = { version = "1.0.0", optional = true }
 rayon = "1.4.1"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 tokio = { version = "1.3.0", features = ["full"] }
 tokio-stream = "0.1.4"
 
diff --git a/network/Cargo.toml b/network/Cargo.toml
index 71075b7072cf..bb05f8b7e996 100644
--- a/network/Cargo.toml
+++ b/network/Cargo.toml
@@ -21,7 +21,7 @@ proptest = { version = "1.0.0", default-features = true, optional = true }
 proptest-derive = { version = "0.3.0", optional = true }
 rand = { version = "0.8.3", features = ["small_rng"] }
 rand_core = { version = "0.6.2", optional = true }
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 serde_bytes = "0.11.5"
 thiserror = "1.0.24"
 tokio = { version = "1.3.0", features = ["full"] }
diff --git a/network/builder/Cargo.toml b/network/builder/Cargo.toml
index b22615f70f28..9aca59f73b88 100644
--- a/network/builder/Cargo.toml
+++ b/network/builder/Cargo.toml
@@ -14,7 +14,7 @@ edition = "2018"
 [dependencies]
 futures = "0.3.12"
 rand = "0.8.3"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 tokio = { version = "1.3.0", features = ["full"] }
 
 channel = { path = "../../common/channel" }
diff --git a/network/netcore/Cargo.toml b/network/netcore/Cargo.toml
index 20d993e5ee96..08794892db01 100644
--- a/network/netcore/Cargo.toml
+++ b/network/netcore/Cargo.toml
@@ -13,7 +13,7 @@ edition = "2018"
 bytes = "1.0.1"
 futures = "0.3.12"
 pin-project = "1.0.5"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 tokio = { version = "1.3.0", features = ["full"] }
 tokio-util = { version = "0.6.4", features = ["compat"] }
 url = { version = "2.2.1" }
diff --git a/sdk/client/Cargo.toml b/sdk/client/Cargo.toml
index 9095c339227e..546437ea46bf 100644
--- a/sdk/client/Cargo.toml
+++ b/sdk/client/Cargo.toml
@@ -18,7 +18,7 @@ async = ["reqwest", "tokio"]
 anyhow = "1.0.38"
 bcs = "0.1.2"
 hex = "0.4.3"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 serde_json = "1.0.64"
 
 diem-crypto = { path = "../../crypto/crypto", version = "0.0.1" }
diff --git a/secure/key-manager/Cargo.toml b/secure/key-manager/Cargo.toml
index b0439ccb4745..ef5aaf052289 100644
--- a/secure/key-manager/Cargo.toml
+++ b/secure/key-manager/Cargo.toml
@@ -13,7 +13,7 @@ publish = false
 anyhow = "1.0.38"
 bcs = "0.1.2"
 once_cell = "1.7.2"
-serde = { version = "1.0.124", features = ["rc"], default-features = false }
+serde = { version = "1.0.131", features = ["rc"], default-features = false }
 thiserror = "1.0.24"
 
 crash-handler = { path = "../../common/crash-handler" }
diff --git a/secure/net/Cargo.toml b/secure/net/Cargo.toml
index 193412cd7402..13ea08b3e023 100644
--- a/secure/net/Cargo.toml
+++ b/secure/net/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 once_cell = "1.7.2"
-serde = { version = "1.0.124", features = ["rc"], default-features = false }
+serde = { version = "1.0.131", features = ["rc"], default-features = false }
 thiserror = "1.0.24"
 
 diem-logger = { path = "../../common/logger" }
diff --git a/secure/storage/Cargo.toml b/secure/storage/Cargo.toml
index a5d9d6f92ef9..99e08e6d3d0b 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 = "0.3.5"
 rand = "0.8.3"
-serde = { version = "1.0.124", features = ["rc"], default-features = false }
+serde = { version = "1.0.131", features = ["rc"], default-features = false }
 serde_json = "1.0.64"
 thiserror = "1.0.24"
 
diff --git a/secure/storage/github/Cargo.toml b/secure/storage/github/Cargo.toml
index d64ba5424776..1a6608e3a0c1 100644
--- a/secure/storage/github/Cargo.toml
+++ b/secure/storage/github/Cargo.toml
@@ -10,7 +10,7 @@ publish = false
 edition = "2018"
 
 [dependencies]
-serde = { version = "1.0.124", features = ["derive"], default-features = false }
+serde = { version = "1.0.131", features = ["derive"], default-features = false }
 serde_json = "1.0.64"
 thiserror = "1.0.24"
 ureq = { version = "1.5.4", features = ["json", "native-tls"], default-features = false }
diff --git a/secure/storage/vault/Cargo.toml b/secure/storage/vault/Cargo.toml
index 6113ed1a475d..b5493303fe7c 100644
--- a/secure/storage/vault/Cargo.toml
+++ b/secure/storage/vault/Cargo.toml
@@ -15,7 +15,7 @@ chrono = "0.4.19"
 once_cell = "1.7.2"
 proptest = { version = "1.0.0", optional = true }
 native-tls = "0.2.7"
-serde = { version = "1.0.124", features = ["derive"], default-features = false }
+serde = { version = "1.0.131", features = ["derive"], default-features = false }
 serde_json = "1.0.64"
 thiserror = "1.0.24"
 ureq = { version = "1.5.4", features = ["json", "native-tls"], default-features = false }
diff --git a/state-sync/Cargo.toml b/state-sync/Cargo.toml
index 9eea8549affb..a12315227dc9 100644
--- a/state-sync/Cargo.toml
+++ b/state-sync/Cargo.toml
@@ -17,7 +17,7 @@ itertools = { version = "0.10.0", default-features = false }
 once_cell = "1.7.2"
 proptest = { version = "1.0.0", optional = true }
 rand = "0.8.3"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 thiserror = "1.0.24"
 tokio = { version = "1.3.0", features = ["full"] }
 tokio-stream = "0.1.4"
diff --git a/storage/backup/backup-cli/Cargo.toml b/storage/backup/backup-cli/Cargo.toml
index 0e2a8fdde512..f78cadc9f970 100644
--- a/storage/backup/backup-cli/Cargo.toml
+++ b/storage/backup/backup-cli/Cargo.toml
@@ -22,7 +22,7 @@ pin-project = "1.0.5"
 rand = "0.8.3"
 regex = "1.4.3"
 reqwest = { version = "0.11.2", features = ["stream"], default-features = false }
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 serde_json = "1.0.64"
 structopt = "0.3.21"
 toml = "0.5.8"
diff --git a/storage/backup/backup-service/Cargo.toml b/storage/backup/backup-service/Cargo.toml
index 3f60e21760b2..cd60e4c04cbd 100644
--- a/storage/backup/backup-service/Cargo.toml
+++ b/storage/backup/backup-service/Cargo.toml
@@ -14,7 +14,7 @@ bytes = "1.0.1"
 futures = "0.3.12"
 hyper = "0.14.4"
 once_cell = "1.7.2"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 tokio = { version = "1.3.0", features = ["full"] }
 warp = "0.3.0"
 
diff --git a/storage/diemdb/Cargo.toml b/storage/diemdb/Cargo.toml
index f5e0b9e58963..9693b69477ff 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 = "1.0.0", optional = true }
 proptest-derive = { version = "0.3.0", optional = true }
-serde = "1.0.124"
+serde = "1.0.131"
 thiserror = "1.0.24"
 
 accumulator = { path = "../accumulator" }
diff --git a/storage/diemsum/Cargo.toml b/storage/diemsum/Cargo.toml
index ab849fa3dd8f..6c6a16f42d9d 100644
--- a/storage/diemsum/Cargo.toml
+++ b/storage/diemsum/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.38"
 structopt = "0.3.21"
-serde = "1.0.124"
+serde = "1.0.131"
 serde_json = "1.0.64"
 
 diemdb = { path = "../diemdb", features = ["diemsum"] }
diff --git a/storage/jellyfish-merkle/Cargo.toml b/storage/jellyfish-merkle/Cargo.toml
index 419036b4e8eb..45bdfc77e808 100644
--- a/storage/jellyfish-merkle/Cargo.toml
+++ b/storage/jellyfish-merkle/Cargo.toml
@@ -19,7 +19,7 @@ once_cell = "1.7.2"
 proptest = { version = "1.0.0", optional = true }
 proptest-derive = { version = "0.3.0", optional = true }
 rand = { version = "0.8.3", optional = true }
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 thiserror = "1.0.24"
 
 bcs = "0.1.2"
diff --git a/storage/storage-client/Cargo.toml b/storage/storage-client/Cargo.toml
index 758c2bb73a5f..caaf63c2f98c 100644
--- a/storage/storage-client/Cargo.toml
+++ b/storage/storage-client/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 anyhow = "1.0.38"
-serde = "1.0.124"
+serde = "1.0.131"
 
 bcs = "0.1.2"
 diem-crypto = { path = "../../crypto/crypto" }
diff --git a/storage/storage-interface/Cargo.toml b/storage/storage-interface/Cargo.toml
index 0dc34a58ff57..e8ba139125b2 100644
--- a/storage/storage-interface/Cargo.toml
+++ b/storage/storage-interface/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.38"
 itertools = "0.10.0"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 thiserror = "1.0.24"
 parking_lot = "0.11.1"
 
diff --git a/testsuite/cli/Cargo.toml b/testsuite/cli/Cargo.toml
index 99d8aa3554ea..ec980f9da237 100644
--- a/testsuite/cli/Cargo.toml
+++ b/testsuite/cli/Cargo.toml
@@ -19,7 +19,7 @@ rust_decimal = "1.10.3"
 num-traits = "0.2.14"
 once_cell = "1.7.2"
 reqwest = { version = "0.11.2", features = ["blocking", "json"] }
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 structopt = "0.3.21"
 tokio = { version = "1.3.0", features = ["full"] }
 walkdir = "2.3.1"
diff --git a/testsuite/cli/diem-wallet/Cargo.toml b/testsuite/cli/diem-wallet/Cargo.toml
index 06783a932a1b..e5cb9a69209f 100644
--- a/testsuite/cli/diem-wallet/Cargo.toml
+++ b/testsuite/cli/diem-wallet/Cargo.toml
@@ -16,7 +16,7 @@ hex = "0.4.3"
 hmac = "0.10.1"
 byteorder = "1.4.3"
 pbkdf2 = "0.7.3"
-serde = "1.0.124"
+serde = "1.0.131"
 sha2 = "0.9.3"
 thiserror = "1.0.24"
 ed25519-dalek = { version = "0.1.0", package = "ed25519-dalek-fiat", default-features = false, features = ["std", "fiat_u64_backend"] }
diff --git a/testsuite/cluster-test/Cargo.toml b/testsuite/cluster-test/Cargo.toml
index 7a0720dc49f7..dec714f0b3f5 100644
--- a/testsuite/cluster-test/Cargo.toml
+++ b/testsuite/cluster-test/Cargo.toml
@@ -21,7 +21,7 @@ reqwest = { version = "0.11.2", features = ["blocking", "json"] }
 serde_json = "1.0.64"
 serde_yaml = "0.8.17"
 termion = "1.5.6"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 structopt = "0.3.21"
 rusoto_core = "0.46.0"
 rusoto_autoscaling = "0.46.0"
diff --git a/testsuite/generate-format/Cargo.toml b/testsuite/generate-format/Cargo.toml
index 4683036d272c..a171222e3236 100644
--- a/testsuite/generate-format/Cargo.toml
+++ b/testsuite/generate-format/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 rand = "0.8.3"
-serde = { version = "1.0.124", features = ["derive"] }
+serde = { version = "1.0.131", features = ["derive"] }
 serde-reflection = "0.3.2"
 serde_yaml = "0.8.17"
 structopt = "0.3.21"
diff --git a/types/Cargo.toml b/types/Cargo.toml
index 789e8781c7a1..3b7f31c4df08 100644
--- a/types/Cargo.toml
+++ b/types/Cargo.toml
@@ -21,7 +21,7 @@ mirai-annotations = "1.10.1"
 proptest = { version = "1.0.0", optional = true }
 proptest-derive = { version = "0.3.0", default-features = false, optional = true }
 rand = "0.8.3"
-serde = { version = "1.0.124", default-features = false }
+serde = { version = "1.0.131", default-features = false }
 serde_json = "1.0.64"
 serde_bytes = "0.11.5"
 thiserror = "1.0.24"