diff --git a/Cargo.lock b/Cargo.lock
index 968b35e85..0efb54555 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -10812,9 +10812,9 @@ dependencies = [
 
 [[package]]
 name = "parity-scale-codec"
-version = "3.7.2"
+version = "3.7.4"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b91c2d9a6a6004e205b7e881856fb1a0f5022d382acc2c01b52185f7b6f65997"
+checksum = "c9fde3d0718baf5bc92f577d652001da0f8d54cd03a7974e118d04fc888dc23d"
 dependencies = [
  "arrayvec 0.7.6",
  "bitvec",
@@ -10829,14 +10829,14 @@ dependencies = [
 
 [[package]]
 name = "parity-scale-codec-derive"
-version = "3.6.12"
+version = "3.7.4"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d830939c76d294956402033aee57a6da7b438f2294eb94864c37b0569053a42c"
+checksum = "581c837bb6b9541ce7faa9377c20616e4fb7650f6b0f68bc93c827ee504fb7b3"
 dependencies = [
  "proc-macro-crate 3.2.0",
  "proc-macro2",
  "quote",
- "syn 1.0.109",
+ "syn 2.0.98",
 ]
 
 [[package]]
diff --git a/Cargo.toml b/Cargo.toml
index 7c9d11c09..bd8634652 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -322,7 +322,7 @@ log                   = { version = "0.4.25", default-features = false }
 num-bigint            = { version = "0.4.6", default-features = false }
 num-traits            = { version = "0.2.19", default-features = false }
 num_enum              = { version = "0.7.3", default-features = false }
-parity-scale-codec    = { version = "3.7.2", default-features = false }
+parity-scale-codec    = { version = "3.7.4", default-features = false }
 paste                 = { version = "1.0.15" }
 primitive-types       = { version = "0.12.2", default-features = false }
 proc-macro2           = { version = "1.0.89" }