diff --git a/crates/artifacts/solc/src/sources.rs b/crates/artifacts/solc/src/sources.rs
index b7e103d2c..c10191831 100644
--- a/crates/artifacts/solc/src/sources.rs
+++ b/crates/artifacts/solc/src/sources.rs
@@ -124,7 +124,7 @@ impl Source {
     }
 
     /// Reads the file's content
-    #[instrument(name = "read_source", level = "debug", skip_all, err)]
+    #[instrument(name = "Source::read", skip_all, err)]
     pub fn read(file: &Path) -> Result<Self, SolcIoError> {
         trace!(file=%file.display());
         let mut content = fs::read_to_string(file).map_err(|err| SolcIoError::new(err, file))?;
@@ -162,6 +162,7 @@ impl Source {
     }
 
     /// Reads all files
+    #[instrument(name = "Source::read_all", skip_all)]
     pub fn read_all<T, I>(files: I) -> Result<Sources, SolcIoError>
     where
         I: IntoIterator<Item = T>,
@@ -211,7 +212,7 @@ impl Source {
 #[cfg(feature = "async")]
 impl Source {
     /// async version of `Self::read`
-    #[instrument(name = "async_read_source", level = "debug", skip_all, err)]
+    #[instrument(name = "Source::async_read", skip_all, err)]
     pub async fn async_read(file: &Path) -> Result<Self, SolcIoError> {
         let mut content =
             tokio::fs::read_to_string(file).await.map_err(|err| SolcIoError::new(err, file))?;
diff --git a/crates/compilers/src/cache.rs b/crates/compilers/src/cache.rs
index e22c5386d..07313a37c 100644
--- a/crates/compilers/src/cache.rs
+++ b/crates/compilers/src/cache.rs
@@ -118,7 +118,7 @@ impl<S: CompilerSettings> CompilerCache<S> {
     /// cache.join_artifacts_files(project.artifacts_path());
     /// # Ok::<_, Box<dyn std::error::Error>>(())
     /// ```
-    #[instrument(skip_all, name = "sol-files-cache::read")]
+    #[instrument(name = "CompilerCache::read", skip_all)]
     pub fn read(path: &Path) -> Result<Self> {
         trace!("reading solfiles cache at {}", path.display());
         let cache: Self = utils::read_json_file(path)?;
@@ -149,6 +149,7 @@ impl<S: CompilerSettings> CompilerCache<S> {
     }
 
     /// Write the cache as json file to the given path
+    #[instrument(name = "CompilerCache::write", skip_all)]
     pub fn write(&self, path: &Path) -> Result<()> {
         trace!("writing cache with {} entries to json file: \"{}\"", self.len(), path.display());
         utils::create_parent_dir_all(path)?;
@@ -158,6 +159,7 @@ impl<S: CompilerSettings> CompilerCache<S> {
     }
 
     /// Removes build infos which don't have any artifacts linked to them.
+    #[instrument(skip_all)]
     pub fn remove_outdated_builds(&mut self) {
         let mut outdated = Vec::new();
         for build_id in &self.builds {
@@ -180,6 +182,7 @@ impl<S: CompilerSettings> CompilerCache<S> {
     }
 
     /// Sets the `CacheEntry`'s file paths to `root` adjoined to `self.file`.
+    #[instrument(skip_all)]
     pub fn join_entries(&mut self, root: &Path) -> &mut Self {
         self.files = std::mem::take(&mut self.files)
             .into_iter()
@@ -189,6 +192,7 @@ impl<S: CompilerSettings> CompilerCache<S> {
     }
 
     /// Removes `base` from all `CacheEntry` paths
+    #[instrument(skip_all)]
     pub fn strip_entries_prefix(&mut self, base: &Path) -> &mut Self {
         self.files = std::mem::take(&mut self.files)
             .into_iter()
@@ -198,12 +202,14 @@ impl<S: CompilerSettings> CompilerCache<S> {
     }
 
     /// Sets the artifact files location to `base` adjoined to the `CachEntries` artifacts.
+    #[instrument(skip_all)]
     pub fn join_artifacts_files(&mut self, base: &Path) -> &mut Self {
         self.files.values_mut().for_each(|entry| entry.join_artifacts_files(base));
         self
     }
 
     /// Removes `base` from all artifact file paths
+    #[instrument(skip_all)]
     pub fn strip_artifact_files_prefixes(&mut self, base: &Path) -> &mut Self {
         self.files.values_mut().for_each(|entry| entry.strip_artifact_files_prefixes(base));
         self
@@ -212,6 +218,7 @@ impl<S: CompilerSettings> CompilerCache<S> {
     /// Removes all `CacheEntry` which source files don't exist on disk
     ///
     /// **NOTE:** this assumes the `files` are absolute
+    #[instrument(skip_all)]
     pub fn remove_missing_files(&mut self) {
         trace!("remove non existing files from cache");
         self.files.retain(|file, _| {
@@ -292,6 +299,7 @@ impl<S: CompilerSettings> CompilerCache<S> {
     ///
     /// **NOTE**: unless the cache's `files` keys were modified `contract_file` is expected to be
     /// absolute.
+    #[instrument(skip_all)]
     pub fn read_artifact<Artifact: DeserializeOwned>(
         &self,
         contract_file: &Path,
@@ -318,6 +326,7 @@ impl<S: CompilerSettings> CompilerCache<S> {
     /// let artifacts = cache.read_artifacts::<CompactContractBytecode>()?;
     /// # Ok::<_, Box<dyn std::error::Error>>(())
     /// ```
+    #[instrument(skip_all)]
     pub fn read_artifacts<Artifact: DeserializeOwned + Send + Sync>(
         &self,
     ) -> Result<Artifacts<Artifact>> {
@@ -335,6 +344,7 @@ impl<S: CompilerSettings> CompilerCache<S> {
     /// objects, so we are basically just partially deserializing build infos here.
     ///
     /// [BuildContext]: crate::buildinfo::BuildContext
+    #[instrument(skip_all)]
     pub fn read_builds<L: Language>(&self, build_info_dir: &Path) -> Result<Builds<L>> {
         use rayon::prelude::*;
 
@@ -491,6 +501,7 @@ impl CacheEntry {
     /// Reads all artifact files associated with the `CacheEntry`
     ///
     /// **Note:** all artifact file paths should be absolute.
+    #[instrument(skip_all)]
     fn read_artifact_files<Artifact: DeserializeOwned>(
         &self,
     ) -> Result<BTreeMap<String, Vec<ArtifactFile<Artifact>>>> {
@@ -514,6 +525,7 @@ impl CacheEntry {
         Ok(artifacts)
     }
 
+    #[instrument(skip_all)]
     pub(crate) fn merge_artifacts<'a, A, I, T: 'a>(&mut self, artifacts: I)
     where
         I: IntoIterator<Item = (&'a String, A)>,
@@ -1017,6 +1029,7 @@ impl<'a, T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     ArtifactsCache<'a, T, C>
 {
     /// Create a new cache instance with the given files
+    #[instrument(name = "ArtifactsCache::new", skip(project, edges))]
     pub fn new(
         project: &'a Project<C, T>,
         edges: GraphEdges<C::ParsedSource>,
@@ -1042,6 +1055,8 @@ impl<'a, T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
                 }
             }
 
+            trace!(invalidate_cache, "cache invalidated");
+
             // new empty cache
             CompilerCache::new(Default::default(), paths, preprocessed)
         }
@@ -1135,6 +1150,7 @@ impl<'a, T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     }
 
     /// Adds the file's hashes to the set if not set yet
+    #[instrument(skip_all)]
     pub fn remove_dirty_sources(&mut self) {
         match self {
             ArtifactsCache::Ephemeral(..) => {}
@@ -1161,6 +1177,7 @@ impl<'a, T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     }
 
     /// Filters out those sources that don't need to be compiled
+    #[instrument(name = "ArtifactsCache::filter", skip_all)]
     pub fn filter(&mut self, sources: &mut Sources, version: &Version, profile: &str) {
         match self {
             ArtifactsCache::Ephemeral(..) => {}
@@ -1173,6 +1190,7 @@ impl<'a, T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     /// compiled and written to disk `written_artifacts`.
     ///
     /// Returns all the _cached_ artifacts.
+    #[instrument(name = "ArtifactsCache::consume", skip_all)]
     pub fn consume<A>(
         self,
         written_artifacts: &Artifacts<A>,
diff --git a/crates/compilers/src/compile/output/mod.rs b/crates/compilers/src/compile/output/mod.rs
index 23f27453d..fcc014840 100644
--- a/crates/compilers/src/compile/output/mod.rs
+++ b/crates/compilers/src/compile/output/mod.rs
@@ -87,6 +87,7 @@ impl<T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     ProjectCompileOutput<C, T>
 {
     /// Converts all `\\` separators in _all_ paths to `/`
+    #[instrument(skip_all)]
     pub fn slash_paths(&mut self) {
         self.compiler_output.slash_paths();
         self.compiled_artifacts.slash_paths();
diff --git a/crates/compilers/src/compile/project.rs b/crates/compilers/src/compile/project.rs
index 6ffc26f49..32859e72a 100644
--- a/crates/compilers/src/compile/project.rs
+++ b/crates/compilers/src/compile/project.rs
@@ -171,6 +171,7 @@ impl<'a, T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     ///
     /// Multiple (`Solc` -> `Sources`) pairs can be compiled in parallel if the `Project` allows
     /// multiple `jobs`, see [`crate::Project::set_solc_jobs()`].
+    #[instrument(name = "ProjectCompiler::new", skip_all)]
     pub fn with_sources(project: &'a Project<C, T>, mut sources: Sources) -> Result<Self> {
         if let Some(filter) = &project.sparse_output {
             sources.retain(|f, _| filter.is_match(f))
@@ -209,6 +210,7 @@ impl<'a, T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     /// let output = project.compile()?;
     /// # Ok::<(), Box<dyn std::error::Error>>(())
     /// ```
+    #[instrument(name = "compile_project", skip_all)]
     pub fn compile(self) -> Result<ProjectCompileOutput<C, T>> {
         let slash_paths = self.project.slash_paths;
 
@@ -226,6 +228,7 @@ impl<'a, T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     /// Does basic preprocessing
     ///   - sets proper source unit names
     ///   - check cache
+    #[instrument(skip_all)]
     fn preprocess(self) -> Result<PreprocessedState<'a, T, C>> {
         trace!("preprocessing");
         let Self { edges, project, mut sources, primary_profiles, preprocessor } = self;
@@ -265,6 +268,7 @@ impl<'a, T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     PreprocessedState<'a, T, C>
 {
     /// advance to the next state by compiling all sources
+    #[instrument(skip_all)]
     fn compile(self) -> Result<CompiledState<'a, T, C>> {
         trace!("compiling");
         let PreprocessedState { sources, mut cache, primary_profiles, preprocessor } = self;
@@ -297,7 +301,7 @@ impl<'a, T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     ///
     /// Writes all output contracts to disk if enabled in the `Project` and if the build was
     /// successful
-    #[instrument(skip_all, name = "write-artifacts")]
+    #[instrument(skip_all)]
     fn write_artifacts(self) -> Result<ArtifactsState<'a, T, C>> {
         let CompiledState { output, cache, primary_profiles } = self;
 
@@ -365,6 +369,7 @@ impl<T: ArtifactOutput<CompilerContract = C::CompilerContract>, C: Compiler>
     /// Writes the cache file
     ///
     /// this concludes the [`Project::compile()`] statemachine
+    #[instrument(skip_all)]
     fn write_cache(self) -> Result<ProjectCompileOutput<C, T>> {
         let ArtifactsState { output, cache, compiled_artifacts } = self;
         let project = cache.project();
@@ -436,6 +441,7 @@ impl<L: Language, S: CompilerSettings> CompilerSources<'_, L, S> {
     }
 
     /// Filters out all sources that don't need to be compiled, see [`ArtifactsCache::filter`]
+    #[instrument(name = "CompilerSources::filter", skip_all)]
     fn filter<
         T: ArtifactOutput<CompilerContract = C::CompilerContract>,
         C: Compiler<Language = L>,
diff --git a/crates/compilers/src/compilers/mod.rs b/crates/compilers/src/compilers/mod.rs
index 5abb74b7a..00810518f 100644
--- a/crates/compilers/src/compilers/mod.rs
+++ b/crates/compilers/src/compilers/mod.rs
@@ -13,7 +13,7 @@ use semver::{Version, VersionReq};
 use serde::{de::DeserializeOwned, Deserialize, Serialize};
 use std::{
     borrow::Cow,
-    collections::{BTreeMap, BTreeSet, HashMap, HashSet},
+    collections::{hash_map::Entry, BTreeMap, BTreeSet, HashMap, HashSet},
     fmt::{Debug, Display},
     hash::Hash,
     path::{Path, PathBuf},
@@ -356,20 +356,24 @@ pub(crate) fn cache_version(
     f: impl FnOnce(&Path) -> Result<Version>,
 ) -> Result<Version> {
     #[allow(clippy::complexity)]
-    static VERSION_CACHE: OnceLock<Mutex<HashMap<PathBuf, HashMap<Vec<String>, Version>>>> =
+    static VERSION_CACHE: OnceLock<Mutex<HashMap<(PathBuf, Vec<String>), Version>>> =
         OnceLock::new();
-    let mut lock = VERSION_CACHE
-        .get_or_init(|| Mutex::new(HashMap::new()))
+
+    let mut cache = VERSION_CACHE
+        .get_or_init(Default::default)
         .lock()
         .unwrap_or_else(std::sync::PoisonError::into_inner);
 
-    if let Some(version) = lock.get(&path).and_then(|versions| versions.get(args)) {
-        return Ok(version.clone());
+    match cache.entry((path, args.to_vec())) {
+        Entry::Occupied(entry) => Ok(entry.get().clone()),
+        Entry::Vacant(entry) => {
+            let path = &entry.key().0;
+            let _guard =
+                debug_span!("get_version", path = %path.file_name().map(|n| n.to_string_lossy()).unwrap_or_else(|| path.to_string_lossy()))
+                    .entered();
+            let version = f(path)?;
+            entry.insert(version.clone());
+            Ok(version)
+        }
     }
-
-    let version = f(&path)?;
-
-    lock.entry(path).or_default().insert(args.to_vec(), version.clone());
-
-    Ok(version)
 }
diff --git a/crates/compilers/src/compilers/solc/compiler.rs b/crates/compilers/src/compilers/solc/compiler.rs
index c74785ac3..118aa1f36 100644
--- a/crates/compilers/src/compilers/solc/compiler.rs
+++ b/crates/compilers/src/compilers/solc/compiler.rs
@@ -89,6 +89,7 @@ impl Solc {
     /// A new instance which points to `solc`. Invokes `solc --version` to determine the version.
     ///
     /// Returns error if `solc` is not found in the system or if the version cannot be retrieved.
+    #[instrument(name = "Solc::new", skip_all)]
     pub fn new(path: impl Into<PathBuf>) -> Result<Self> {
         let path = path.into();
         let version = Self::version(path.clone())?;
@@ -200,6 +201,7 @@ impl Solc {
     ///
     /// Ok::<_, Box<dyn std::error::Error>>(())
     /// ```
+    #[instrument(skip_all)]
     pub fn find_svm_installed_version(version: &Version) -> Result<Option<Self>> {
         let version = format!("{}.{}.{}", version.major, version.minor, version.patch);
         let solc = Self::svm_home()
@@ -266,6 +268,7 @@ impl Solc {
     /// # }
     /// ```
     #[cfg(feature = "svm-solc")]
+    #[instrument(name = "Solc::install", skip_all)]
     pub async fn install(version: &Version) -> std::result::Result<Self, svm::SvmError> {
         trace!("installing solc version \"{}\"", version);
         crate::report::solc_installation_start(version);
@@ -283,6 +286,7 @@ impl Solc {
 
     /// Blocking version of `Self::install`
     #[cfg(feature = "svm-solc")]
+    #[instrument(name = "Solc::blocking_install", skip_all)]
     pub fn blocking_install(version: &Version) -> std::result::Result<Self, svm::SvmError> {
         use foundry_compilers_core::utils::RuntimeOrHandle;
 
@@ -311,6 +315,7 @@ impl Solc {
     /// Verify that the checksum for this version of solc is correct. We check against the SHA256
     /// checksum from the build information published by [binaries.soliditylang.org](https://binaries.soliditylang.org/)
     #[cfg(feature = "svm-solc")]
+    #[instrument(name = "Solc::verify_checksum", skip_all)]
     pub fn verify_checksum(&self) -> Result<()> {
         let version = self.version_short();
         let mut version_path = svm::version_path(version.to_string().as_str());
@@ -407,6 +412,7 @@ impl Solc {
     }
 
     /// Compiles with `--standard-json` and deserializes the output as the given `D`.
+    #[instrument(name = "Solc::compile", skip_all)]
     pub fn compile_as<T: Serialize, D: DeserializeOwned>(&self, input: &T) -> Result<D> {
         let output = self.compile_output(input)?;
 
@@ -417,7 +423,7 @@ impl Solc {
     }
 
     /// Compiles with `--standard-json` and returns the raw `stdout` output.
-    #[instrument(name = "compile", level = "debug", skip_all)]
+    #[instrument(name = "Solc::compile_raw", skip_all)]
     pub fn compile_output<T: Serialize>(&self, input: &T) -> Result<Vec<u8>> {
         let mut cmd = self.configure_cmd();
 
@@ -447,13 +453,11 @@ impl Solc {
     }
 
     /// Invokes `solc --version` and parses the output as a SemVer [`Version`].
-    #[instrument(level = "debug", skip_all)]
     pub fn version(solc: impl Into<PathBuf>) -> Result<Version> {
         Self::version_with_args(solc, &[])
     }
 
     /// Invokes `solc --version` and parses the output as a SemVer [`Version`].
-    #[instrument(level = "debug", skip_all)]
     pub fn version_with_args(solc: impl Into<PathBuf>, args: &[String]) -> Result<Version> {
         crate::cache_version(solc.into(), args, |solc| {
             let mut cmd = Command::new(solc);
diff --git a/crates/compilers/src/compilers/vyper/mod.rs b/crates/compilers/src/compilers/vyper/mod.rs
index 8304b7671..6d85c499a 100644
--- a/crates/compilers/src/compilers/vyper/mod.rs
+++ b/crates/compilers/src/compilers/vyper/mod.rs
@@ -127,6 +127,7 @@ impl Vyper {
     }
 
     /// Compiles with `--standard-json` and deserializes the output as the given `D`.
+    #[instrument(name = "Vyper::compile", skip_all)]
     pub fn compile_as<T: Serialize, D: DeserializeOwned>(&self, input: &T) -> Result<D> {
         let output = self.compile_output(input)?;
 
@@ -139,7 +140,7 @@ impl Vyper {
     }
 
     /// Compiles with `--standard-json` and returns the raw `stdout` output.
-    #[instrument(name = "compile", level = "debug", skip_all)]
+    #[instrument(name = "Vyper::compile_raw", skip_all)]
     pub fn compile_output<T: Serialize>(&self, input: &T) -> Result<Vec<u8>> {
         let mut cmd = Command::new(&self.path);
         cmd.arg("--standard-json")
@@ -171,7 +172,6 @@ impl Vyper {
     }
 
     /// Invokes `vyper --version` and parses the output as a SemVer [`Version`].
-    #[instrument(level = "debug", skip_all)]
     pub fn version(vyper: impl Into<PathBuf>) -> Result<Version> {
         crate::cache_version(vyper.into(), &[], |vyper| {
             let mut cmd = Command::new(vyper);
diff --git a/crates/compilers/src/compilers/vyper/parser.rs b/crates/compilers/src/compilers/vyper/parser.rs
index 2037b01d8..2f524ff6b 100644
--- a/crates/compilers/src/compilers/vyper/parser.rs
+++ b/crates/compilers/src/compilers/vyper/parser.rs
@@ -36,6 +36,7 @@ pub struct VyperParsedSource {
 impl ParsedSource for VyperParsedSource {
     type Language = VyperLanguage;
 
+    #[instrument(name = "VyperParsedSource::parse", skip_all)]
     fn parse(content: &str, file: &Path) -> Result<Self> {
         let version_req = capture_outer_and_inner(content, &RE_VYPER_VERSION, &["version"])
             .first()
diff --git a/crates/compilers/src/resolver/mod.rs b/crates/compilers/src/resolver/mod.rs
index d91592e72..339773a35 100644
--- a/crates/compilers/src/resolver/mod.rs
+++ b/crates/compilers/src/resolver/mod.rs
@@ -332,6 +332,7 @@ impl<L: Language, D: ParsedSource<Language = L>> Graph<D> {
     }
 
     /// Resolves a number of sources within the given config
+    #[instrument(name = "Graph::resolve_sources", skip_all)]
     pub fn resolve_sources(
         paths: &ProjectPathsConfig<D::Language>,
         sources: Sources,
diff --git a/crates/compilers/src/resolver/parse.rs b/crates/compilers/src/resolver/parse.rs
index 06c21f95e..8126c850f 100644
--- a/crates/compilers/src/resolver/parse.rs
+++ b/crates/compilers/src/resolver/parse.rs
@@ -42,6 +42,7 @@ impl SolData {
     ///
     /// This will attempt to parse the solidity AST and extract the imports and version pragma. If
     /// parsing fails, we'll fall back to extract that info via regex
+    #[instrument(name = "SolData::parse", skip_all)]
     pub fn parse(content: &str, file: &Path) -> Self {
         let is_yul = file.extension().is_some_and(|ext| ext == "yul");
         let mut version = None;