diff --git a/Cargo.toml b/Cargo.toml
index 3c23eb0a1..a258416fd 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -116,5 +116,5 @@ tendermint-rpc                   = { version = "0.40.0", default-features = fals
 tendermint-testgen               = { version = "0.40.0", default-features = false }
 
 # parity dependencies
-parity-scale-codec = { version = "3.6.12", default-features = false, features = [ "derive" ] }
+parity-scale-codec = { version = "3.7.2", default-features = false, features = [ "derive" ] }
 scale-info         = { version = "2.11.3", default-features = false }
diff --git a/ci/cw-check/Cargo.lock b/ci/cw-check/Cargo.lock
index ea4c9c18d..1b76399e6 100644
--- a/ci/cw-check/Cargo.lock
+++ b/ci/cw-check/Cargo.lock
@@ -274,6 +274,26 @@ version = "0.9.6"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "c2459377285ad874054d797f3ccebf984978aa39129f6eafde5cdc8315b612f8"
 
+[[package]]
+name = "const_format"
+version = "0.2.34"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "126f97965c8ad46d6d9163268ff28432e8f6a1196a55578867832e3049df63dd"
+dependencies = [
+ "const_format_proc_macros",
+]
+
+[[package]]
+name = "const_format_proc_macros"
+version = "0.2.34"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "1d57c2eccfb16dbac1f4e61e206105db5820c9d26c3c472bc17c774259ef7744"
+dependencies = [
+ "proc-macro2",
+ "quote",
+ "unicode-xid",
+]
+
 [[package]]
 name = "constant_time_eq"
 version = "0.3.1"
@@ -1294,12 +1314,13 @@ dependencies = [
 
 [[package]]
 name = "parity-scale-codec"
-version = "3.7.0"
+version = "3.7.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8be4817d39f3272f69c59fe05d0535ae6456c2dc2fa1ba02910296c7e0a5c590"
+checksum = "b91c2d9a6a6004e205b7e881856fb1a0f5022d382acc2c01b52185f7b6f65997"
 dependencies = [
  "arrayvec",
  "byte-slice-cast",
+ "const_format",
  "impl-trait-for-tuples",
  "parity-scale-codec-derive",
  "rustversion",