diff --git a/package.json b/package.json
index f45f8213b..7e3f014d0 100644
--- a/package.json
+++ b/package.json
@@ -30,7 +30,7 @@
   "dependencies": {
     "@defi-wonderland/smock": "^2.0.7",
     "@eth-optimism/contracts": "^0.5.11",
-    "@openzeppelin/contracts": "^4.4.2",
+    "@openzeppelin/contracts": "^4.7.1",
     "@uma/common": "^2.17.0",
     "@uma/contracts-node": "^0.2.0",
     "@uma/core": "^2.24.0",
diff --git a/yarn.lock b/yarn.lock
index 8498d20d0..419343d0b 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -1535,7 +1535,7 @@
     ethers "^4.0.0-beta.1"
     source-map-support "^0.5.19"
 
-"@openzeppelin/contracts-0.8@npm:@openzeppelin/contracts@^4.3.2", "@openzeppelin/contracts@^4.4.2":
+"@openzeppelin/contracts-0.8@npm:@openzeppelin/contracts@^4.3.2":
   version "4.5.0"
   resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.5.0.tgz#3fd75d57de172b3743cdfc1206883f56430409cc"
   integrity sha512-fdkzKPYMjrRiPK6K4y64e6GzULR7R7RwxSigHS8DDp7aWDeoReqsQI+cxHV1UuhAqX69L1lAaWDxenfP+xiqzA==
@@ -1565,6 +1565,11 @@
   resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.4.2.tgz#4e889c9c66e736f7de189a53f8ba5b8d789425c2"
   integrity sha512-NyJV7sJgoGYqbtNUWgzzOGW4T6rR19FmX1IJgXGdapGPWsuMelGJn9h03nos0iqfforCbCB0iYIR0MtIuIFLLw==
 
+"@openzeppelin/contracts@^4.7.1":
+  version "4.7.1"
+  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.7.1.tgz#33d0a857b76b18d313e6bb6ed28cdaf367e90cfe"
+  integrity sha512-UXmAjKARsXORHlHZu5GCD7ZbRKm6nU8UHnbuT/QJJa2JEOEcbvV/X8w/sUk62Sl9VZuuljM1akrZLyAtzUgsxw==
+
 "@openzeppelin/upgrades-core@^1.7.6":
   version "1.13.0"
   resolved "https://registry.yarnpkg.com/@openzeppelin/upgrades-core/-/upgrades-core-1.13.0.tgz#fa6ce5e236020e3553115f173528fcdaa67d66e2"