diff --git a/Cargo.lock b/Cargo.lock
index 3e7cdda39..6790e726c 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -59,9 +59,9 @@ dependencies = [
 
 [[package]]
 name = "aes-gcm"
-version = "0.9.4"
+version = "0.9.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "df5f85a83a7d8b0442b6aa7b504b8212c1733da07b98aae43d4bc21b2cb3cdf6"
+checksum = "bc3be92e19a7ef47457b8e6f90707e12b6ac5d20c6f3866584fa3be0787d839f"
 dependencies = [
  "aead",
  "aes",
@@ -181,12 +181,6 @@ version = "1.0.75"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "a4668cab20f66d8d020e1fbc0ebe47217433c1b6c8f2040faf858554e394ace6"
 
-[[package]]
-name = "array-bytes"
-version = "4.2.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f52f63c5c1316a16a4b35eaac8b76a98248961a533f061684cb2a7cb0eafb6c6"
-
 [[package]]
 name = "array-bytes"
 version = "6.1.0"
@@ -762,12 +756,13 @@ dependencies = [
  "hex",
  "pallet-contracts-primitives",
  "predicates",
+ "primitive-types",
  "regex",
  "semver",
  "serde",
  "serde_json",
- "sp-core 21.0.0",
- "sp-weights 20.0.0",
+ "sp-core",
+ "sp-weights",
  "substrate-build-script-utils",
  "subxt",
  "tempfile",
@@ -949,6 +944,26 @@ dependencies = [
  "crossbeam-utils",
 ]
 
+[[package]]
+name = "const_env"
+version = "0.1.2"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "3e9e4f72c6e3398ca6da372abd9affd8f89781fe728869bbf986206e9af9627e"
+dependencies = [
+ "const_env_impl",
+]
+
+[[package]]
+name = "const_env_impl"
+version = "0.1.2"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "3a4f51209740b5e1589e702b3044cdd4562cef41b6da404904192ffffb852d62"
+dependencies = [
+ "proc-macro2",
+ "quote",
+ "syn 1.0.109",
+]
+
 [[package]]
 name = "constant_time_eq"
 version = "0.1.5"
@@ -1022,9 +1037,9 @@ dependencies = [
  "scale-info",
  "serde",
  "serde_json",
- "sp-core 21.0.0",
- "sp-runtime 24.0.0",
- "sp-weights 20.0.0",
+ "sp-core",
+ "sp-runtime",
+ "sp-weights",
  "subxt",
  "subxt-signer",
  "tempfile",
@@ -1070,7 +1085,7 @@ dependencies = [
  "scale-info",
  "serde",
  "serde_json",
- "sp-core 22.0.0",
+ "sp-core",
  "sp-keyring",
  "strsim",
  "thiserror",
@@ -1207,9 +1222,9 @@ dependencies = [
 
 [[package]]
 name = "crypto-mac"
-version = "0.11.1"
+version = "0.11.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b1d1a86f49236c215f271d40892d5fc950490551400b02ef360692c29815c714"
+checksum = "25fab6889090c8133f3deb8f73ba3c65a7f456f66436fc012a1b1e272b1e103e"
 dependencies = [
  "generic-array 0.14.7",
  "subtle",
@@ -1217,9 +1232,9 @@ dependencies = [
 
 [[package]]
 name = "ctr"
-version = "0.8.0"
+version = "0.7.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "049bb91fb4aaf0e3c7efa6cd5ef877dbbbd15b39dad06d9948de4ec8a75761ea"
+checksum = "a232f92a03f37dd7d7dd2adc67166c77e9cd88de5b019b9a9eecfaeaf7bfd481"
 dependencies = [
  "cipher",
 ]
@@ -1258,13 +1273,14 @@ dependencies = [
 
 [[package]]
 name = "curve25519-dalek"
-version = "4.0.0"
+version = "4.1.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f711ade317dd348950a9910f81c5947e3d8907ebd2b83f76203ff1807e6a2bc2"
+checksum = "622178105f911d937a42cdb140730ba4a3ed2becd8ae6ce39c7d28b5d75d4588"
 dependencies = [
  "cfg-if",
  "cpufeatures",
  "curve25519-dalek-derive",
+ "digest 0.10.7",
  "fiat-crypto",
  "platforms",
  "rustc_version",
@@ -1576,19 +1592,6 @@ version = "1.9.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "a26ae43d7bcc3b814de94796a5e736d4029efb0ee900c12e2d54c993ad1a1e07"
 
-[[package]]
-name = "env_logger"
-version = "0.10.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "85cdab6a89accf66733ad5a1693a4dcced6aeff64602b634530dd73c1f3ee9f0"
-dependencies = [
- "humantime",
- "is-terminal",
- "log",
- "regex",
- "termcolor",
-]
-
 [[package]]
 name = "environmental"
 version = "1.1.4"
@@ -1666,9 +1669,9 @@ checksum = "6999dc1837253364c2ebb0704ba97994bd874e8f195d665c50b7548f6ea92764"
 
 [[package]]
 name = "fiat-crypto"
-version = "0.1.20"
+version = "0.2.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e825f6987101665dea6ec934c09ec6d721de7bc1bf92248e1d5810c8cd636b77"
+checksum = "d0870c84016d4b481be5c9f323c24f65e31e901ae618f0e80f4308fb00de1d2d"
 
 [[package]]
 name = "fixed-hash"
@@ -2015,7 +2018,7 @@ version = "0.11.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "2a2a2320eb7ec0ebe8da8f744d7812d9fc4cb4d09344ac01898dbcb6a20ae69b"
 dependencies = [
- "crypto-mac 0.11.1",
+ "crypto-mac 0.11.0",
  "digest 0.9.0",
 ]
 
@@ -2082,12 +2085,6 @@ version = "1.0.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "df3b46402a9d5adb4c86a0cf463f42e19994e3ee891101b1841f30a545cb49a9"
 
-[[package]]
-name = "humantime"
-version = "2.1.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9a3a5bfb195931eeb336b2a7b4d761daec841b97f947d34394601737a7bba5e4"
-
 [[package]]
 name = "hyper"
 version = "0.14.27"
@@ -2245,9 +2242,9 @@ checksum = "8e04e2fd2b8188ea827b32ef11de88377086d690286ab35747ef7f9bf3ccb590"
 
 [[package]]
 name = "ink"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e9fd4f77d66c94aa7f27a7cf41cd2edbc2229afe34ec475c3f32b6e8fdf561a0"
+checksum = "4c208b4e7cd39a9d1ccbfc513bc8c8353a2c9c7b61453e5f3ab5493025d50115"
 dependencies = [
  "derive_more",
  "ink_env",
@@ -2257,33 +2254,32 @@ dependencies = [
  "ink_primitives",
  "ink_storage",
  "parity-scale-codec",
+ "scale-info",
 ]
 
 [[package]]
 name = "ink_allocator"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "870914970470fd77a3f42d3c5d1918b562817af127fd063ee8b1d9fbf59aa1fe"
+checksum = "688a37ac26b6e101f6a263ab8e8b0ceac84b36cb805129a666cefed3ebf362e8"
 dependencies = [
  "cfg-if",
 ]
 
 [[package]]
 name = "ink_codegen"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "22d79057b2565df31a10af6510a44b161093f110c5f9c22ad02c20af9cea4c29"
+checksum = "640caaa107cdef532c3488bf8beb6cb84d99fc155af6d771dbf56d62e9c2f338"
 dependencies = [
  "blake2",
  "derive_more",
  "either",
- "env_logger",
  "heck",
  "impl-serde",
  "ink_ir",
  "ink_primitives",
- "itertools 0.10.5",
- "log",
+ "itertools 0.11.0",
  "parity-scale-codec",
  "proc-macro2",
  "quote",
@@ -2294,9 +2290,9 @@ dependencies = [
 
 [[package]]
 name = "ink_engine"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "722ec3a5eb557124b001c60ff8f961079f6d566af643edea579f152b15822fe5"
+checksum = "d34dd340d4a2c2d1bb81cf52c8bdef71698871bba13a065f500a69508f23a171"
 dependencies = [
  "blake2",
  "derive_more",
@@ -2309,13 +2305,13 @@ dependencies = [
 
 [[package]]
 name = "ink_env"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "584e73bc0982f6f1a067bb63ebc75262f6dc54ed2a17060efa73eaba84dc9308"
+checksum = "16a28d3afbae0b316a0a5e86cd81704d67c98244d8c299fe88eee13f5c4dac0e"
 dependencies = [
- "arrayref",
  "blake2",
  "cfg-if",
+ "const_env",
  "derive_more",
  "ink_allocator",
  "ink_engine",
@@ -2329,6 +2325,7 @@ dependencies = [
  "scale-decode",
  "scale-encode",
  "scale-info",
+ "schnorrkel 0.11.1",
  "secp256k1 0.27.0",
  "sha2 0.10.7",
  "sha3",
@@ -2337,13 +2334,14 @@ dependencies = [
 
 [[package]]
 name = "ink_ir"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5b529c941518e8f450395fab9fe8ebba0a7acbb18778fc7e0a87f6248286ec72"
+checksum = "1d7eb70a17374b1dbda2b903a36c0da7bf917f261e9d04e4c9a839252be6ac1a"
 dependencies = [
  "blake2",
  "either",
- "itertools 0.10.5",
+ "ink_prelude",
+ "itertools 0.11.0",
  "proc-macro2",
  "quote",
  "syn 2.0.29",
@@ -2351,9 +2349,9 @@ dependencies = [
 
 [[package]]
 name = "ink_macro"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8579576c995ca9baa032584beca19155cbd63b6739570aa9da4d35a0415f4be8"
+checksum = "73351daeaea90e9b08e320cc7f14cdb411aec321c5b0f13923108c42a75c1180"
 dependencies = [
  "ink_codegen",
  "ink_ir",
@@ -2367,32 +2365,34 @@ dependencies = [
 
 [[package]]
 name = "ink_metadata"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "3fddff95ce3e01f42002fdaf96edda691dbccb08c9ae76d7101daa1fa634e601"
+checksum = "2ad9535f950e210bf584ba008df5bf4f013e634cf0a468c2cbc6342bbed32014"
 dependencies = [
  "derive_more",
  "impl-serde",
  "ink_prelude",
  "ink_primitives",
+ "linkme",
  "scale-info",
+ "schemars",
  "serde",
 ]
 
 [[package]]
 name = "ink_prelude"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d8cfdf91d2b442f08efb34dd3780fd6fbd3d033f63b42f62684fe47534948ef6"
+checksum = "74705c00d6993ccadb97675524b5b5d98e7292c49126c2daf87d1da63bed6aa7"
 dependencies = [
  "cfg-if",
 ]
 
 [[package]]
 name = "ink_primitives"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6414bcad12ebf0c3abbbb192a09e4d06e22f662cf3e19545204e1b0684be12a1"
+checksum = "513e93039a85caf84637746e35d0ed0b71ac0ace7e5268650f3d90e413ba989b"
 dependencies = [
  "derive_more",
  "ink_prelude",
@@ -2405,9 +2405,9 @@ dependencies = [
 
 [[package]]
 name = "ink_storage"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "bd728409de235de0489f71ee2d1beb320613fdb50dda9fa1c564825f4ad06daa"
+checksum = "8b15e73e6fdf15666b057b39515bd992088ba5fe19a708db778b1bca0d5b8830"
 dependencies = [
  "array-init",
  "cfg-if",
@@ -2423,9 +2423,9 @@ dependencies = [
 
 [[package]]
 name = "ink_storage_traits"
-version = "4.3.0"
+version = "5.0.0-alpha"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a8dcb50f70377ac35c28d63b06383a0a3cbb79542ea4cdc5b00e3e2b3de4a549"
+checksum = "23206662b622a5b9053cb21b55bf7b7263b874836c98747717a62073797c5b3e"
 dependencies = [
  "ink_metadata",
  "ink_prelude",
@@ -2780,6 +2780,26 @@ dependencies = [
  "cc",
 ]
 
+[[package]]
+name = "linkme"
+version = "0.3.15"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "9f948366ad5bb46b5514ba7a7a80643726eef08b06632592699676748c8bc33b"
+dependencies = [
+ "linkme-impl",
+]
+
+[[package]]
+name = "linkme-impl"
+version = "0.3.15"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "bc28438cad73dcc90ff3466fc329a9252b1b8ba668eb0d5668ba97088cf4eef0"
+dependencies = [
+ "proc-macro2",
+ "quote",
+ "syn 2.0.29",
+]
+
 [[package]]
 name = "linux-raw-sys"
 version = "0.1.4"
@@ -3113,16 +3133,16 @@ checksum = "b15813163c1d831bf4a13c3610c05c0d03b39feb07f7e09fa234dac9b15aaf39"
 
 [[package]]
 name = "pallet-contracts-primitives"
-version = "24.0.0"
+version = "25.0.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6fdf0acfe33532b58fe2d8859585c0e8b323ec0687eba26292c826333b366e82"
+checksum = "3b9764b128f0712530bcd14cb01f1d8529f98c4e67866a22221b84fbe5854d93"
 dependencies = [
  "bitflags 1.3.2",
  "parity-scale-codec",
  "scale-info",
- "sp-runtime 24.0.0",
- "sp-std 8.0.0",
- "sp-weights 20.0.0",
+ "sp-runtime",
+ "sp-std 9.0.0",
+ "sp-weights",
 ]
 
 [[package]]
@@ -3199,7 +3219,7 @@ version = "0.8.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "d95f5254224e617595d2cc3cc73ff0a5eaf2637519e25f03388154e9378b6ffa"
 dependencies = [
- "crypto-mac 0.11.1",
+ "crypto-mac 0.11.0",
 ]
 
 [[package]]
@@ -3908,6 +3928,7 @@ dependencies = [
  "derive_more",
  "parity-scale-codec",
  "scale-info-derive",
+ "schemars",
  "serde",
 ]
 
@@ -3952,6 +3973,30 @@ dependencies = [
  "windows-sys 0.48.0",
 ]
 
+[[package]]
+name = "schemars"
+version = "0.8.13"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "763f8cd0d4c71ed8389c90cb8100cba87e763bd01a8e614d4f0af97bcd50a161"
+dependencies = [
+ "dyn-clone",
+ "schemars_derive",
+ "serde",
+ "serde_json",
+]
+
+[[package]]
+name = "schemars_derive"
+version = "0.8.13"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "ec0f696e21e10fa546b7ffb1c9672c6de8fbc7a81acf59524386d8639bf12737"
+dependencies = [
+ "proc-macro2",
+ "quote",
+ "serde_derive_internals",
+ "syn 1.0.109",
+]
+
 [[package]]
 name = "schnellru"
 version = "0.2.1"
@@ -3998,6 +4043,24 @@ dependencies = [
  "zeroize",
 ]
 
+[[package]]
+name = "schnorrkel"
+version = "0.11.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "064aaec4e66d5dfcb6ea6c91bec9dc282b3505b5dd897cf0601dea6ded7c9824"
+dependencies = [
+ "arrayref",
+ "arrayvec 0.7.4",
+ "curve25519-dalek 4.1.0",
+ "merlin 3.0.0",
+ "rand 0.8.5",
+ "rand_core 0.6.4",
+ "serde_bytes",
+ "sha2 0.10.7",
+ "subtle",
+ "zeroize",
+]
+
 [[package]]
 name = "scopeguard"
 version = "1.2.0"
@@ -4132,6 +4195,17 @@ dependencies = [
  "syn 2.0.29",
 ]
 
+[[package]]
+name = "serde_derive_internals"
+version = "0.26.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "85bf8229e7920a9f636479437026331ce11aa132b4dde37d121944a44d6e5f3c"
+dependencies = [
+ "proc-macro2",
+ "quote",
+ "syn 1.0.109",
+]
+
 [[package]]
 name = "serde_json"
 version = "1.0.105"
@@ -4438,7 +4512,7 @@ dependencies = [
  "aes-gcm",
  "blake2",
  "chacha20poly1305",
- "curve25519-dalek 4.0.0",
+ "curve25519-dalek 4.1.0",
  "rand_core 0.6.4",
  "rustc_version",
  "sha2 0.10.7",
@@ -4480,20 +4554,6 @@ dependencies = [
  "sha-1",
 ]
 
-[[package]]
-name = "sp-application-crypto"
-version = "23.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "899492ea547816d5dfe9a5a2ecc32f65a7110805af6da3380aa4902371b31dc2"
-dependencies = [
- "parity-scale-codec",
- "scale-info",
- "serde",
- "sp-core 21.0.0",
- "sp-io 23.0.0",
- "sp-std 8.0.0",
-]
-
 [[package]]
 name = "sp-application-crypto"
 version = "24.0.0"
@@ -4503,26 +4563,11 @@ dependencies = [
  "parity-scale-codec",
  "scale-info",
  "serde",
- "sp-core 22.0.0",
- "sp-io 24.0.0",
+ "sp-core",
+ "sp-io",
  "sp-std 9.0.0",
 ]
 
-[[package]]
-name = "sp-arithmetic"
-version = "16.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "bb6020576e544c6824a51d651bc8df8e6ab67cd59f1c9ac09868bb81a5199ded"
-dependencies = [
- "integer-sqrt",
- "num-traits",
- "parity-scale-codec",
- "scale-info",
- "serde",
- "sp-std 8.0.0",
- "static_assertions",
-]
-
 [[package]]
 name = "sp-arithmetic"
 version = "17.0.0"
@@ -4538,58 +4583,13 @@ dependencies = [
  "static_assertions",
 ]
 
-[[package]]
-name = "sp-core"
-version = "21.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f18d9e2f67d8661f9729f35347069ac29d92758b59135176799db966947a7336"
-dependencies = [
- "array-bytes 4.2.0",
- "bitflags 1.3.2",
- "blake2",
- "bounded-collections",
- "bs58 0.4.0",
- "dyn-clonable",
- "ed25519-zebra",
- "futures",
- "hash-db",
- "hash256-std-hasher",
- "impl-serde",
- "lazy_static",
- "libsecp256k1",
- "log",
- "merlin 2.0.1",
- "parity-scale-codec",
- "parking_lot",
- "paste",
- "primitive-types",
- "rand 0.8.5",
- "regex",
- "scale-info",
- "schnorrkel 0.9.1",
- "secp256k1 0.24.3",
- "secrecy",
- "serde",
- "sp-core-hashing 9.0.0",
- "sp-debug-derive 8.0.0",
- "sp-externalities 0.19.0",
- "sp-runtime-interface 17.0.0",
- "sp-std 8.0.0",
- "sp-storage 13.0.0",
- "ss58-registry",
- "substrate-bip39",
- "thiserror",
- "tiny-bip39",
- "zeroize",
-]
-
 [[package]]
 name = "sp-core"
 version = "22.0.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "d0de478e02efd547693b33ad02515e09933d5b69b7f3036fa890b92e50fd9dfc"
 dependencies = [
- "array-bytes 6.1.0",
+ "array-bytes",
  "bitflags 1.3.2",
  "blake2",
  "bounded-collections",
@@ -4616,11 +4616,11 @@ dependencies = [
  "secrecy",
  "serde",
  "sp-core-hashing 10.0.0",
- "sp-debug-derive 9.0.0",
- "sp-externalities 0.20.0",
- "sp-runtime-interface 18.0.0",
+ "sp-debug-derive",
+ "sp-externalities",
+ "sp-runtime-interface",
  "sp-std 9.0.0",
- "sp-storage 14.0.0",
+ "sp-storage",
  "ss58-registry",
  "substrate-bip39",
  "thiserror",
@@ -4658,17 +4658,6 @@ dependencies = [
  "twox-hash",
 ]
 
-[[package]]
-name = "sp-debug-derive"
-version = "8.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c7f531814d2f16995144c74428830ccf7d94ff4a7749632b83ad8199b181140c"
-dependencies = [
- "proc-macro2",
- "quote",
- "syn 2.0.29",
-]
-
 [[package]]
 name = "sp-debug-derive"
 version = "9.0.0"
@@ -4680,18 +4669,6 @@ dependencies = [
  "syn 2.0.29",
 ]
 
-[[package]]
-name = "sp-externalities"
-version = "0.19.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a0f71c671e01a8ca60da925d43a1b351b69626e268b8837f8371e320cf1dd100"
-dependencies = [
- "environmental",
- "parity-scale-codec",
- "sp-std 8.0.0",
- "sp-storage 13.0.0",
-]
-
 [[package]]
 name = "sp-externalities"
 version = "0.20.0"
@@ -4701,34 +4678,7 @@ dependencies = [
  "environmental",
  "parity-scale-codec",
  "sp-std 9.0.0",
- "sp-storage 14.0.0",
-]
-
-[[package]]
-name = "sp-io"
-version = "23.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9d597e35a9628fe7454b08965b2442e3ec0f264b0a90d41328e87422cec02e99"
-dependencies = [
- "bytes",
- "ed25519",
- "ed25519-dalek",
- "futures",
- "libsecp256k1",
- "log",
- "parity-scale-codec",
- "rustversion",
- "secp256k1 0.24.3",
- "sp-core 21.0.0",
- "sp-externalities 0.19.0",
- "sp-keystore 0.27.0",
- "sp-runtime-interface 17.0.0",
- "sp-state-machine 0.28.0",
- "sp-std 8.0.0",
- "sp-tracing 10.0.0",
- "sp-trie 22.0.0",
- "tracing",
- "tracing-core",
+ "sp-storage",
 ]
 
 [[package]]
@@ -4745,14 +4695,14 @@ dependencies = [
  "parity-scale-codec",
  "rustversion",
  "secp256k1 0.24.3",
- "sp-core 22.0.0",
- "sp-externalities 0.20.0",
- "sp-keystore 0.28.0",
- "sp-runtime-interface 18.0.0",
- "sp-state-machine 0.29.0",
+ "sp-core",
+ "sp-externalities",
+ "sp-keystore",
+ "sp-runtime-interface",
+ "sp-state-machine",
  "sp-std 9.0.0",
- "sp-tracing 11.0.0",
- "sp-trie 23.0.0",
+ "sp-tracing",
+ "sp-trie",
  "tracing",
  "tracing-core",
 ]
@@ -4764,25 +4714,11 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "a8a8e92be047fe992109220cdfd47f626a85a1e6579d1163703d05137a1068b1"
 dependencies = [
  "lazy_static",
- "sp-core 22.0.0",
- "sp-runtime 25.0.0",
+ "sp-core",
+ "sp-runtime",
  "strum 0.24.1",
 ]
 
-[[package]]
-name = "sp-keystore"
-version = "0.27.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9be3cdd67cc1d9c1db17c5cbc4ec4924054a8437009d167f21f6590797e4aa45"
-dependencies = [
- "futures",
- "parity-scale-codec",
- "parking_lot",
- "sp-core 21.0.0",
- "sp-externalities 0.19.0",
- "thiserror",
-]
-
 [[package]]
 name = "sp-keystore"
 version = "0.28.0"
@@ -4791,22 +4727,11 @@ checksum = "6eda1d2572a15340927a9f7db75ffe74366b645eaf9212015b4a96ad8e9d4c46"
 dependencies = [
  "parity-scale-codec",
  "parking_lot",
- "sp-core 22.0.0",
- "sp-externalities 0.20.0",
+ "sp-core",
+ "sp-externalities",
  "thiserror",
 ]
 
-[[package]]
-name = "sp-panic-handler"
-version = "8.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ebd2de46003fa8212426838ca71cd42ee36a26480ba9ffea983506ce03131033"
-dependencies = [
- "backtrace",
- "lazy_static",
- "regex",
-]
-
 [[package]]
 name = "sp-panic-handler"
 version = "9.0.0"
@@ -4818,29 +4743,6 @@ dependencies = [
  "regex",
 ]
 
-[[package]]
-name = "sp-runtime"
-version = "24.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "21c5bfc764a1a8259d7e8f7cfd22c84006275a512c958d3ff966c92151e134d5"
-dependencies = [
- "either",
- "hash256-std-hasher",
- "impl-trait-for-tuples",
- "log",
- "parity-scale-codec",
- "paste",
- "rand 0.8.5",
- "scale-info",
- "serde",
- "sp-application-crypto 23.0.0",
- "sp-arithmetic 16.0.0",
- "sp-core 21.0.0",
- "sp-io 23.0.0",
- "sp-std 8.0.0",
- "sp-weights 20.0.0",
-]
-
 [[package]]
 name = "sp-runtime"
 version = "25.0.0"
@@ -4856,31 +4758,12 @@ dependencies = [
  "rand 0.8.5",
  "scale-info",
  "serde",
- "sp-application-crypto 24.0.0",
- "sp-arithmetic 17.0.0",
- "sp-core 22.0.0",
- "sp-io 24.0.0",
+ "sp-application-crypto",
+ "sp-arithmetic",
+ "sp-core",
+ "sp-io",
  "sp-std 9.0.0",
- "sp-weights 21.0.0",
-]
-
-[[package]]
-name = "sp-runtime-interface"
-version = "17.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6e676128182f90015e916f806cba635c8141e341e7abbc45d25525472e1bbce8"
-dependencies = [
- "bytes",
- "impl-trait-for-tuples",
- "parity-scale-codec",
- "primitive-types",
- "sp-externalities 0.19.0",
- "sp-runtime-interface-proc-macro 11.0.0",
- "sp-std 8.0.0",
- "sp-storage 13.0.0",
- "sp-tracing 10.0.0",
- "sp-wasm-interface 14.0.0",
- "static_assertions",
+ "sp-weights",
 ]
 
 [[package]]
@@ -4893,28 +4776,15 @@ dependencies = [
  "impl-trait-for-tuples",
  "parity-scale-codec",
  "primitive-types",
- "sp-externalities 0.20.0",
- "sp-runtime-interface-proc-macro 12.0.0",
+ "sp-externalities",
+ "sp-runtime-interface-proc-macro",
  "sp-std 9.0.0",
- "sp-storage 14.0.0",
- "sp-tracing 11.0.0",
- "sp-wasm-interface 15.0.0",
+ "sp-storage",
+ "sp-tracing",
+ "sp-wasm-interface",
  "static_assertions",
 ]
 
-[[package]]
-name = "sp-runtime-interface-proc-macro"
-version = "11.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a5d5bd5566fe5633ec48dfa35ab152fd29f8a577c21971e1c6db9f28afb9bbb9"
-dependencies = [
- "Inflector",
- "proc-macro-crate 1.3.1",
- "proc-macro2",
- "quote",
- "syn 2.0.29",
-]
-
 [[package]]
 name = "sp-runtime-interface-proc-macro"
 version = "12.0.0"
@@ -4928,27 +4798,6 @@ dependencies = [
  "syn 2.0.29",
 ]
 
-[[package]]
-name = "sp-state-machine"
-version = "0.28.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9ef45d31f9e7ac648f8899a0cd038a3608f8499028bff55b6c799702592325b6"
-dependencies = [
- "hash-db",
- "log",
- "parity-scale-codec",
- "parking_lot",
- "rand 0.8.5",
- "smallvec",
- "sp-core 21.0.0",
- "sp-externalities 0.19.0",
- "sp-panic-handler 8.0.0",
- "sp-std 8.0.0",
- "sp-trie 22.0.0",
- "thiserror",
- "tracing",
-]
-
 [[package]]
 name = "sp-state-machine"
 version = "0.29.0"
@@ -4961,11 +4810,11 @@ dependencies = [
  "parking_lot",
  "rand 0.8.5",
  "smallvec",
- "sp-core 22.0.0",
- "sp-externalities 0.20.0",
- "sp-panic-handler 9.0.0",
+ "sp-core",
+ "sp-externalities",
+ "sp-panic-handler",
  "sp-std 9.0.0",
- "sp-trie 23.0.0",
+ "sp-trie",
  "thiserror",
  "tracing",
  "trie-db",
@@ -4983,20 +4832,6 @@ version = "9.0.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "2d5bbc9339227d1b6a9b7ccd9b2920c818653d40eef1512f1e2e824d72e7a336"
 
-[[package]]
-name = "sp-storage"
-version = "13.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "94294be83f11d4958cfea89ed5798f0b6605f5defc3a996948848458abbcc18e"
-dependencies = [
- "impl-serde",
- "parity-scale-codec",
- "ref-cast",
- "serde",
- "sp-debug-derive 8.0.0",
- "sp-std 8.0.0",
-]
-
 [[package]]
 name = "sp-storage"
 version = "14.0.0"
@@ -5007,23 +4842,10 @@ dependencies = [
  "parity-scale-codec",
  "ref-cast",
  "serde",
- "sp-debug-derive 9.0.0",
+ "sp-debug-derive",
  "sp-std 9.0.0",
 ]
 
-[[package]]
-name = "sp-tracing"
-version = "10.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "357f7591980dd58305956d32f8f6646d0a8ea9ea0e7e868e46f53b68ddf00cec"
-dependencies = [
- "parity-scale-codec",
- "sp-std 8.0.0",
- "tracing",
- "tracing-core",
- "tracing-subscriber 0.2.25",
-]
-
 [[package]]
 name = "sp-tracing"
 version = "11.0.0"
@@ -5037,30 +4859,6 @@ dependencies = [
  "tracing-subscriber 0.2.25",
 ]
 
-[[package]]
-name = "sp-trie"
-version = "22.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "48e4eeb7ef23f79eba8609db79ef9cef242f994f1f87a3c0387b4b5f177fda74"
-dependencies = [
- "ahash 0.8.3",
- "hash-db",
- "hashbrown 0.13.2",
- "lazy_static",
- "memory-db",
- "nohash-hasher",
- "parity-scale-codec",
- "parking_lot",
- "scale-info",
- "schnellru",
- "sp-core 21.0.0",
- "sp-std 8.0.0",
- "thiserror",
- "tracing",
- "trie-db",
- "trie-root",
-]
-
 [[package]]
 name = "sp-trie"
 version = "23.0.0"
@@ -5077,7 +4875,7 @@ dependencies = [
  "parking_lot",
  "scale-info",
  "schnellru",
- "sp-core 22.0.0",
+ "sp-core",
  "sp-std 9.0.0",
  "thiserror",
  "tracing",
@@ -5085,20 +4883,6 @@ dependencies = [
  "trie-root",
 ]
 
-[[package]]
-name = "sp-wasm-interface"
-version = "14.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a19c122609ca5d8246be6386888596320d03c7bc880959eaa2c36bcd5acd6846"
-dependencies = [
- "anyhow",
- "impl-trait-for-tuples",
- "log",
- "parity-scale-codec",
- "sp-std 8.0.0",
- "wasmtime",
-]
-
 [[package]]
 name = "sp-wasm-interface"
 version = "15.0.0"
@@ -5113,22 +4897,6 @@ dependencies = [
  "wasmtime",
 ]
 
-[[package]]
-name = "sp-weights"
-version = "20.0.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "45d084c735544f70625b821c3acdbc7a2fc1893ca98b85f1942631284692c75b"
-dependencies = [
- "parity-scale-codec",
- "scale-info",
- "serde",
- "smallvec",
- "sp-arithmetic 16.0.0",
- "sp-core 21.0.0",
- "sp-debug-derive 8.0.0",
- "sp-std 8.0.0",
-]
-
 [[package]]
 name = "sp-weights"
 version = "21.0.0"
@@ -5139,9 +4907,9 @@ dependencies = [
  "scale-info",
  "serde",
  "smallvec",
- "sp-arithmetic 17.0.0",
- "sp-core 22.0.0",
- "sp-debug-derive 9.0.0",
+ "sp-arithmetic",
+ "sp-core",
+ "sp-debug-derive",
  "sp-std 9.0.0",
 ]
 
@@ -5255,9 +5023,9 @@ checksum = "9aa9303045de87997d05bb772a4540cd8af36685e7deb715611933c225a33ac2"
 
 [[package]]
 name = "subtle"
-version = "2.4.1"
+version = "2.5.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6bdef32e8150c2a081110b42772ffe7d7c9032b606bc226c8260fd97e0976601"
+checksum = "81cdd64d312baedb58e21336b31bc043b77e01cc99033ce76ef539f78e965ebc"
 
 [[package]]
 name = "subtle-ng"
@@ -5886,9 +5654,9 @@ checksum = "f962df74c8c05a667b5ee8bcf162993134c104e96440b663c8daa176dc772d8c"
 
 [[package]]
 name = "universal-hash"
-version = "0.4.1"
+version = "0.4.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9f214e8f697e925001e66ec2c6e37a4ef93f0f78c2eed7814394e10c62025b05"
+checksum = "8326b2c654932e3e4f9196e69d08fdf7cfd718e1dc6f66b347e6024a0c961402"
 dependencies = [
  "generic-array 0.14.7",
  "subtle",
diff --git a/crates/build/templates/new/_Cargo.toml b/crates/build/templates/new/_Cargo.toml
index 681e0fc0b..bb450e156 100644
--- a/crates/build/templates/new/_Cargo.toml
+++ b/crates/build/templates/new/_Cargo.toml
@@ -5,14 +5,11 @@ authors = ["[your_name] <[your_email]>"]
 edition = "2021"
 
 [dependencies]
-ink = { version = "4.3.0", default-features = false }
+ink = { version = "5.0.0-alpha", default-features = false }
 
 scale = { package = "parity-scale-codec", version = "3", default-features = false, features = ["derive"] }
 scale-info = { version = "2.6", default-features = false, features = ["derive"], optional = true }
 
-[dev-dependencies]
-ink_e2e = "4.3.0"
-
 [lib]
 path = "lib.rs"
 
diff --git a/crates/cargo-contract/Cargo.toml b/crates/cargo-contract/Cargo.toml
index 85762968d..8cd4b46ae 100644
--- a/crates/cargo-contract/Cargo.toml
+++ b/crates/cargo-contract/Cargo.toml
@@ -25,6 +25,7 @@ contract-metadata = { version = "4.0.0-alpha", path = "../metadata" }
 
 anyhow = "1.0.75"
 clap = { version = "4.4.2", features = ["derive", "env"] }
+primitive-types = { version = "0.12.1", default-features = false, features = ["codec", "scale-info", "serde"] }
 tracing = "0.1.37"
 tracing-subscriber = { version = "0.3.17", features = ["env-filter"] }
 which = "4.4.2"
@@ -39,9 +40,9 @@ semver = "1.0"
 # dependencies for extrinsics (deploying and calling a contract)
 tokio = { version = "1", features = ["macros", "rt-multi-thread"] }
 subxt = "0.31.0"
-sp-core = "21.0.0"
-sp-weights = "20.0.0"
-pallet-contracts-primitives = "24.0.0"
+sp-core = "22.0.0"
+sp-weights = "21.0.0"
+pallet-contracts-primitives = "25.0.0"
 hex = "0.4.3"
 
 [build-dependencies]
diff --git a/crates/cargo-contract/src/cmd/decode.rs b/crates/cargo-contract/src/cmd/decode.rs
index 8da7759fc..d665f5cbb 100644
--- a/crates/cargo-contract/src/cmd/decode.rs
+++ b/crates/cargo-contract/src/cmd/decode.rs
@@ -19,6 +19,10 @@ use anyhow::{
     Context,
     Result,
 };
+use clap::{
+    Args,
+    Subcommand,
+};
 use colored::Colorize as _;
 use contract_build::{
     util,
@@ -26,25 +30,47 @@ use contract_build::{
 };
 use contract_transcode::ContractMessageTranscoder;
 
-#[derive(Debug, Clone, clap::Args)]
-#[clap(
-    name = "decode",
-    about = "Decodes the input or output data of a contract"
-)]
+#[derive(Debug, Args)]
 pub struct DecodeCommand {
-    /// The type of data to encode.
-    #[clap(value_enum, short, long)]
-    r#type: DataType,
+    #[clap(subcommand)]
+    commands: DecodeCommands,
+}
+
+#[derive(Debug, Subcommand)]
+pub enum DecodeCommands {
+    #[clap(name = "message")]
+    Message(DecodeMessage),
+    /// Upload contract code
+    #[clap(name = "constructor")]
+    Constructor(DecodeConstructor),
+    /// Instantiate a contract
+    #[clap(name = "event")]
+    Event(DecodeEvent),
+}
+
+#[derive(Debug, Clone, Args)]
+pub struct DecodeMessage {
+    /// The data to decode; this has to be a hex value starting with `0x`.
+    #[clap(short, long)]
+    data: String,
+}
+
+#[derive(Debug, Clone, Args)]
+pub struct DecodeConstructor {
     /// The data to decode; this has to be a hex value starting with `0x`.
     #[clap(short, long)]
     data: String,
 }
 
-#[derive(Debug, Copy, Clone, PartialEq, Eq, PartialOrd, Ord, clap::ValueEnum)]
-enum DataType {
-    Event,
-    Message,
-    Constructor,
+#[derive(Debug, Clone, Args)]
+pub struct DecodeEvent {
+    /// The signature topic of the event to be decoded; this has to be a hex value
+    /// starting with `0x`.
+    #[clap(short, long)]
+    signature_topic: String,
+    /// The data to decode; this has to be a hex value starting with `0x`.
+    #[clap(short, long)]
+    data: String,
 }
 
 impl DecodeCommand {
@@ -54,20 +80,25 @@ impl DecodeCommand {
         let transcoder = ContractMessageTranscoder::load(crate_metadata.metadata_path())?;
 
         const ERR_MSG: &str = "Failed to decode specified data as a hex value";
-        let decoded_data = match self.r#type {
-            DataType::Event => {
+        let decoded_data = match &self.commands {
+            DecodeCommands::Event(event) => {
+                let signature_topic_data =
+                    util::decode_hex(&event.signature_topic).context(ERR_MSG)?;
+                let signature_topic =
+                    primitive_types::H256::from_slice(&signature_topic_data);
                 transcoder.decode_contract_event(
-                    &mut &util::decode_hex(&self.data).context(ERR_MSG)?[..],
+                    &signature_topic,
+                    &mut &util::decode_hex(&event.data).context(ERR_MSG)?[..],
                 )?
             }
-            DataType::Message => {
+            DecodeCommands::Message(message) => {
                 transcoder.decode_contract_message(
-                    &mut &util::decode_hex(&self.data).context(ERR_MSG)?[..],
+                    &mut &util::decode_hex(&message.data).context(ERR_MSG)?[..],
                 )?
             }
-            DataType::Constructor => {
+            DecodeCommands::Constructor(constructor) => {
                 transcoder.decode_contract_constructor(
-                    &mut &util::decode_hex(&self.data).context(ERR_MSG)?[..],
+                    &mut &util::decode_hex(&constructor.data).context(ERR_MSG)?[..],
                 )?
             }
         };
diff --git a/crates/cargo-contract/tests/decode.rs b/crates/cargo-contract/tests/decode.rs
index 776d5c37e..a54d13ca8 100644
--- a/crates/cargo-contract/tests/decode.rs
+++ b/crates/cargo-contract/tests/decode.rs
@@ -82,10 +82,9 @@ fn decode_works() {
     // message data is being decoded properly
     cargo_contract(&project_dir)
         .arg("decode")
+        .arg("message")
         .arg("--data")
         .arg(msg_data)
-        .arg("-t")
-        .arg("message")
         .assert()
         .success()
         .stdout(predicates::str::contains(msg_decoded));
@@ -98,42 +97,45 @@ fn decode_works() {
     // wrong message data is being handled properly
     cargo_contract(&project_dir)
         .arg("decode")
+        .arg("message")
         .arg("--data")
         .arg(wrong_msg_data)
-        .arg("-t")
-        .arg("message")
         .assert()
         .failure()
         .stderr(predicates::str::contains(error_msg));
 
     // when
-    let event_data: &str = "080001";
+    let signature_topic =
+        "325c98ff66bd0d9d1c10789ae1f2a17bdfb2dcf6aa3d8092669afafdef1cb72d";
+    let event_data: &str = "0001";
     let event_decoded: &str = r#"Switched { new_value: true }"#;
 
     // then
     // event data is being decoded properly
     cargo_contract(&project_dir)
         .arg("decode")
+        .arg("event")
+        .arg("--signature-topic")
+        .arg(signature_topic)
         .arg("--data")
         .arg(event_data)
-        .arg("-t")
-        .arg("event")
         .assert()
         .success()
         .stdout(predicates::str::contains(event_decoded));
 
     // and when
-    let wrong_event_data: &str = "0800010C";
+    let wrong_event_data: &str = "00010C";
     let error_msg: &str = "input length was longer than expected by 1 byte(s).\nManaged to decode `Switched`, `new_value` but `0C` bytes were left unread";
 
     // then
     // wrong event data is being handled properly
     cargo_contract(&project_dir)
         .arg("decode")
+        .arg("event")
+        .arg("--signature-topic")
+        .arg(signature_topic)
         .arg("--data")
         .arg(wrong_event_data)
-        .arg("-t")
-        .arg("event")
         .assert()
         .failure()
         .stderr(predicates::str::contains(error_msg));
@@ -146,10 +148,9 @@ fn decode_works() {
     // constructor data is being decoded properly
     cargo_contract(&project_dir)
         .arg("decode")
+        .arg("constructor")
         .arg("-d")
         .arg(constructor_data)
-        .arg("-t")
-        .arg("constructor")
         .assert()
         .success()
         .stdout(predicates::str::contains(constructor_decoded));
@@ -162,10 +163,9 @@ fn decode_works() {
     // wrong constructor data is being handled properly
     cargo_contract(&project_dir)
         .arg("decode")
+        .arg("constructor")
         .arg("-d")
         .arg(wrong_constructor_data)
-        .arg("-t")
-        .arg("constructor")
         .assert()
         .failure()
         .stderr(predicates::str::contains(error_msg));
diff --git a/crates/extrinsics/Cargo.toml b/crates/extrinsics/Cargo.toml
index c8ed7de87..d1068c68c 100644
--- a/crates/extrinsics/Cargo.toml
+++ b/crates/extrinsics/Cargo.toml
@@ -29,10 +29,10 @@ serde_json = "1.0.105"
 url = { version = "2.4.1", features = ["serde"] }
 rust_decimal = "1.32"
 tokio = { version = "1", features = ["macros", "rt-multi-thread"] }
-sp-core = "21.0.0"
-sp-runtime = "24.0.0"
-sp-weights = "20.0.0"
-pallet-contracts-primitives = "24.0.0"
+sp-core = "22.0.0"
+sp-runtime = "25.0.0"
+sp-weights = "21.0.0"
+pallet-contracts-primitives = "25.0.0"
 scale-info = "2.8.0"
 subxt = "0.31.0"
 subxt-signer = { version = "0.31.0", features = ["subxt", "sr25519"] }
diff --git a/crates/extrinsics/src/events.rs b/crates/extrinsics/src/events.rs
index 91f60a4dc..f9cd722fd 100644
--- a/crates/extrinsics/src/events.rs
+++ b/crates/extrinsics/src/events.rs
@@ -110,6 +110,7 @@ impl DisplayEvents {
             };
 
             let event_data = &mut event.field_bytes();
+            let event_sig_topic = event.topics().iter().next();
             let mut unnamed_field_name = 0;
             for field_metadata in event_fields {
                 if <ContractEmitted as StaticEvent>::is_event(
@@ -121,6 +122,7 @@ impl DisplayEvents {
                     let field = contract_event_data_field(
                         transcoder,
                         field_metadata,
+                        event_sig_topic,
                         event_data,
                     )?;
                     event_entry.fields.push(field);
@@ -212,18 +214,24 @@ impl DisplayEvents {
 fn contract_event_data_field(
     transcoder: Option<&ContractMessageTranscoder>,
     field_metadata: &scale_info::Field<PortableForm>,
+    event_sig_topic: Option<&sp_core::H256>,
     event_data: &mut &[u8],
 ) -> Result<Field> {
     let event_value = if let Some(transcoder) = transcoder {
-        match transcoder.decode_contract_event(event_data) {
-            Ok(contract_event) => contract_event,
-            Err(err) => {
-                tracing::warn!(
-                    "Decoding contract event failed: {:?}. It might have come from another contract.",
-                    err
-                );
-                Value::Hex(Hex::from_str(&hex::encode(&event_data))?)
+        if let Some(event_sig_topic) = event_sig_topic {
+            match transcoder.decode_contract_event(event_sig_topic, event_data) {
+                Ok(contract_event) => contract_event,
+                Err(err) => {
+                    tracing::warn!(
+                        "Decoding contract event failed: {:?}. It might have come from another contract.",
+                        err
+                    );
+                    Value::Hex(Hex::from_str(&hex::encode(&event_data))?)
+                }
             }
+        } else {
+            tracing::info!("Anonymous event not decoded. Data displayed as raw hex.");
+            Value::Hex(Hex::from_str(&hex::encode(event_data))?)
         }
     } else {
         Value::Hex(Hex::from_str(&hex::encode(event_data))?)
diff --git a/crates/transcode/Cargo.toml b/crates/transcode/Cargo.toml
index a4b9a4676..a9e81fbdf 100644
--- a/crates/transcode/Cargo.toml
+++ b/crates/transcode/Cargo.toml
@@ -24,8 +24,8 @@ contract-metadata = { version = "4.0.0-alpha", path = "../metadata" }
 escape8259 = "0.5.2"
 hex = "0.4.3"
 indexmap = "2.0.0"
-ink_env = "4.3.0"
-ink_metadata = "4.3.0"
+ink_env = "5.0.0-alpha"
+ink_metadata = "5.0.0-alpha"
 itertools = "0.11.0"
 tracing = "0.1.37"
 nom = "7.1.3"
@@ -40,7 +40,7 @@ strsim = "0.10.0"
 
 [dev-dependencies]
 assert_matches = "1.5.0"
-ink = "4.3.0"
+ink = "5.0.0-alpha"
 sp-core = "22.0.0"
 sp-keyring = "25.0.0"
 
diff --git a/crates/transcode/src/lib.rs b/crates/transcode/src/lib.rs
index 61906699a..8fb318113 100644
--- a/crates/transcode/src/lib.rs
+++ b/crates/transcode/src/lib.rs
@@ -286,21 +286,31 @@ impl ContractMessageTranscoder {
             .find(|msg| msg.label() == &name.to_string())
     }
 
-    pub fn decode_contract_event(&self, data: &mut &[u8]) -> Result<Value> {
+    pub fn decode_contract_event(
+        &self,
+        event_sig_topic: &primitive_types::H256,
+        data: &mut &[u8],
+    ) -> Result<Value> {
         // data is an encoded `Vec<u8>` so is prepended with its length `Compact<u32>`,
         // which we ignore because the structure of the event data is known for
         // decoding.
         let _len = <Compact<u32>>::decode(data)?;
-        let variant_index = data.read_byte()?;
         let event_spec = self
             .metadata
             .spec()
             .events()
-            .get(variant_index as usize)
+            .iter()
+            .find(|event| {
+                if let Some(sig_topic) = event.signature_topic() {
+                    sig_topic.as_bytes() == event_sig_topic.as_bytes()
+                } else {
+                    false
+                }
+            })
             .ok_or_else(|| {
                 anyhow::anyhow!(
-                    "Event variant {} not found in contract metadata",
-                    variant_index
+                    "Event with signature topic {} not found in contract metadata",
+                    hex::encode(event_sig_topic)
                 )
             })?;
         tracing::debug!("Decoding contract event '{}'", event_spec.label());
@@ -490,6 +500,7 @@ impl CompositeTypeFields {
 #[cfg(test)]
 mod tests {
     use super::*;
+    use primitive_types::H256;
     use scale::Encode;
     use scon::Value;
     use std::str::FromStr;
@@ -767,11 +778,16 @@ mod tests {
         let metadata = generate_metadata();
         let transcoder = ContractMessageTranscoder::new(metadata);
 
-        // raw encoded event with event index prefix
-        let encoded = (0u8, [0u32; 8], [1u32; 8]).encode();
+        let signature_topic: H256 =
+            <transcode::Event1 as ink::env::Event>::SIGNATURE_TOPIC
+                .unwrap()
+                .into();
+        // raw encoded event
+        let encoded = ([0u32; 8], [1u32; 8]).encode();
         // encode again as a Vec<u8> which has a len prefix.
         let encoded_bytes = encoded.encode();
-        let _ = transcoder.decode_contract_event(&mut &encoded_bytes[..])?;
+        let _ = transcoder
+            .decode_contract_event(&signature_topic, &mut &encoded_bytes[..])?;
 
         Ok(())
     }
@@ -785,11 +801,16 @@ mod tests {
             52u8, 40, 235, 225, 70, 245, 184, 36, 21, 218, 130, 114, 75, 207, 117, 240,
             83, 118, 135, 56, 220, 172, 95, 131, 171, 125, 130, 167, 10, 15, 242, 222,
         ];
+        let signature_topic: H256 =
+            <transcode::Event1 as ink::env::Event>::SIGNATURE_TOPIC
+                .unwrap()
+                .into();
         // raw encoded event with event index prefix
-        let encoded = (0u8, hash, [0u32; 8]).encode();
+        let encoded = (hash, [0u32; 8]).encode();
         // encode again as a Vec<u8> which has a len prefix.
         let encoded_bytes = encoded.encode();
-        let decoded = transcoder.decode_contract_event(&mut &encoded_bytes[..])?;
+        let decoded = transcoder
+            .decode_contract_event(&signature_topic, &mut &encoded_bytes[..])?;
 
         if let Value::Map(ref map) = decoded {
             let name_field = &map[&Value::String("name".into())];
@@ -842,12 +863,16 @@ mod tests {
         let metadata = generate_metadata();
         let transcoder = ContractMessageTranscoder::new(metadata);
 
+        let signature_topic: H256 =
+            <transcode::Event1 as ink::env::Event>::SIGNATURE_TOPIC
+                .unwrap()
+                .into();
         // raw encoded event with event index prefix
-        let encoded = (0u8, [0u32; 8], [1u32; 8], [12u8, 16u8]).encode();
+        let encoded = ([0u32; 8], [1u32; 8], [12u8, 16u8]).encode();
         // encode again as a Vec<u8> which has a len prefix.
         let encoded_bytes = encoded.encode();
         let _ = transcoder
-            .decode_contract_event(&mut &encoded_bytes[..])
+            .decode_contract_event(&signature_topic, &mut &encoded_bytes[..])
             .unwrap();
     }
 }