diff --git a/Cargo.lock b/Cargo.lock
index d49b15af35a..058a8eb6566 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -472,13 +472,13 @@ dependencies = [
 
 [[package]]
 name = "cid"
-version = "0.8.6"
+version = "0.9.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f6ed9c8b2d17acb8110c46f1da5bf4a696d745e1474a16db0cd2b49cd0249bf2"
+checksum = "b9b68e3193982cd54187d71afdb2a271ad4cf8af157858e9cb911b91321de143"
 dependencies = [
  "core2",
  "multibase",
- "multihash 0.16.2",
+ "multihash 0.17.0",
  "serde",
  "unsigned-varint 0.7.1",
 ]
@@ -2788,9 +2788,9 @@ dependencies = [
 
 [[package]]
 name = "multihash"
-version = "0.16.2"
+version = "0.17.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e3db354f401db558759dfc1e568d010a5d4146f4d3f637be1275ec4a3cf09689"
+checksum = "835d6ff01d610179fbce3de1694d007e500bf33a7f29689838941d6bf783ae40"
 dependencies = [
  "blake2b_simd",
  "blake2s_simd",
diff --git a/core/Cargo.toml b/core/Cargo.toml
index 6f5c9119981..f5b798ff2dc 100644
--- a/core/Cargo.toml
+++ b/core/Cargo.toml
@@ -27,7 +27,7 @@ serde_yaml = "0.8"
 # Switch to crates.io once tower 0.5 is released
 tower = { git = "https://github.com/tower-rs/tower.git", features = ["full"] }
 graph-runtime-wasm = { path = "../runtime/wasm" }
-cid = "0.8.6"
+cid = "0.9.0"
 anyhow = "1.0"
 
 [dev-dependencies]
diff --git a/graph/Cargo.toml b/graph/Cargo.toml
index 43f214346c9..9c655f5b503 100644
--- a/graph/Cargo.toml
+++ b/graph/Cargo.toml
@@ -10,7 +10,7 @@ async-stream = "0.3"
 atomic_refcell = "0.1.8"
 bigdecimal = { version = "0.1.0", features = ["serde"] }
 bytes = "1.0.1"
-cid = "0.8.3"
+cid = "0.9.0"
 diesel = { version = "1.4.8", features = ["postgres", "serde_json", "numeric", "r2d2", "chrono"] }
 diesel_derives = "1.4"
 chrono = "0.4.23"
diff --git a/tests/Cargo.toml b/tests/Cargo.toml
index d283e09ab58..bc88c870ae1 100644
--- a/tests/Cargo.toml
+++ b/tests/Cargo.toml
@@ -28,5 +28,5 @@ anyhow = "1.0.66"
 lazy_static = "1.4.0"
 tokio-stream = "0.1"
 serde_yaml = "0.8"
-cid = "0.8.6"
+cid = "0.9.0"
 graph-chain-near = { path = "../chain/near" }