diff --git a/Cargo.lock b/Cargo.lock
index a75fb0630..bda7f98f3 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1496,7 +1496,7 @@ checksum = "3c5e1a9a646d36c3599cd173a41282daf47c44583ad367b8e6837255952e5c67"
 
 [[package]]
 name = "soroban-bench-utils"
-version = "22.0.0"
+version = "22.1.0"
 dependencies = [
  "perf-event",
  "soroban-env-common",
@@ -1506,7 +1506,7 @@ dependencies = [
 
 [[package]]
 name = "soroban-builtin-sdk-macros"
-version = "22.0.0"
+version = "22.1.0"
 dependencies = [
  "itertools",
  "proc-macro2",
@@ -1516,7 +1516,7 @@ dependencies = [
 
 [[package]]
 name = "soroban-env-common"
-version = "22.0.0"
+version = "22.1.0"
 dependencies = [
  "arbitrary",
  "crate-git-revision",
@@ -1535,7 +1535,7 @@ dependencies = [
 
 [[package]]
 name = "soroban-env-guest"
-version = "22.0.0"
+version = "22.1.0"
 dependencies = [
  "soroban-env-common",
  "static_assertions",
@@ -1543,7 +1543,7 @@ dependencies = [
 
 [[package]]
 name = "soroban-env-host"
-version = "22.0.0"
+version = "22.1.0"
 dependencies = [
  "arbitrary",
  "ark-bls12-381",
@@ -1602,7 +1602,7 @@ dependencies = [
 
 [[package]]
 name = "soroban-env-macros"
-version = "22.0.0"
+version = "22.1.0"
 dependencies = [
  "itertools",
  "proc-macro2",
@@ -1615,7 +1615,7 @@ dependencies = [
 
 [[package]]
 name = "soroban-simulation"
-version = "22.0.0"
+version = "22.1.0"
 dependencies = [
  "anyhow",
  "pretty_assertions",
@@ -1629,7 +1629,7 @@ dependencies = [
 
 [[package]]
 name = "soroban-synth-wasm"
-version = "22.0.0"
+version = "22.1.0"
 dependencies = [
  "arbitrary",
  "expect-test",
@@ -1643,7 +1643,7 @@ dependencies = [
 
 [[package]]
 name = "soroban-test-wasms"
-version = "22.0.0"
+version = "22.1.0"
 
 [[package]]
 name = "soroban-wasmi"
@@ -1757,7 +1757,7 @@ checksum = "55937e1799185b12863d447f42597ed69d9928686b8d88a1df17376a097d8369"
 
 [[package]]
 name = "test_no_std"
-version = "22.0.0"
+version = "22.1.0"
 dependencies = [
  "soroban-env-common",
 ]
diff --git a/Cargo.toml b/Cargo.toml
index 0dd8c832c..e5a3d21cc 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -20,15 +20,15 @@ exclude = ["soroban-test-wasms/wasm-workspace"]
 # NB: When bumping the major version make sure to clean up the
 # code guarded by `unstable-*` features to make it enabled
 # unconditionally.
-version = "22.0.0"
+version = "22.1.0"
 rust-version = "1.79.0"
 
 [workspace.dependencies]
-soroban-env-common = { version = "=22.0.0", path = "soroban-env-common", default-features = false }
-soroban-env-guest = { version = "=22.0.0", path = "soroban-env-guest" }
-soroban-env-host = { version = "=22.0.0", path = "soroban-env-host" }
-soroban-env-macros = { version = "=22.0.0", path = "soroban-env-macros" }
-soroban-builtin-sdk-macros = { version = "=22.0.0", path = "soroban-builtin-sdk-macros" }
+soroban-env-common = { version = "=22.1.0", path = "soroban-env-common", default-features = false }
+soroban-env-guest = { version = "=22.1.0", path = "soroban-env-guest" }
+soroban-env-host = { version = "=22.1.0", path = "soroban-env-host" }
+soroban-env-macros = { version = "=22.1.0", path = "soroban-env-macros" }
+soroban-builtin-sdk-macros = { version = "=22.1.0", path = "soroban-builtin-sdk-macros" }
 # NB: this must match the wasmparser version wasmi is using
 wasmparser = "=0.116.1"
 
diff --git a/deny.toml b/deny.toml
index e526cb875..7d42af17b 100644
--- a/deny.toml
+++ b/deny.toml
@@ -90,7 +90,12 @@ ignore = [
 
     # Very low-severity TTY error we will never hit: code that's not compiled
     # into production, only on windows, and only with a custom allocator.
-    "RUSTSEC-2021-0145"
+    "RUSTSEC-2021-0145",
+
+    # This ignores an error due to the now unmaintained derivative crate. This
+    # crate is a dependency for some of the ark crates, so we need to ignore the
+    # advisory.
+    "RUSTSEC-2024-0388"
 ]
 # Threshold for security vulnerabilities, any vulnerability with a CVSS score
 # lower than the range specified will be ignored. Note that ignored advisories