diff --git a/.changelog/unreleased/improvements/1510-established-addr-bytes.md b/.changelog/unreleased/improvements/1510-established-addr-bytes.md
new file mode 100644
index 0000000000..4f25dfff9f
--- /dev/null
+++ b/.changelog/unreleased/improvements/1510-established-addr-bytes.md
@@ -0,0 +1,3 @@
+- Improve the established address in-memory representation
+  and use a full SHA-256 digest for their generation.
+  ([\#1510](https://github.com/anoma/namada/pull/1510))
\ No newline at end of file
diff --git a/core/src/ledger/ibc/storage.rs b/core/src/ledger/ibc/storage.rs
index fab224e755..bee874bb0e 100644
--- a/core/src/ledger/ibc/storage.rs
+++ b/core/src/ledger/ibc/storage.rs
@@ -16,7 +16,7 @@ use crate::ibc::core::ics24_host::path::{
     ReceiptPath, SeqAckPath, SeqRecvPath, SeqSendPath,
 };
 use crate::ibc::core::ics24_host::Path;
-use crate::types::address::{Address, InternalAddress, HASH_LEN};
+use crate::types::address::{Address, InternalAddress, HASH_HEX_LEN};
 use crate::types::storage::{self, DbKeySeg, Key, KeySeg};
 
 const CLIENTS_COUNTER: &str = "clients/counter";
@@ -500,7 +500,7 @@ pub fn token_hash_from_denom(denom: impl AsRef<str>) -> Result<Option<String>> {
 pub fn calc_hash(denom: impl AsRef<str>) -> String {
     let mut hasher = Sha256::new();
     hasher.update(denom.as_ref());
-    format!("{:.width$x}", hasher.finalize(), width = HASH_LEN)
+    format!("{:.width$x}", hasher.finalize(), width = HASH_HEX_LEN)
 }
 
 /// Key's prefix of the received token over IBC
diff --git a/core/src/types/address.rs b/core/src/types/address.rs
index 20e3e6f372..b4184b304a 100644
--- a/core/src/types/address.rs
+++ b/core/src/types/address.rs
@@ -1,6 +1,7 @@
 //! Implements transparent addresses as described in [Accounts
 //! Addresses](docs/src/explore/design/ledger/accounts.md#addresses).
 
+use std::borrow::Cow;
 use std::collections::HashMap;
 use std::fmt::{Debug, Display};
 use std::hash::Hash;
@@ -8,6 +9,7 @@ use std::str::FromStr;
 
 use bech32::{self, FromBase32, ToBase32, Variant};
 use borsh::{BorshDeserialize, BorshSchema, BorshSerialize};
+use data_encoding::HEXUPPER;
 use serde::{Deserialize, Serialize};
 use sha2::{Digest, Sha256};
 use thiserror::Error;
@@ -17,7 +19,7 @@ use crate::types::key;
 use crate::types::key::PublicKeyHash;
 
 /// The length of an established [`Address`] encoded with Borsh.
-pub const ESTABLISHED_ADDRESS_BYTES_LEN: usize = 45;
+pub const ESTABLISHED_ADDRESS_BYTES_LEN: usize = 21;
 
 /// The length of [`Address`] encoded with Bech32m.
 pub const ADDRESS_LEN: usize = 79 + ADDRESS_HRP.len();
@@ -27,7 +29,23 @@ pub const ADDRESS_LEN: usize = 79 + ADDRESS_HRP.len();
 const ADDRESS_HRP: &str = "atest";
 /// We're using "Bech32m" variant
 pub const BECH32M_VARIANT: bech32::Variant = Variant::Bech32m;
-pub(crate) const HASH_LEN: usize = 40;
+
+/// Length of a hash of an address as a hexadecimal string
+pub(crate) const HASH_HEX_LEN: usize = 40;
+
+/// Length of a trimmed hash of an address.
+pub(crate) const HASH_LEN: usize = 20;
+
+/// SHA-256 hash len
+///
+/// ```
+/// use sha2::Digest;
+/// assert_eq!(
+///     sha2::Sha256::output_size(),
+///     namada_core::types::address::SHA_HASH_LEN
+/// );
+/// ```
+pub const SHA_HASH_LEN: usize = 32;
 
 /// An address string before bech32m encoding must be this size.
 pub const FIXED_LEN_STRING_BYTES: usize = 45;
@@ -166,10 +184,15 @@ impl Address {
 
     /// Try to get a raw hash of an address, only defined for established and
     /// implicit addresses.
-    pub fn raw_hash(&self) -> Option<&str> {
+    pub fn raw_hash(&self) -> Option<Cow<str>> {
         match self {
-            Address::Established(established) => Some(&established.hash),
-            Address::Implicit(ImplicitAddress(implicit)) => Some(&implicit.0),
+            Address::Established(established) => {
+                let hash_hex = HEXUPPER.encode(&established.hash);
+                Some(Cow::Owned(hash_hex))
+            }
+            Address::Implicit(ImplicitAddress(implicit)) => {
+                Some(Cow::Borrowed(&implicit.0))
+            }
             Address::Internal(_) => None,
         }
     }
@@ -178,7 +201,10 @@ impl Address {
     fn to_fixed_len_string(&self) -> Vec<u8> {
         let mut string = match self {
             Address::Established(EstablishedAddress { hash }) => {
-                format!("{}::{}", PREFIX_ESTABLISHED, hash)
+                // The bech32m's data is a hex of the first 40 chars of the hash
+                let hash_hex = HEXUPPER.encode(hash);
+                debug_assert_eq!(hash_hex.len(), HASH_HEX_LEN);
+                format!("{}::{}", PREFIX_ESTABLISHED, hash_hex)
             }
             Address::Implicit(ImplicitAddress(pkh)) => {
                 format!("{}::{}", PREFIX_IMPLICIT, pkh)
@@ -233,10 +259,24 @@ impl Address {
         }
         match string.split_once("::") {
             Some((PREFIX_ESTABLISHED, hash)) => {
-                if hash.len() == HASH_LEN {
-                    Ok(Address::Established(EstablishedAddress {
-                        hash: hash.to_string(),
-                    }))
+                if hash.len() == HASH_HEX_LEN {
+                    let raw =
+                        HEXUPPER.decode(hash.as_bytes()).map_err(|e| {
+                            std::io::Error::new(
+                                std::io::ErrorKind::InvalidInput,
+                                e,
+                            )
+                        })?;
+                    if raw.len() != HASH_LEN {
+                        return Err(Error::new(
+                            ErrorKind::InvalidData,
+                            "Established address hash must be 40 characters \
+                             long",
+                        ));
+                    }
+                    let mut hash: [u8; HASH_LEN] = Default::default();
+                    hash.copy_from_slice(&raw);
+                    Ok(Address::Established(EstablishedAddress { hash }))
                 } else {
                     Err(Error::new(
                         ErrorKind::InvalidData,
@@ -285,7 +325,7 @@ impl Address {
                 internal::IBC_MINT => {
                     Ok(Address::Internal(InternalAddress::IbcMint))
                 }
-                _ if raw.len() == HASH_LEN => Ok(Address::Internal(
+                _ if raw.len() == HASH_HEX_LEN => Ok(Address::Internal(
                     InternalAddress::IbcToken(raw.to_string()),
                 )),
                 _ => Err(Error::new(
@@ -389,20 +429,20 @@ impl TryFrom<Signer> for Address {
     Deserialize,
 )]
 pub struct EstablishedAddress {
-    hash: String,
+    hash: [u8; HASH_LEN],
 }
 
 /// A generator of established addresses
 #[derive(Debug, Clone, PartialEq, BorshSerialize, BorshDeserialize)]
 pub struct EstablishedAddressGen {
-    last_hash: String,
+    last_hash: [u8; SHA_HASH_LEN],
 }
 
 impl EstablishedAddressGen {
     /// Initialize a new address generator with a given randomness seed.
     pub fn new(seed: impl AsRef<str>) -> Self {
         Self {
-            last_hash: seed.as_ref().to_owned(),
+            last_hash: Sha256::digest(seed.as_ref().as_bytes()).into(),
         }
     }
 
@@ -416,12 +456,12 @@ impl EstablishedAddressGen {
         let gen_bytes = self
             .try_to_vec()
             .expect("Encoding established addresses generator shouldn't fail");
-        let mut hasher = Sha256::new();
         let bytes = [&gen_bytes, rng_source.as_ref()].concat();
-        hasher.update(bytes);
-        // hex of the first 40 chars of the hash
-        let hash = format!("{:.width$X}", hasher.finalize(), width = HASH_LEN);
-        self.last_hash = hash.clone();
+        let full_hash = Sha256::digest(&bytes);
+        // take first 20 bytes of the hash
+        let mut hash: [u8; HASH_LEN] = Default::default();
+        hash.copy_from_slice(&full_hash[..HASH_LEN]);
+        self.last_hash = full_hash.into();
         Address::Established(EstablishedAddress { hash })
     }
 }
@@ -507,7 +547,8 @@ impl InternalAddress {
         let mut hasher = Sha256::new();
         let s = format!("{}/{}/{}", port_id, channel_id, token);
         hasher.update(&s);
-        let hash = format!("{:.width$x}", hasher.finalize(), width = HASH_LEN);
+        let hash =
+            format!("{:.width$x}", hasher.finalize(), width = HASH_HEX_LEN);
         InternalAddress::IbcToken(hash)
     }
 }
@@ -831,7 +872,7 @@ pub mod testing {
             );
             hasher.update(&s);
             let hash =
-                format!("{:.width$x}", hasher.finalize(), width = HASH_LEN);
+                format!("{:.width$x}", hasher.finalize(), width = HASH_HEX_LEN);
             InternalAddress::IbcToken(hash)
         })
     }
diff --git a/core/src/types/key/mod.rs b/core/src/types/key/mod.rs
index 8d698d50ae..66938fbcdc 100644
--- a/core/src/types/key/mod.rs
+++ b/core/src/types/key/mod.rs
@@ -307,7 +307,7 @@ pub trait SigScheme: Eq + Ord + Debug + Serialize + Default {
 #[serde(transparent)]
 pub struct PublicKeyHash(pub(crate) String);
 
-const PKH_HASH_LEN: usize = address::HASH_LEN;
+const PKH_HASH_LEN: usize = address::HASH_HEX_LEN;
 
 impl From<PublicKeyHash> for String {
     fn from(pkh: PublicKeyHash) -> Self {
diff --git a/core/src/types/masp.rs b/core/src/types/masp.rs
index 5c2b3fb2d4..487dddf3e3 100644
--- a/core/src/types/masp.rs
+++ b/core/src/types/masp.rs
@@ -9,7 +9,7 @@ use borsh::{BorshDeserialize, BorshSerialize};
 use sha2::{Digest, Sha256};
 
 use crate::types::address::{
-    masp, Address, DecodeError, BECH32M_VARIANT, HASH_LEN,
+    masp, Address, DecodeError, BECH32M_VARIANT, HASH_HEX_LEN,
 };
 
 /// human-readable part of Bech32m encoded address
@@ -153,7 +153,7 @@ impl PaymentAddress {
         let mut hasher = Sha256::new();
         hasher.update(bytes);
         // hex of the first 40 chars of the hash
-        format!("{:.width$X}", hasher.finalize(), width = HASH_LEN)
+        format!("{:.width$X}", hasher.finalize(), width = HASH_HEX_LEN)
     }
 }
 
diff --git a/wasm/checksums.json b/wasm/checksums.json
index 3e8c6aece6..57869c4ce1 100644
--- a/wasm/checksums.json
+++ b/wasm/checksums.json
@@ -1,21 +1,21 @@
 {
-    "tx_bond.wasm": "tx_bond.e72837fe265346308458d4e5f2399633bcf553ea13679434ea54fa578c13a912.wasm",
-    "tx_change_validator_commission.wasm": "tx_change_validator_commission.4006b3a3251970b40290e1c898809ac914f9450c1f82e3026fdadca96eb42810.wasm",
-    "tx_ibc.wasm": "tx_ibc.012d3f1da7532f3ff92bb56499c349ea3e5b6abaf4bdb7b8faa0177bf7ea2b93.wasm",
-    "tx_init_account.wasm": "tx_init_account.6359caa0d6fda1d896b84a881351c6827aca66240988b438697c966dec231be2.wasm",
-    "tx_init_proposal.wasm": "tx_init_proposal.339f4454df0be8ae670c5df84645c7b156f478726dc1e964a93cea4f8b6a4651.wasm",
-    "tx_init_validator.wasm": "tx_init_validator.a45ef2fc87cf2760107cd682a34772207da3ee96de778e5e83f22256df99ff7d.wasm",
-    "tx_reveal_pk.wasm": "tx_reveal_pk.b7541013221fedb42d9bdd4be6e972deac147b8c930b03db282f0b7811198554.wasm",
-    "tx_transfer.wasm": "tx_transfer.8b6fb1f418fea7d8909ed45160b9614f6ff50421fd766ce7ac9c1767af848aa7.wasm",
-    "tx_unbond.wasm": "tx_unbond.7f4c904a13ec2d4716457290a5af1f2f8853ccb817276583fccb33a63add07bd.wasm",
-    "tx_unjail_validator.wasm": "tx_unjail_validator.aadc50cd196eb818dd3f743c1be3f2973e9fdcbe9f1d7334dedbfee38f822ccc.wasm",
-    "tx_update_vp.wasm": "tx_update_vp.e5d25854a23186925caa2169869b1505e29132b8a8b396e911379d53ce5cf418.wasm",
-    "tx_vote_proposal.wasm": "tx_vote_proposal.22b3358af6611d1786f6d49ccbf0757e3065a43fb37e8df0055f2173c8e14653.wasm",
-    "tx_withdraw.wasm": "tx_withdraw.04b5fe0ffb4c873a8d839ededcc616658e88af346a5c6a709c37eec8088486b4.wasm",
-    "vp_implicit.wasm": "vp_implicit.1e8355b50da06a5dcf9d2a8ab8ddc440f486ce039538dee415ab8625b1b11bae.wasm",
-    "vp_masp.wasm": "vp_masp.7487613c4391eef753360c55e63979fad3855259f2fdb0e945fe702342ef5979.wasm",
-    "vp_testnet_faucet.wasm": "vp_testnet_faucet.d3cafc4d31f1081a8cedfbfdb45e674235231716668a6b1309beece16fe5ea5d.wasm",
-    "vp_token.wasm": "vp_token.495362b8949a5f77da12c5562c38e25584a7477cf6e1b229a8b209a67e6504d0.wasm",
-    "vp_user.wasm": "vp_user.c7b65fe31adb835d341ef82a6f02f72ee6c6bf457c22ad24422acb3d54387517.wasm",
-    "vp_validator.wasm": "vp_validator.64283182a94de72f35364414040f780c2d51d629e73e915f1803c9e71a2f5fd2.wasm"
+    "tx_bond.wasm": "tx_bond.a98b5b38666d7b28ffb83208086bbffdbf03c8e9d3199ae89db880ea784bc3ab.wasm",
+    "tx_change_validator_commission.wasm": "tx_change_validator_commission.606a71c0f1dc1e7c2abb54789e4a99787a7c4718c5bd31e9283c02db9c7f42fb.wasm",
+    "tx_ibc.wasm": "tx_ibc.cd9d2dd7b04f16bf461138491ef2e75fa815ce1e2e6b474f0dfe563fea490a3b.wasm",
+    "tx_init_account.wasm": "tx_init_account.ce8a35ddc8959b0a73e4a1a6fd226fd0135d7ff0ef4ba517de1cfe53cfce93c0.wasm",
+    "tx_init_proposal.wasm": "tx_init_proposal.14c1b8b5141101789623fd9ad826b6c3f29cbea4cfad6dec392e6a51fc4e7e66.wasm",
+    "tx_init_validator.wasm": "tx_init_validator.91ab5b995f11572d043a8f78670dc0f1e3a275c84807f3745eca28757c4c71a3.wasm",
+    "tx_reveal_pk.wasm": "tx_reveal_pk.e0301b0d4246687110d2f321f158f2465fb6cac1e23c013e88aac89550d26261.wasm",
+    "tx_transfer.wasm": "tx_transfer.3d5136351aef729e48eb7b3767ec735175b115556abc34f0fb73791bce3fbce9.wasm",
+    "tx_unbond.wasm": "tx_unbond.9dfdc31ad694e0041b43e5e2230a3afbed0eb0ea121d89af4c850d531e22cf85.wasm",
+    "tx_unjail_validator.wasm": "tx_unjail_validator.e5d034b4ec784939264dc8fa257a0358ccd2ecb94655f87767d791c446e3dca8.wasm",
+    "tx_update_vp.wasm": "tx_update_vp.15b6f09d6677c46ab74c4b034ede1d198a42015efe6d78f7fab96e503854ac46.wasm",
+    "tx_vote_proposal.wasm": "tx_vote_proposal.ff34e5d98abcdf46a9091d81939bfda17cdd118258788c1668d2256e1db4de12.wasm",
+    "tx_withdraw.wasm": "tx_withdraw.01a1e491a16d7b99317b9127dde518969cf469a2bf76b62fe11dbfc7205e9918.wasm",
+    "vp_implicit.wasm": "vp_implicit.44390149aa21937fe91db593b242c2810abd316eb4e767eb4eece121f59941cf.wasm",
+    "vp_masp.wasm": "vp_masp.2502bdf824ce741688d7c153158a56aa49b84d00c6b4835138cfb3506d376f3d.wasm",
+    "vp_testnet_faucet.wasm": "vp_testnet_faucet.3e222a8ecae546c06e29b056049e9251c99a6d7ec8bd430dce5775be8a4cb268.wasm",
+    "vp_token.wasm": "vp_token.b34f0386d05f44372368ddd59a463ed2de016be421bd130afb035500b84229f8.wasm",
+    "vp_user.wasm": "vp_user.bdc2def99d10d3fda732ac2a79639537a2703a496d921f9239776ad08fa66bc2.wasm",
+    "vp_validator.wasm": "vp_validator.d3b03ce3cab72a0365b380baf972df891154bf42b87a021ec8ac03c888afd731.wasm"
 }
\ No newline at end of file
diff --git a/wasm/wasm_source/src/vp_implicit.rs b/wasm/wasm_source/src/vp_implicit.rs
index 938c27be95..77268673c3 100644
--- a/wasm/wasm_source/src/vp_implicit.rs
+++ b/wasm/wasm_source/src/vp_implicit.rs
@@ -870,7 +870,7 @@ mod tests {
         tx_env.store_wasm_code(vp_code);
 
         // hardcoded hash of VP_ALWAYS_TRUE_WASM
-        tx_env.init_parameters(None, None, Some(vec!["2AC0BCB5D9E2019180F99BEB84A77E32728CDABAAD8C4F0EF3762594EC836A9D".to_string()]));
+        tx_env.init_parameters(None, None, Some(vec!["944A06740903B2EAB1FECAC4BFA25DD48330689A0F9D69C79C05B151C039CBAC".to_string()]));
 
         // Spawn the accounts to be able to modify their storage
         tx_env.spawn_accounts([&vp_owner]);
diff --git a/wasm/wasm_source/src/vp_user.rs b/wasm/wasm_source/src/vp_user.rs
index a09f1ab946..09ab948d1c 100644
--- a/wasm/wasm_source/src/vp_user.rs
+++ b/wasm/wasm_source/src/vp_user.rs
@@ -906,7 +906,7 @@ mod tests {
         tx_env.store_wasm_code(vp_code);
 
         // hardcoded hash of VP_ALWAYS_TRUE_WASM
-        tx_env.init_parameters(None, None, Some(vec!["2AC0BCB5D9E2019180F99BEB84A77E32728CDABAAD8C4F0EF3762594EC836A9D".to_string()]));
+        tx_env.init_parameters(None, None, Some(vec!["944A06740903B2EAB1FECAC4BFA25DD48330689A0F9D69C79C05B151C039CBAC".to_string()]));
 
         // Spawn the accounts to be able to modify their storage
         tx_env.spawn_accounts([&vp_owner]);
diff --git a/wasm/wasm_source/src/vp_validator.rs b/wasm/wasm_source/src/vp_validator.rs
index c2142423f5..1de8f0436c 100644
--- a/wasm/wasm_source/src/vp_validator.rs
+++ b/wasm/wasm_source/src/vp_validator.rs
@@ -927,7 +927,7 @@ mod tests {
         tx_env.store_wasm_code(vp_code);
 
         // hardcoded hash of VP_ALWAYS_TRUE_WASM
-        tx_env.init_parameters(None, None, Some(vec!["2AC0BCB5D9E2019180F99BEB84A77E32728CDABAAD8C4F0EF3762594EC836A9D".to_string()]));
+        tx_env.init_parameters(None, None, Some(vec!["944A06740903B2EAB1FECAC4BFA25DD48330689A0F9D69C79C05B151C039CBAC".to_string()]));
 
         // Spawn the accounts to be able to modify their storage
         tx_env.spawn_accounts([&vp_owner]);
diff --git a/wasm_for_tests/tx_memory_limit.wasm b/wasm_for_tests/tx_memory_limit.wasm
index 84fb2b57d0..c2f72e00ba 100755
Binary files a/wasm_for_tests/tx_memory_limit.wasm and b/wasm_for_tests/tx_memory_limit.wasm differ
diff --git a/wasm_for_tests/tx_mint_tokens.wasm b/wasm_for_tests/tx_mint_tokens.wasm
index d0156bf1bd..2f0cad959b 100755
Binary files a/wasm_for_tests/tx_mint_tokens.wasm and b/wasm_for_tests/tx_mint_tokens.wasm differ
diff --git a/wasm_for_tests/tx_no_op.wasm b/wasm_for_tests/tx_no_op.wasm
index 68b3a96f34..f2124d4665 100755
Binary files a/wasm_for_tests/tx_no_op.wasm and b/wasm_for_tests/tx_no_op.wasm differ
diff --git a/wasm_for_tests/tx_proposal_code.wasm b/wasm_for_tests/tx_proposal_code.wasm
index fb5d8d5d28..6a24749814 100755
Binary files a/wasm_for_tests/tx_proposal_code.wasm and b/wasm_for_tests/tx_proposal_code.wasm differ
diff --git a/wasm_for_tests/tx_read_storage_key.wasm b/wasm_for_tests/tx_read_storage_key.wasm
index 06145bc7e8..122cac4908 100755
Binary files a/wasm_for_tests/tx_read_storage_key.wasm and b/wasm_for_tests/tx_read_storage_key.wasm differ
diff --git a/wasm_for_tests/tx_write.wasm b/wasm_for_tests/tx_write.wasm
index cfbf02e639..4bd5056b9a 100755
Binary files a/wasm_for_tests/tx_write.wasm and b/wasm_for_tests/tx_write.wasm differ
diff --git a/wasm_for_tests/tx_write_storage_key.wasm b/wasm_for_tests/tx_write_storage_key.wasm
index a0fb758ae9..5d600d185f 100755
Binary files a/wasm_for_tests/tx_write_storage_key.wasm and b/wasm_for_tests/tx_write_storage_key.wasm differ
diff --git a/wasm_for_tests/vp_always_false.wasm b/wasm_for_tests/vp_always_false.wasm
index a9e047cba4..030b8f1691 100755
Binary files a/wasm_for_tests/vp_always_false.wasm and b/wasm_for_tests/vp_always_false.wasm differ
diff --git a/wasm_for_tests/vp_always_true.wasm b/wasm_for_tests/vp_always_true.wasm
index be671df8d0..1f52599cb4 100755
Binary files a/wasm_for_tests/vp_always_true.wasm and b/wasm_for_tests/vp_always_true.wasm differ
diff --git a/wasm_for_tests/vp_eval.wasm b/wasm_for_tests/vp_eval.wasm
index ffcc0a32b4..6047738916 100755
Binary files a/wasm_for_tests/vp_eval.wasm and b/wasm_for_tests/vp_eval.wasm differ
diff --git a/wasm_for_tests/vp_memory_limit.wasm b/wasm_for_tests/vp_memory_limit.wasm
index 1ef6e12489..a20bc1331d 100755
Binary files a/wasm_for_tests/vp_memory_limit.wasm and b/wasm_for_tests/vp_memory_limit.wasm differ
diff --git a/wasm_for_tests/vp_read_storage_key.wasm b/wasm_for_tests/vp_read_storage_key.wasm
index ee2e0fc3b0..804a7de4d7 100755
Binary files a/wasm_for_tests/vp_read_storage_key.wasm and b/wasm_for_tests/vp_read_storage_key.wasm differ