diff --git a/setup.py b/setup.py
index 1d4da08f..72269458 100644
--- a/setup.py
+++ b/setup.py
@@ -30,7 +30,7 @@
     "PyYAML==6.0",
     "pytz==2022.4",
     "ocean-contracts==1.1.7",
-    "web3==5.31.0",
+    "web3==5.31.1",
     "gevent",
     "json-sempai==0.4.0",
     "python-dateutil==2.8.2",