diff --git a/.github/workflows/build-frontend-canister.yml b/.github/workflows/build-frontend-canister.yml
index 57a0e86e1e..3445d0cb9a 100644
--- a/.github/workflows/build-frontend-canister.yml
+++ b/.github/workflows/build-frontend-canister.yml
@@ -16,7 +16,7 @@ jobs:
       - name: Set up
         run: |
           rustup target add wasm32-unknown-unknown
-          cargo install --version 0.1.5 ic-wasm
+          cargo install --version 0.2.0 ic-wasm
       - name: Build frontend canister
         run: |
           ./scripts/update-frontend-canister.sh
diff --git a/Cargo.lock b/Cargo.lock
index 00dec02b6d..bb02af4c0d 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -800,7 +800,6 @@ dependencies = [
  "tokio",
  "url",
  "walkdir",
- "walrus",
  "wasmparser 0.87.0",
  "which",
 ]
@@ -1599,9 +1598,9 @@ dependencies = [
 
 [[package]]
 name = "ic-types"
-version = "0.4.1"
+version = "0.4.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "82e9cac29df1f2906137c327ed24dfc398460eda054abaa6107273c11afe6384"
+checksum = "0a7d9569a4c91d5c9c202c1666f799a9761bab70a2b59464ee78c45b005e47b8"
 dependencies = [
  "crc32fast",
  "data-encoding",
@@ -1635,14 +1634,15 @@ dependencies = [
 
 [[package]]
 name = "ic-wasm"
-version = "0.1.4"
+version = "0.2.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ebed180ae82aa994a90c4477fc928379efb8d55e52e5b90c3ab1611dd4c11ab1"
+checksum = "a6bcb4b8c4455f08fe0c2671fa815affbec6b3eee631f61bd9adcd287bfbc4a2"
 dependencies = [
  "anyhow",
  "candid",
  "clap",
  "ic-types",
+ "thiserror",
  "walrus",
 ]
 
@@ -3366,18 +3366,18 @@ checksum = "b1141d4d61095b28419e22cb0bbf02755f5e54e0526f97f1e3d1d160e60885fb"
 
 [[package]]
 name = "thiserror"
-version = "1.0.32"
+version = "1.0.35"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f5f6586b7f764adc0231f4c79be7b920e766bb2f3e51b3661cdb263828f19994"
+checksum = "c53f98874615aea268107765aa1ed8f6116782501d18e53d08b471733bea6c85"
 dependencies = [
  "thiserror-impl",
 ]
 
 [[package]]
 name = "thiserror-impl"
-version = "1.0.32"
+version = "1.0.35"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "12bafc5b54507e0149cdf1b145a5d80ab80a90bcd9275df43d4fff68460f6c21"
+checksum = "f8b463991b4eab2d801e724172285ec4195c650e8ec79b149e6c2a8e6dd3f783"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/src/dfx/Cargo.toml b/src/dfx/Cargo.toml
index c4a2f66298..d325a384b7 100644
--- a/src/dfx/Cargo.toml
+++ b/src/dfx/Cargo.toml
@@ -45,7 +45,7 @@ humantime = "2.1.0"
 humantime-serde = "1.1.1"
 hyper-rustls = { version = "0.23.0", features = [ "webpki-roots", "http2" ] }
 ic-asset = { version = "0.20.0", path = "../canisters/frontend/ic-asset" }
-ic-wasm = { version = "0.1.3" }
+ic-wasm = "0.2.0"
 indicatif = "0.16.0"
 itertools = "0.10.3"
 k256 = { version = "0.11.4", features = ["pem"] }
@@ -83,7 +83,6 @@ tiny-bip39 = "1.0.0"
 tokio = { version = "1.17.0", features = [ "fs" ] }
 url = "2.1.0"
 walkdir = "2.2.9"
-walrus = "0.19.0"
 wasmparser = "0.87.0"
 which = "4.2.5"
 
diff --git a/src/dfx/src/lib/builders/mod.rs b/src/dfx/src/lib/builders/mod.rs
index da19322364..c5de37b29b 100644
--- a/src/dfx/src/lib/builders/mod.rs
+++ b/src/dfx/src/lib/builders/mod.rs
@@ -386,15 +386,9 @@ impl BuildConfig {
 fn shrink_wasm(wasm_path: impl AsRef<Path>) -> DfxResult {
     let wasm_path = wasm_path.as_ref();
     let wasm = std::fs::read(wasm_path).context("Could not read the WASM module.")?;
-    let mut module_config = walrus::ModuleConfig::new();
-    module_config.generate_name_section(true);
-    module_config.generate_producers_section(false);
-    let mut module = module_config
-        .parse(&wasm)
-        .context("Could not parse the WASM module.")?;
-    ic_wasm::shrink::shrink(&mut module);
-    module
-        .emit_wasm_file(wasm_path)
+    let shrinked_wasm =
+        ic_wasm::shrink::shrink(&wasm).context("Could not shrink the WASM module.")?;
+    std::fs::write(wasm_path, &shrinked_wasm)
         .with_context(|| format!("Could not write shrinked WASM to {:?}", wasm_path))?;
     Ok(())
 }
diff --git a/src/dfx/src/lib/wasm/metadata.rs b/src/dfx/src/lib/wasm/metadata.rs
index 7281ad60be..c24c5caa52 100644
--- a/src/dfx/src/lib/wasm/metadata.rs
+++ b/src/dfx/src/lib/wasm/metadata.rs
@@ -8,15 +8,12 @@ use std::path::Path;
 
 #[context("Failed to add candid service metadata from {} to {}.", idl_path.to_string_lossy(), wasm_path.to_string_lossy())]
 pub fn add_candid_service_metadata(wasm_path: &Path, idl_path: &Path) -> DfxResult {
-    let mut m = walrus::ModuleConfig::new()
-        .parse_file(wasm_path)
-        .with_context(|| format!("Failed to parse file {}", wasm_path.to_string_lossy()))?;
+    let wasm = std::fs::read(wasm_path).context("Could not read the WASM module.")?;
     let idl = std::fs::read(&idl_path)
         .with_context(|| format!("Failed to read {}", idl_path.to_string_lossy()))?;
-
-    add_metadata(&mut m, Kind::Public, CANDID_SERVICE, idl);
-
-    m.emit_wasm_file(wasm_path)
-        .with_context(|| format!("Failed to emit wasm to {}", wasm_path.to_string_lossy()))?;
+    let processed_wasm = add_metadata(&wasm, Kind::Public, CANDID_SERVICE, idl)
+        .context("Could not add metadata to the WASM module.")?;
+    std::fs::write(wasm_path, &processed_wasm)
+        .with_context(|| format!("Could not write WASM to {:?}", wasm_path))?;
     Ok(())
 }
diff --git a/src/distributed/assetstorage.wasm.gz b/src/distributed/assetstorage.wasm.gz
index 18e02b66da..904d798bf7 100755
Binary files a/src/distributed/assetstorage.wasm.gz and b/src/distributed/assetstorage.wasm.gz differ