diff --git a/Cargo.lock b/Cargo.lock
index 05fffd2056bc..b0d40b590d05 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -10761,9 +10761,9 @@ checksum = "e987b6bf443f4b5b3b6f38704195592cca41c5bb7aedd3c3693c7081f8289860"
 
 [[package]]
 name = "tracing"
-version = "0.1.26"
+version = "0.1.31"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "09adeb8c97449311ccd28a427f96fb563e7fd31aabf994189879d9da2394b89d"
+checksum = "f6c650a8ef0cd2dd93736f033d21cbd1224c5a967aa0c258d00fcf7dafef9b9f"
 dependencies = [
  "cfg-if 1.0.0",
  "pin-project-lite 0.2.4",
@@ -10773,9 +10773,9 @@ dependencies = [
 
 [[package]]
 name = "tracing-attributes"
-version = "0.1.15"
+version = "0.1.19"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c42e6fa53307c8a17e4ccd4dc81cf5ec38db9209f59b222210375b54ee40d1e2"
+checksum = "8276d9a4a3a558d7b7ad5303ad50b53d58264641b82914b7ada36bd762e7a716"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -10784,11 +10784,12 @@ dependencies = [
 
 [[package]]
 name = "tracing-core"
-version = "0.1.18"
+version = "0.1.22"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a9ff14f98b1a4b289c6248a023c1c2fa1491062964e9fed67ab29c4e4da4a052"
+checksum = "03cfcb51380632a72d3111cb8d3447a8d908e577d31beeac006f836383d29a23"
 dependencies = [
  "lazy_static",
+ "valuable",
 ]
 
 [[package]]
@@ -11104,6 +11105,12 @@ dependencies = [
  "percent-encoding 2.1.0",
 ]
 
+[[package]]
+name = "valuable"
+version = "0.1.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "830b7e5d4d90034032940e4ace0d9a9a057e7a45cd94e6c007832e39edb82f6d"
+
 [[package]]
 name = "value-bag"
 version = "1.0.0-alpha.6"
diff --git a/node/collation-generation/Cargo.toml b/node/collation-generation/Cargo.toml
index ae3d3bcf37f2..763c2caf8dd0 100644
--- a/node/collation-generation/Cargo.toml
+++ b/node/collation-generation/Cargo.toml
@@ -6,7 +6,7 @@ edition = "2018"
 
 [dependencies]
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 polkadot-erasure-coding = { path = "../../erasure-coding" }
 polkadot-node-primitives = { path = "../primitives" }
 polkadot-node-subsystem = { path = "../subsystem" }
diff --git a/node/core/approval-voting/Cargo.toml b/node/core/approval-voting/Cargo.toml
index 55cd0cd2c98a..43d532dcb7da 100644
--- a/node/core/approval-voting/Cargo.toml
+++ b/node/core/approval-voting/Cargo.toml
@@ -8,7 +8,7 @@ edition = "2018"
 futures = "0.3.15"
 futures-timer = "3.0.2"
 parity-scale-codec = { version = "2.0.0", default-features = false, features = ["bit-vec", "derive"] }
-tracing = "0.1.26"
+tracing = "0.1.31"
 bitvec = { version = "0.20.1", default-features = false, features = ["alloc"] }
 lru = "0.6"
 merlin = "2.0"
diff --git a/node/core/av-store/Cargo.toml b/node/core/av-store/Cargo.toml
index f8f3372b5041..6e5890a20bf1 100644
--- a/node/core/av-store/Cargo.toml
+++ b/node/core/av-store/Cargo.toml
@@ -9,7 +9,7 @@ futures = "0.3.15"
 futures-timer = "3.0.2"
 kvdb = "0.10.0"
 thiserror = "1.0.26"
-tracing = "0.1.26"
+tracing = "0.1.31"
 bitvec = "0.20.1"
 
 parity-scale-codec = { version = "2.0.0", features = ["derive"] }
diff --git a/node/core/backing/Cargo.toml b/node/core/backing/Cargo.toml
index 5ad0223bda42..5623a3d219d1 100644
--- a/node/core/backing/Cargo.toml
+++ b/node/core/backing/Cargo.toml
@@ -14,7 +14,7 @@ polkadot-node-subsystem-util = { path = "../../subsystem-util" }
 erasure-coding = { package = "polkadot-erasure-coding", path = "../../../erasure-coding" }
 statement-table = { package = "polkadot-statement-table", path = "../../../statement-table" }
 bitvec = { version = "0.20.1", default-features = false, features = ["alloc"] }
-tracing = "0.1.26"
+tracing = "0.1.31"
 thiserror = "1.0.26"
 
 [dev-dependencies]
diff --git a/node/core/bitfield-signing/Cargo.toml b/node/core/bitfield-signing/Cargo.toml
index 0e0cbe9953e3..87de284ec97b 100644
--- a/node/core/bitfield-signing/Cargo.toml
+++ b/node/core/bitfield-signing/Cargo.toml
@@ -6,7 +6,7 @@ edition = "2018"
 
 [dependencies]
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 polkadot-primitives = { path = "../../../primitives" }
 polkadot-node-subsystem = { path = "../../subsystem" }
 polkadot-node-subsystem-util = { path = "../../subsystem-util" }
diff --git a/node/core/candidate-validation/Cargo.toml b/node/core/candidate-validation/Cargo.toml
index 6e388a99466d..dc1698b0b582 100644
--- a/node/core/candidate-validation/Cargo.toml
+++ b/node/core/candidate-validation/Cargo.toml
@@ -7,7 +7,7 @@ edition = "2018"
 [dependencies]
 async-trait = "0.1.42"
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 
 sp-maybe-compressed-blob = { package = "sp-maybe-compressed-blob", git = "https://github.com/paritytech/substrate", branch = "master" }
 parity-scale-codec = { version = "2.0.0", default-features = false, features = ["bit-vec", "derive"] }
diff --git a/node/core/chain-api/Cargo.toml b/node/core/chain-api/Cargo.toml
index 986ed5b1643d..f8dc0103acab 100644
--- a/node/core/chain-api/Cargo.toml
+++ b/node/core/chain-api/Cargo.toml
@@ -6,7 +6,7 @@ edition = "2018"
 
 [dependencies]
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 sp-blockchain = { git = "https://github.com/paritytech/substrate", branch = "master" }
 polkadot-primitives = { path = "../../../primitives" }
 polkadot-subsystem = { package = "polkadot-node-subsystem", path = "../../subsystem" }
diff --git a/node/core/chain-selection/Cargo.toml b/node/core/chain-selection/Cargo.toml
index 203ef1bbba79..df4f094ead8f 100644
--- a/node/core/chain-selection/Cargo.toml
+++ b/node/core/chain-selection/Cargo.toml
@@ -8,7 +8,7 @@ edition = "2018"
 [dependencies]
 futures = "0.3.15"
 futures-timer = "3"
-tracing = "0.1.26"
+tracing = "0.1.31"
 polkadot-primitives = { path = "../../../primitives" }
 polkadot-node-primitives = { path = "../../primitives" }
 polkadot-node-subsystem = { path = "../../subsystem" }
diff --git a/node/core/dispute-coordinator/Cargo.toml b/node/core/dispute-coordinator/Cargo.toml
index 2dd6595227de..08571d12eb71 100644
--- a/node/core/dispute-coordinator/Cargo.toml
+++ b/node/core/dispute-coordinator/Cargo.toml
@@ -7,7 +7,7 @@ edition = "2018"
 [dependencies]
 bitvec = { version = "0.20.1", default-features = false, features = ["alloc"] }
 futures = "0.3.12"
-tracing = "0.1.26"
+tracing = "0.1.31"
 parity-scale-codec = "2"
 kvdb = "0.10.0"
 derive_more = "0.99.14"
diff --git a/node/core/dispute-participation/Cargo.toml b/node/core/dispute-participation/Cargo.toml
index a58945c51429..c1e0eb880a40 100644
--- a/node/core/dispute-participation/Cargo.toml
+++ b/node/core/dispute-participation/Cargo.toml
@@ -7,7 +7,7 @@ edition = "2018"
 [dependencies]
 futures = "0.3.12"
 thiserror = "1.0.26"
-tracing = "0.1.26"
+tracing = "0.1.31"
 
 polkadot-node-primitives = { path = "../../primitives" }
 polkadot-node-subsystem = { path = "../../subsystem" }
diff --git a/node/core/parachains-inherent/Cargo.toml b/node/core/parachains-inherent/Cargo.toml
index 8fc07eb86316..dde8fdd8b2e6 100644
--- a/node/core/parachains-inherent/Cargo.toml
+++ b/node/core/parachains-inherent/Cargo.toml
@@ -7,7 +7,7 @@ edition = "2018"
 [dependencies]
 futures = "0.3.15"
 futures-timer = "3.0.2"
-tracing = "0.1.26"
+tracing = "0.1.31"
 thiserror = "1.0.26"
 async-trait = "0.1.47"
 polkadot-node-subsystem = { path = "../../subsystem" }
diff --git a/node/core/provisioner/Cargo.toml b/node/core/provisioner/Cargo.toml
index e2dfb43ec77d..97c15373f2d7 100644
--- a/node/core/provisioner/Cargo.toml
+++ b/node/core/provisioner/Cargo.toml
@@ -7,7 +7,7 @@ edition = "2018"
 [dependencies]
 bitvec = { version = "0.20.1", default-features = false, features = ["alloc"] }
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 thiserror = "1.0.26"
 polkadot-primitives = { path = "../../../primitives" }
 polkadot-node-subsystem = { path = "../../subsystem" }
diff --git a/node/core/pvf/Cargo.toml b/node/core/pvf/Cargo.toml
index 8bd7c8168276..004810248b5f 100644
--- a/node/core/pvf/Cargo.toml
+++ b/node/core/pvf/Cargo.toml
@@ -17,7 +17,7 @@ futures = "0.3.15"
 futures-timer = "3.0.2"
 libc = "0.2.100"
 slotmap = "1.0"
-tracing = "0.1.26"
+tracing = "0.1.31"
 pin-project = "1.0.8"
 rand = "0.8.3"
 parity-scale-codec = { version = "2.0.0", default-features = false, features = ["derive"] }
diff --git a/node/core/runtime-api/Cargo.toml b/node/core/runtime-api/Cargo.toml
index 3c53b306479a..f3b93a467cf1 100644
--- a/node/core/runtime-api/Cargo.toml
+++ b/node/core/runtime-api/Cargo.toml
@@ -6,7 +6,7 @@ edition = "2018"
 
 [dependencies]
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 memory-lru = "0.1.0"
 parity-util-mem = { version = "0.10.0", default-features = false }
 
diff --git a/node/network/approval-distribution/Cargo.toml b/node/network/approval-distribution/Cargo.toml
index 6e3fda103252..e6ce1e1a4a9a 100644
--- a/node/network/approval-distribution/Cargo.toml
+++ b/node/network/approval-distribution/Cargo.toml
@@ -12,7 +12,7 @@ polkadot-node-subsystem-util = { path = "../../subsystem-util" }
 polkadot-primitives = { path = "../../../primitives" }
 
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 
 [dev-dependencies]
 sp-core = { git = "https://github.com/paritytech/substrate", branch = "master", features = ["std"] }
diff --git a/node/network/availability-distribution/Cargo.toml b/node/network/availability-distribution/Cargo.toml
index 8a9a666a7c85..5769a3626981 100644
--- a/node/network/availability-distribution/Cargo.toml
+++ b/node/network/availability-distribution/Cargo.toml
@@ -6,7 +6,7 @@ edition = "2018"
 
 [dependencies]
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 parity-scale-codec = { version = "2.0.0", features = ["std"]  }
 polkadot-primitives = { path = "../../../primitives" }
 polkadot-erasure-coding = { path = "../../../erasure-coding" }
diff --git a/node/network/availability-recovery/Cargo.toml b/node/network/availability-recovery/Cargo.toml
index 2d3c68753d77..b7b2d9a6b56f 100644
--- a/node/network/availability-recovery/Cargo.toml
+++ b/node/network/availability-recovery/Cargo.toml
@@ -9,7 +9,7 @@ futures = "0.3.15"
 lru = "0.6.6"
 rand = "0.8.3"
 thiserror = "1.0.26"
-tracing = "0.1.26"
+tracing = "0.1.31"
 
 polkadot-erasure-coding = { path = "../../../erasure-coding" }
 polkadot-primitives = { path = "../../../primitives" }
diff --git a/node/network/bitfield-distribution/Cargo.toml b/node/network/bitfield-distribution/Cargo.toml
index 7b65ee16651f..ac78dd1b5788 100644
--- a/node/network/bitfield-distribution/Cargo.toml
+++ b/node/network/bitfield-distribution/Cargo.toml
@@ -6,7 +6,7 @@ edition = "2018"
 
 [dependencies]
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 polkadot-primitives = { path = "../../../primitives" }
 polkadot-subsystem = { package = "polkadot-node-subsystem", path = "../../subsystem" }
 polkadot-node-subsystem-util = { path = "../../subsystem-util" }
diff --git a/node/network/bridge/Cargo.toml b/node/network/bridge/Cargo.toml
index 098b9aefe83e..538cb695bf50 100644
--- a/node/network/bridge/Cargo.toml
+++ b/node/network/bridge/Cargo.toml
@@ -7,7 +7,7 @@ edition = "2018"
 [dependencies]
 async-trait = "0.1.42"
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 polkadot-primitives = { path = "../../../primitives" }
 parity-scale-codec = { version = "2.0.0", default-features = false, features = ["derive"] }
 sc-network = { git = "https://github.com/paritytech/substrate", branch = "master" }
diff --git a/node/network/collator-protocol/Cargo.toml b/node/network/collator-protocol/Cargo.toml
index 0dd48c0ce549..a24735421e9c 100644
--- a/node/network/collator-protocol/Cargo.toml
+++ b/node/network/collator-protocol/Cargo.toml
@@ -10,7 +10,7 @@ derive_more = "0.99.14"
 futures = "0.3.15"
 futures-timer = "3"
 thiserror = "1.0.26"
-tracing = "0.1.26"
+tracing = "0.1.31"
 
 sp-core = { git = "https://github.com/paritytech/substrate", branch = "master" }
 sp-runtime = { git = "https://github.com/paritytech/substrate", branch = "master" }
diff --git a/node/network/dispute-distribution/Cargo.toml b/node/network/dispute-distribution/Cargo.toml
index 12e3dc8d72d6..b52c742fab2d 100644
--- a/node/network/dispute-distribution/Cargo.toml
+++ b/node/network/dispute-distribution/Cargo.toml
@@ -6,7 +6,7 @@ edition = "2018"
 
 [dependencies]
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 derive_more = "0.99.14"
 parity-scale-codec = { version = "2.0.0", features = ["std"]  }
 polkadot-primitives = { path = "../../../primitives" }
diff --git a/node/network/gossip-support/Cargo.toml b/node/network/gossip-support/Cargo.toml
index 9a6ef8a060fe..abd861011b88 100644
--- a/node/network/gossip-support/Cargo.toml
+++ b/node/network/gossip-support/Cargo.toml
@@ -17,7 +17,7 @@ polkadot-primitives = { path = "../../../primitives" }
 futures = "0.3.15"
 rand = { version = "0.8.3", default-features = false }
 rand_chacha = { version = "0.3.1", default-features = false }
-tracing = "0.1.26"
+tracing = "0.1.31"
 
 [dev-dependencies]
 sp-core = { git = "https://github.com/paritytech/substrate", branch = "master", features = ["std"] }
diff --git a/node/network/statement-distribution/Cargo.toml b/node/network/statement-distribution/Cargo.toml
index e2fe56ca2dc6..b4a797c4b337 100644
--- a/node/network/statement-distribution/Cargo.toml
+++ b/node/network/statement-distribution/Cargo.toml
@@ -7,7 +7,7 @@ edition = "2018"
 
 [dependencies]
 futures = "0.3.15"
-tracing = "0.1.26"
+tracing = "0.1.31"
 polkadot-primitives = { path = "../../../primitives" }
 sp-staking = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 sp-keystore = { git = "https://github.com/paritytech/substrate", branch = "master" }
diff --git a/node/overseer/Cargo.toml b/node/overseer/Cargo.toml
index d2ccd40cb0d2..14c38773a8bd 100644
--- a/node/overseer/Cargo.toml
+++ b/node/overseer/Cargo.toml
@@ -18,7 +18,7 @@ polkadot-node-metrics = { path = "../metrics" }
 polkadot-primitives = { path = "../../primitives" }
 polkadot-overseer-gen = { path = "./overseer-gen" }
 polkadot-overseer-all-subsystems-gen = { path = "./all-subsystems-gen" }
-tracing = "0.1.26"
+tracing = "0.1.31"
 lru = "0.6"
 
 [dev-dependencies]
diff --git a/node/primitives/Cargo.toml b/node/primitives/Cargo.toml
index 5f7146eddd82..76d7fc7c5ef6 100644
--- a/node/primitives/Cargo.toml
+++ b/node/primitives/Cargo.toml
@@ -21,7 +21,7 @@ sp-maybe-compressed-blob  = { git = "https://github.com/paritytech/substrate", b
 polkadot-parachain = { path = "../../parachain", default-features = false }
 schnorrkel = "0.9.1"
 thiserror = "1.0.26"
-tracing = "0.1.26"
+tracing = "0.1.31"
 serde = { version = "1.0.123", features = ["derive"] }
 
 [target.'cfg(not(target_os = "unknown"))'.dependencies]
diff --git a/node/service/Cargo.toml b/node/service/Cargo.toml
index fabe12b87d35..1b4a6e0af1b5 100644
--- a/node/service/Cargo.toml
+++ b/node/service/Cargo.toml
@@ -62,7 +62,7 @@ prometheus-endpoint = { package = "substrate-prometheus-endpoint", git = "https:
 # External Crates
 futures = "0.3.15"
 hex-literal = "0.3.3"
-tracing = "0.1.26"
+tracing = "0.1.31"
 serde = { version = "1.0.123", features = ["derive"] }
 thiserror = "1.0.26"
 kvdb = "0.10.0"
diff --git a/node/subsystem-test-helpers/Cargo.toml b/node/subsystem-test-helpers/Cargo.toml
index 2686976ae9a1..6364a09c202a 100644
--- a/node/subsystem-test-helpers/Cargo.toml
+++ b/node/subsystem-test-helpers/Cargo.toml
@@ -9,7 +9,7 @@ description = "Subsystem traits and message definitions"
 async-trait = "0.1.42"
 futures = "0.3.15"
 futures-timer = "3.0.2"
-tracing = "0.1.26"
+tracing = "0.1.31"
 parity-scale-codec = { version = "2.0.0", default-features = false, features = ["derive"] }
 parking_lot = "0.11.1"
 pin-project = "1.0.8"
diff --git a/node/subsystem-types/Cargo.toml b/node/subsystem-types/Cargo.toml
index 13ea766f0ff6..eeaef5a98006 100644
--- a/node/subsystem-types/Cargo.toml
+++ b/node/subsystem-types/Cargo.toml
@@ -13,7 +13,7 @@ futures = "0.3.12"
 futures-timer = "3.0.2"
 mick-jaeger = "0.1.2"
 lazy_static = "1.4"
-tracing = "0.1.26"
+tracing = "0.1.31"
 parity-scale-codec = { version = "2.0.0", default-features = false, features = ["derive"] }
 parking_lot = "0.11.1"
 pin-project = "1.0.8"
diff --git a/node/subsystem-util/Cargo.toml b/node/subsystem-util/Cargo.toml
index 9b018de0bf3e..4c9b44b05c98 100644
--- a/node/subsystem-util/Cargo.toml
+++ b/node/subsystem-util/Cargo.toml
@@ -15,7 +15,7 @@ parking_lot = { version = "0.11.1", optional = true }
 pin-project = "1.0.8"
 rand = "0.8.3"
 thiserror = "1.0.26"
-tracing = "0.1.26"
+tracing = "0.1.31"
 derive_more = "0.99.11"
 lru = "0.6.6"
 
diff --git a/node/test/service/Cargo.toml b/node/test/service/Cargo.toml
index ee4e32b976b9..d9f68691f175 100644
--- a/node/test/service/Cargo.toml
+++ b/node/test/service/Cargo.toml
@@ -8,7 +8,7 @@ edition = "2018"
 futures = "0.3.15"
 futures01 = { package = "futures", version = "0.1.29" }
 hex = "0.4.3"
-tracing = "0.1.26"
+tracing = "0.1.31"
 rand = "0.8.3"
 tempfile = "3.2.0"