diff --git a/Cargo.lock b/Cargo.lock
index 6a5b562d0a791..b29421c156358 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -93,9 +93,9 @@ dependencies = [
 
 [[package]]
 name = "anyhow"
-version = "1.0.38"
+version = "1.0.66"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "afddf7f520a80dbf76e6f50a35bca42a2331ef227a28b3b6dc5c2e2338d114b1"
+checksum = "216261ddc8289130e551ddcd5ce8a064710c0d064a4d2895c67151c92b5443f6"
 
 [[package]]
 name = "approx"
@@ -836,9 +836,9 @@ dependencies = [
 
 [[package]]
 name = "cc"
-version = "1.0.71"
+version = "1.0.73"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "79c2681d6594606957bbb8631c4b90a7fcaaa72cdb714743a437b156d6a7eedd"
+checksum = "2fff2a6927b3bb87f9595d67196a70493f627687a71d87a0d692242c33f58c11"
 dependencies = [
  "jobserver",
 ]
@@ -1030,6 +1030,16 @@ dependencies = [
  "os_str_bytes",
 ]
 
+[[package]]
+name = "codespan-reporting"
+version = "0.11.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "3538270d33cc669650c4b093848450d380def10c331d38c768e34cac80576e6e"
+dependencies = [
+ "termcolor",
+ "unicode-width",
+]
+
 [[package]]
 name = "comfy-table"
 version = "6.0.0"
@@ -1489,6 +1499,50 @@ dependencies = [
  "zeroize",
 ]
 
+[[package]]
+name = "cxx"
+version = "1.0.80"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "6b7d4e43b25d3c994662706a1d4fcfc32aaa6afd287502c111b237093bb23f3a"
+dependencies = [
+ "cc",
+ "cxxbridge-flags",
+ "cxxbridge-macro",
+ "link-cplusplus",
+]
+
+[[package]]
+name = "cxx-build"
+version = "1.0.80"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "84f8829ddc213e2c1368e51a2564c552b65a8cb6a28f31e576270ac81d5e5827"
+dependencies = [
+ "cc",
+ "codespan-reporting",
+ "once_cell",
+ "proc-macro2",
+ "quote",
+ "scratch",
+ "syn",
+]
+
+[[package]]
+name = "cxxbridge-flags"
+version = "1.0.80"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "e72537424b474af1460806647c41d4b6d35d09ef7fe031c5c2fa5766047cc56a"
+
+[[package]]
+name = "cxxbridge-macro"
+version = "1.0.80"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "309e4fb93eed90e1e14bea0da16b209f81813ba9fc7830c20ed151dd7bc0a4d7"
+dependencies = [
+ "proc-macro2",
+ "quote",
+ "syn",
+]
+
 [[package]]
 name = "darling"
 version = "0.13.0"
@@ -3904,6 +3958,15 @@ dependencies = [
  "vcpkg",
 ]
 
+[[package]]
+name = "link-cplusplus"
+version = "1.0.7"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "9272ab7b96c9046fbc5bc56c06c117cb639fe2d509df0c421cad82d2915cf369"
+dependencies = [
+ "cc",
+]
+
 [[package]]
 name = "linked-hash-map"
 version = "0.5.4"
@@ -6449,15 +6512,6 @@ dependencies = [
  "synstructure",
 ]
 
-[[package]]
-name = "parity-wasm"
-version = "0.32.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "16ad52817c4d343339b3bc2e26861bd21478eda0b7509acf83505727000512ac"
-dependencies = [
- "byteorder",
-]
-
 [[package]]
 name = "parity-wasm"
 version = "0.45.0"
@@ -7235,9 +7289,9 @@ dependencies = [
 
 [[package]]
 name = "regex"
-version = "1.5.5"
+version = "1.6.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "1a11647b6b25ff05a515cb92c365cec08801e83423a235b51e231e1808747286"
+checksum = "4c4eb3267174b8c6c2f654116623910a0fef09c4753f8dd83db29c48a0df988b"
 dependencies = [
  "aho-corasick",
  "memchr",
@@ -7256,9 +7310,9 @@ dependencies = [
 
 [[package]]
 name = "regex-syntax"
-version = "0.6.25"
+version = "0.6.27"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f497285884f3fcff424ffc933e56d7cbca511def0c9831a7f9b5f6153e3cc89b"
+checksum = "a3f87b73ce11b1619a3c6332f45341e0047173771e8b8b73f87bfeefb7b56244"
 
 [[package]]
 name = "region"
@@ -8072,7 +8126,7 @@ dependencies = [
  "log",
  "once_cell",
  "parity-scale-codec",
- "parity-wasm 0.45.0",
+ "parity-wasm",
  "paste 1.0.6",
  "rustix",
  "sc-allocator",
@@ -8922,6 +8976,12 @@ version = "1.1.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "d29ab0c6d3fc0ee92fe66e2d99f700eab17a8d57d1c1d3b748380fb20baa78cd"
 
+[[package]]
+name = "scratch"
+version = "1.0.2"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "9c8132065adcfd6e02db789d9285a0deb2f3fcb04002865ab67d5fb103533898"
+
 [[package]]
 name = "sct"
 version = "0.7.0"
@@ -10093,7 +10153,7 @@ version = "5.0.0"
 dependencies = [
  "impl-serde",
  "parity-scale-codec",
- "parity-wasm 0.45.0",
+ "parity-wasm",
  "scale-info",
  "serde",
  "sp-core-hashing-proc-macro",
@@ -10532,7 +10592,7 @@ dependencies = [
  "tempfile",
  "toml",
  "walkdir",
- "wasm-gc-api",
+ "wasm-opt",
 ]
 
 [[package]]
@@ -10631,18 +10691,18 @@ dependencies = [
 
 [[package]]
 name = "thiserror"
-version = "1.0.30"
+version = "1.0.37"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "854babe52e4df1653706b98fcfc05843010039b406875930a70e4d9644e5c417"
+checksum = "10deb33631e3c9018b9baf9dcbbc4f737320d2b576bac10f6aefa048fa407e3e"
 dependencies = [
  "thiserror-impl",
 ]
 
 [[package]]
 name = "thiserror-impl"
-version = "1.0.30"
+version = "1.0.37"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "aa32fd3f627f367fe16f893e2597ae3c05020f8bba2666a4e6ea73d377e5714b"
+checksum = "982d17546b47146b28f7c22e3d08465f6b8903d0ea13c1660d9d84a6e7adcdbb"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -11090,7 +11150,7 @@ version = "1.6.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "97fee6b57c6a41524a810daee9286c02d7752c4253064d0b05472833a438f675"
 dependencies = [
- "cfg-if 1.0.0",
+ "cfg-if 0.1.10",
  "digest 0.10.3",
  "rand 0.8.5",
  "static_assertions",
@@ -11366,23 +11426,53 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "c279e376c7a8e8752a8f1eaa35b7b0bee6bb9fb0cdacfa97cc3f1f289c87e2b4"
 
 [[package]]
-name = "wasm-gc-api"
-version = "0.1.11"
+name = "wasm-instrument"
+version = "0.3.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d0c32691b6c7e6c14e7f8fd55361a9088b507aa49620fcd06c09b3a1082186b9"
+checksum = "aa1dafb3e60065305741e83db35c6c2584bb3725b692b5b66148a38d72ace6cd"
 dependencies = [
- "log",
- "parity-wasm 0.32.0",
- "rustc-demangle",
+ "parity-wasm",
 ]
 
 [[package]]
-name = "wasm-instrument"
-version = "0.3.0"
+name = "wasm-opt"
+version = "0.110.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "aa1dafb3e60065305741e83db35c6c2584bb3725b692b5b66148a38d72ace6cd"
+checksum = "b68e8037b4daf711393f4be2056246d12d975651b14d581520ad5d1f19219cec"
 dependencies = [
- "parity-wasm 0.45.0",
+ "anyhow",
+ "libc",
+ "strum",
+ "strum_macros",
+ "tempfile",
+ "thiserror",
+ "wasm-opt-cxx-sys",
+ "wasm-opt-sys",
+]
+
+[[package]]
+name = "wasm-opt-cxx-sys"
+version = "0.110.2"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "91adbad477e97bba3fbd21dd7bfb594e7ad5ceb9169ab1c93ab9cb0ada636b6f"
+dependencies = [
+ "anyhow",
+ "cxx",
+ "cxx-build",
+ "wasm-opt-sys",
+]
+
+[[package]]
+name = "wasm-opt-sys"
+version = "0.110.2"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "ec4fa5a322a4e6ac22fd141f498d56afbdbf9df5debeac32380d2dcaa3e06941"
+dependencies = [
+ "anyhow",
+ "cc",
+ "cxx",
+ "cxx-build",
+ "regex",
 ]
 
 [[package]]
@@ -11619,7 +11709,7 @@ version = "0.13.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "fc13b3c219ca9aafeec59150d80d89851df02e0061bc357b4d66fc55a8d38787"
 dependencies = [
- "parity-wasm 0.45.0",
+ "parity-wasm",
  "wasmi-validation",
  "wasmi_core",
 ]
@@ -11630,7 +11720,7 @@ version = "0.5.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "91ff416ad1ff0c42e5a926ed5d5fab74c0f098749aa0ad8b2a34b982ce0e867b"
 dependencies = [
- "parity-wasm 0.45.0",
+ "parity-wasm",
 ]
 
 [[package]]
diff --git a/utils/wasm-builder/Cargo.toml b/utils/wasm-builder/Cargo.toml
index ac0ba5dbdb85a..46c5929969fbb 100644
--- a/utils/wasm-builder/Cargo.toml
+++ b/utils/wasm-builder/Cargo.toml
@@ -20,6 +20,6 @@ strum = { version = "0.24.1", features = ["derive"] }
 tempfile = "3.1.0"
 toml = "0.5.4"
 walkdir = "2.3.2"
-wasm-gc-api = "0.1.11"
 sp-maybe-compressed-blob = { version = "4.1.0-dev", path = "../../primitives/maybe-compressed-blob" }
 filetime = "0.2.16"
+wasm-opt = "0.110"
\ No newline at end of file
diff --git a/utils/wasm-builder/src/wasm_project.rs b/utils/wasm-builder/src/wasm_project.rs
index 197c1d1b220bb..07219676413fc 100644
--- a/utils/wasm-builder/src/wasm_project.rs
+++ b/utils/wasm-builder/src/wasm_project.rs
@@ -656,50 +656,39 @@ fn compact_wasm_file(
 	project: &Path,
 	profile: Profile,
 	cargo_manifest: &Path,
-	wasm_binary_name: Option<String>,
+	out_name: Option<String>,
 ) -> (Option<WasmBinary>, Option<WasmBinary>, WasmBinaryBloaty) {
-	let default_wasm_binary_name = get_wasm_binary_name(cargo_manifest);
-	let wasm_file = project
+	let default_out_name = get_wasm_binary_name(cargo_manifest);
+	let out_name = out_name.unwrap_or_else(|| default_out_name.clone());
+	let in_path = project
 		.join("target/wasm32-unknown-unknown")
 		.join(profile.directory())
-		.join(format!("{}.wasm", default_wasm_binary_name));
-
-	let wasm_compact_file = if profile.wants_compact() {
-		let wasm_compact_file = project.join(format!(
-			"{}.compact.wasm",
-			wasm_binary_name.clone().unwrap_or_else(|| default_wasm_binary_name.clone()),
-		));
-		wasm_gc::garbage_collect_file(&wasm_file, &wasm_compact_file)
+		.join(format!("{}.wasm", default_out_name));
+
+	let (wasm_compact_path, wasm_compact_compressed_path) = if profile.wants_compact() {
+		let wasm_compact_path = project.join(format!("{}.compact.wasm", out_name,));
+		wasm_opt::OptimizationOptions::new_opt_level_0()
+			.mvp_features_only()
+			.debug_info(true)
+			.add_pass(wasm_opt::Pass::StripDwarf)
+			.run(&in_path, &wasm_compact_path)
 			.expect("Failed to compact generated WASM binary.");
-		Some(WasmBinary(wasm_compact_file))
-	} else {
-		None
-	};
-
-	let wasm_compact_compressed_file = wasm_compact_file.as_ref().and_then(|compact_binary| {
-		let file_name =
-			wasm_binary_name.clone().unwrap_or_else(|| default_wasm_binary_name.clone());
 
-		let wasm_compact_compressed_file =
-			project.join(format!("{}.compact.compressed.wasm", file_name));
-
-		if compress_wasm(&compact_binary.0, &wasm_compact_compressed_file) {
-			Some(WasmBinary(wasm_compact_compressed_file))
+		let wasm_compact_compressed_path =
+			project.join(format!("{}.compact.compressed.wasm", out_name));
+		if compress_wasm(&wasm_compact_path, &wasm_compact_compressed_path) {
+			(Some(WasmBinary(wasm_compact_path)), Some(WasmBinary(wasm_compact_compressed_path)))
 		} else {
-			None
+			(Some(WasmBinary(wasm_compact_path)), None)
 		}
-	});
-
-	let bloaty_file_name = if let Some(name) = wasm_binary_name {
-		format!("{}.wasm", name)
 	} else {
-		format!("{}.wasm", default_wasm_binary_name)
+		(None, None)
 	};
 
-	let bloaty_file = project.join(bloaty_file_name);
-	fs::copy(wasm_file, &bloaty_file).expect("Copying the bloaty file to the project dir.");
+	let bloaty_path = project.join(format!("{}.wasm", out_name));
+	fs::copy(in_path, &bloaty_path).expect("Copying the bloaty file to the project dir.");
 
-	(wasm_compact_file, wasm_compact_compressed_file, WasmBinaryBloaty(bloaty_file))
+	(wasm_compact_path, wasm_compact_compressed_path, WasmBinaryBloaty(bloaty_path))
 }
 
 fn compress_wasm(wasm_binary_path: &Path, compressed_binary_out_path: &Path) -> bool {