diff --git a/package.json b/package.json
index 9d3291c88a..b15cc3c522 100644
--- a/package.json
+++ b/package.json
@@ -87,7 +87,7 @@
     "@material-ui/core": "^4.12.3",
     "@material-ui/icons": "^4.11.0",
     "@material-ui/lab": "4.0.0-alpha.60",
-    "@openzeppelin/contracts": "4.4.2",
+    "@openzeppelin/contracts": "4.7.1",
     "@sentry/react": "^6.10.0",
     "@sentry/tracing": "^6.10.0",
     "@truffle/hdwallet-provider": "^2.0.8",
diff --git a/yarn.lock b/yarn.lock
index f9631c78c5..55a6cb97da 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2500,10 +2500,10 @@
     mkdirp "^1.0.4"
     rimraf "^3.0.2"
 
-"@openzeppelin/contracts@4.4.2":
-  version "4.4.2"
-  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.4.2.tgz#4e889c9c66e736f7de189a53f8ba5b8d789425c2"
-  integrity sha512-NyJV7sJgoGYqbtNUWgzzOGW4T6rR19FmX1IJgXGdapGPWsuMelGJn9h03nos0iqfforCbCB0iYIR0MtIuIFLLw==
+"@openzeppelin/contracts@4.7.1":
+  version "4.7.1"
+  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.7.1.tgz#33d0a857b76b18d313e6bb6ed28cdaf367e90cfe"
+  integrity sha512-UXmAjKARsXORHlHZu5GCD7ZbRKm6nU8UHnbuT/QJJa2JEOEcbvV/X8w/sUk62Sl9VZuuljM1akrZLyAtzUgsxw==
 
 "@pmmmwh/react-refresh-webpack-plugin@0.4.3":
   version "0.4.3"