diff --git a/Cargo.toml b/Cargo.toml
index a8b8fb70..5f853e60 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -86,7 +86,6 @@ futures = "0.3.1"
 futures-timer = "3.0.2" # Explicit dependency to be used in `wasm-bindgen` feature
 getrandom = "0.2.3" # Explicit dependency to be used in `wasm-bindgen` feature
 instant = "0.1.11" # Explicit dependency to be used in `wasm-bindgen` feature
-lazy_static = "1.2"
 
 libp2p-autonat = { version = "0.9.0", path = "protocols/autonat", optional = true }
 libp2p-core = { version = "0.38.0", path = "core" }
diff --git a/core/Cargo.toml b/core/Cargo.toml
index f90e721c..3e39ee79 100644
--- a/core/Cargo.toml
+++ b/core/Cargo.toml
@@ -19,7 +19,6 @@ fnv = "1.0"
 futures = { version = "0.3.1", features = ["executor", "thread-pool"] }
 futures-timer = "3"
 instant = "0.1.11"
-lazy_static = "1.2"
 libsecp256k1 = { version = "0.7.0", optional = true }
 log = "0.4"
 multiaddr = { version = "0.16.0" }
@@ -29,6 +28,7 @@ p256 = { version = "0.11.1", default-features = false, features = ["ecdsa"], opt
 parking_lot = "0.12.0"
 pin-project = "1.0.0"
 prost = "0.11"
+once_cell = "1.16.0"
 rand = "0.8"
 rw-stream-sink = { version = "0.3.0", path = "../misc/rw-stream-sink" }
 sha2 = "0.10.0"
diff --git a/core/src/transport/memory.rs b/core/src/transport/memory.rs
index 8121bfc8..c08fe945 100644
--- a/core/src/transport/memory.rs
+++ b/core/src/transport/memory.rs
@@ -27,8 +27,8 @@ use futures::{
     task::Context,
     task::Poll,
 };
-use lazy_static::lazy_static;
 use multiaddr::{Multiaddr, Protocol};
+use once_cell::sync::Lazy;
 use parking_lot::Mutex;
 use rw_stream_sink::RwStreamSink;
 use std::{
@@ -38,9 +38,7 @@ use std::{
     pin::Pin,
 };
 
-lazy_static! {
-    static ref HUB: Hub = Hub(Mutex::new(FnvHashMap::default()));
-}
+static HUB: Lazy<Hub> = Lazy::new(|| Hub(Mutex::new(FnvHashMap::default())));
 
 struct Hub(Mutex<FnvHashMap<NonZeroU64, ChannelSender>>);
 
diff --git a/transports/noise/Cargo.toml b/transports/noise/Cargo.toml
index 33800c1e..274e7830 100644
--- a/transports/noise/Cargo.toml
+++ b/transports/noise/Cargo.toml
@@ -12,9 +12,9 @@ repository = "https://github.com/libp2p/rust-libp2p"
 bytes = "1"
 curve25519-dalek = "3.0.0"
 futures = "0.3.1"
-lazy_static = "1.2"
 libp2p-core = { version = "0.38.0", path = "../../core" }
 log = "0.4"
+once_cell = "1.16.0"
 prost = "0.11"
 rand = "0.8.3"
 sha2 = "0.10.0"
diff --git a/transports/noise/src/protocol.rs b/transports/noise/src/protocol.rs
index 9b57f05d..5a4ea04f 100644
--- a/transports/noise/src/protocol.rs
+++ b/transports/noise/src/protocol.rs
@@ -309,6 +309,7 @@ impl snow::types::Random for Rng {}
 mod tests {
     use super::*;
     use crate::X25519;
+    use once_cell::sync::Lazy;
 
     #[test]
     fn handshake_hashes_disagree_if_prologue_differs() {
@@ -337,7 +338,5 @@ mod tests {
     }
 
     // Hack to work around borrow-checker.
-    lazy_static::lazy_static! {
-        static ref TEST_KEY: Keypair<X25519> = Keypair::<X25519>::new();
-    }
+    static TEST_KEY: Lazy<Keypair<X25519>> = Lazy::new(Keypair::<X25519>::new);
 }
diff --git a/transports/noise/src/protocol/x25519.rs b/transports/noise/src/protocol/x25519.rs
index 482f2024..a1d542ae 100644
--- a/transports/noise/src/protocol/x25519.rs
+++ b/transports/noise/src/protocol/x25519.rs
@@ -25,9 +25,9 @@
 
 use crate::{NoiseConfig, NoiseError, Protocol, ProtocolParams};
 use curve25519_dalek::edwards::CompressedEdwardsY;
-use lazy_static::lazy_static;
 use libp2p_core::UpgradeInfo;
 use libp2p_core::{identity, identity::ed25519};
+use once_cell::sync::Lazy;
 use rand::Rng;
 use sha2::{Digest, Sha512};
 use x25519_dalek::{x25519, X25519_BASEPOINT_BYTES};
@@ -35,20 +35,24 @@ use zeroize::Zeroize;
 
 use super::*;
 
-lazy_static! {
-    static ref PARAMS_IK: ProtocolParams = "Noise_IK_25519_ChaChaPoly_SHA256"
+static PARAMS_IK: Lazy<ProtocolParams> = Lazy::new(|| {
+    "Noise_IK_25519_ChaChaPoly_SHA256"
         .parse()
         .map(ProtocolParams)
-        .expect("Invalid protocol name");
-    static ref PARAMS_IX: ProtocolParams = "Noise_IX_25519_ChaChaPoly_SHA256"
+        .expect("Invalid protocol name")
+});
+static PARAMS_IX: Lazy<ProtocolParams> = Lazy::new(|| {
+    "Noise_IX_25519_ChaChaPoly_SHA256"
         .parse()
         .map(ProtocolParams)
-        .expect("Invalid protocol name");
-    static ref PARAMS_XX: ProtocolParams = "Noise_XX_25519_ChaChaPoly_SHA256"
+        .expect("Invalid protocol name")
+});
+static PARAMS_XX: Lazy<ProtocolParams> = Lazy::new(|| {
+    "Noise_XX_25519_ChaChaPoly_SHA256"
         .parse()
         .map(ProtocolParams)
-        .expect("Invalid protocol name");
-}
+        .expect("Invalid protocol name")
+});
 
 /// A X25519 key.
 #[derive(Clone)]