diff --git a/Cargo.lock b/Cargo.lock
index d4add69..ce5bf31 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -91,7 +91,7 @@ dependencies = [
  "trycmd",
  "wit-bindgen",
  "wit-bindgen-core",
- "wit-component",
+ "wit-component 0.246.0",
 ]
 
 [[package]]
@@ -186,7 +186,7 @@ name = "example-basic"
 version = "0.0.2"
 dependencies = [
  "wit-bindgen",
- "wit-component",
+ "wit-component 0.246.0",
 ]
 
 [[package]]
@@ -194,7 +194,7 @@ name = "example-iface-method-returns-string"
 version = "0.0.2"
 dependencies = [
  "wit-bindgen",
- "wit-component",
+ "wit-component 0.246.0",
 ]
 
 [[package]]
@@ -202,7 +202,7 @@ name = "example-instructions"
 version = "0.0.2"
 dependencies = [
  "wit-bindgen",
- "wit-component",
+ "wit-component 0.246.0",
 ]
 
 [[package]]
@@ -210,7 +210,7 @@ name = "example-records"
 version = "0.0.2"
 dependencies = [
  "wit-bindgen",
- "wit-component",
+ "wit-component 0.246.0",
 ]
 
 [[package]]
@@ -218,7 +218,7 @@ name = "example-regressions"
 version = "0.0.2"
 dependencies = [
  "wit-bindgen",
- "wit-component",
+ "wit-component 0.246.0",
 ]
 
 [[package]]
@@ -631,7 +631,17 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "3f9dca005e69bf015e45577e415b9af8c67e8ee3c0e38b5b0add5aa92581ed5c"
 dependencies = [
  "leb128fmt",
- "wasmparser",
+ "wasmparser 0.245.1",
+]
+
+[[package]]
+name = "wasm-encoder"
+version = "0.246.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "fd6a2708e32c89af1ec5032da7cd19e704dd3d7801614d2a7281f92ca7754350"
+dependencies = [
+ "leb128fmt",
+ "wasmparser 0.246.0",
 ]
 
 [[package]]
@@ -642,8 +652,20 @@ checksum = "da55e60097e8b37b475a0fa35c3420dd71d9eb7bd66109978ab55faf56a57efb"
 dependencies = [
  "anyhow",
  "indexmap",
- "wasm-encoder",
- "wasmparser",
+ "wasm-encoder 0.245.1",
+ "wasmparser 0.245.1",
+]
+
+[[package]]
+name = "wasm-metadata"
+version = "0.246.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "13898d3a62f3c276310dbe444153f57f873af2d599adef96a503ece457985116"
+dependencies = [
+ "anyhow",
+ "indexmap",
+ "wasm-encoder 0.246.0",
+ "wasmparser 0.246.0",
 ]
 
 [[package]]
@@ -658,6 +680,18 @@ dependencies = [
  "semver",
 ]
 
+[[package]]
+name = "wasmparser"
+version = "0.246.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "f0fdf25d988bd367244498f2437b2fe78d07d7bd0c66b66d86591ac397b05677"
+dependencies = [
+ "bitflags",
+ "hashbrown",
+ "indexmap",
+ "semver",
+]
+
 [[package]]
 name = "windows-link"
 version = "0.2.1"
@@ -822,9 +856,9 @@ dependencies = [
 
 [[package]]
 name = "wit-bindgen"
-version = "0.53.1"
+version = "0.54.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6e915216dde3e818093168df8380a64fba25df468d626c80dd5d6a184c87e7c7"
+checksum = "2bb00254d5051d69730ee32580b7373592f10ad786757c372f0f2c7b61f86a2c"
 dependencies = [
  "bitflags",
  "wit-bindgen-rust-macro",
@@ -832,36 +866,36 @@ dependencies = [
 
 [[package]]
 name = "wit-bindgen-core"
-version = "0.53.1"
+version = "0.54.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "3deda4b7e9f522d994906f6e6e0fc67965ea8660306940a776b76732be8f3933"
+checksum = "99cdef5ccf0b0e9bf30868d6f9c5ed116c84ae95f84ba29d2216d3e922de3963"
 dependencies = [
  "anyhow",
  "heck",
- "wit-parser",
+ "wit-parser 0.245.1",
 ]
 
 [[package]]
 name = "wit-bindgen-rust"
-version = "0.53.1"
+version = "0.54.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "863a7ab3c4dfee58db196811caeb0718b88412a0aef3d1c2b02fcbae1e37c688"
+checksum = "e76541e2f37ac1729db85765729daa0f3c2b5975d66699114d107525f6d6c8d5"
 dependencies = [
  "anyhow",
  "heck",
  "indexmap",
  "prettyplease",
  "syn",
- "wasm-metadata",
+ "wasm-metadata 0.245.1",
  "wit-bindgen-core",
- "wit-component",
+ "wit-component 0.245.1",
 ]
 
 [[package]]
 name = "wit-bindgen-rust-macro"
-version = "0.53.1"
+version = "0.54.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d14f3a9bfa3804bb0e9ab7f66da047f210eded6a1297ae3ba5805b384d64797f"
+checksum = "a284e17b2bc808c72ba008f6694626fa76bcac608b3d1ed0880f9add3f558f8e"
 dependencies = [
  "anyhow",
  "prettyplease",
@@ -885,10 +919,29 @@ dependencies = [
  "serde",
  "serde_derive",
  "serde_json",
- "wasm-encoder",
- "wasm-metadata",
- "wasmparser",
- "wit-parser",
+ "wasm-encoder 0.245.1",
+ "wasm-metadata 0.245.1",
+ "wasmparser 0.245.1",
+ "wit-parser 0.245.1",
+]
+
+[[package]]
+name = "wit-component"
+version = "0.246.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "69b1ded7180fe06b8a422265dd96bfc908416224de5f5567fe54a484baa4932e"
+dependencies = [
+ "anyhow",
+ "bitflags",
+ "indexmap",
+ "log",
+ "serde",
+ "serde_derive",
+ "serde_json",
+ "wasm-encoder 0.246.0",
+ "wasm-metadata 0.246.0",
+ "wasmparser 0.246.0",
+ "wit-parser 0.246.0",
 ]
 
 [[package]]
@@ -907,5 +960,24 @@ dependencies = [
  "serde_derive",
  "serde_json",
  "unicode-xid",
- "wasmparser",
+ "wasmparser 0.245.1",
+]
+
+[[package]]
+name = "wit-parser"
+version = "0.246.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "5737b75a7e27908dda7151d63a4554499d0c7eb7fd56d16f1f22e5e5bb5ca180"
+dependencies = [
+ "anyhow",
+ "hashbrown",
+ "id-arena",
+ "indexmap",
+ "log",
+ "semver",
+ "serde",
+ "serde_derive",
+ "serde_json",
+ "unicode-xid",
+ "wasmparser 0.246.0",
 ]
diff --git a/cmd/gravity/Cargo.toml b/cmd/gravity/Cargo.toml
index 1220a33..91ebf84 100644
--- a/cmd/gravity/Cargo.toml
+++ b/cmd/gravity/Cargo.toml
@@ -27,8 +27,8 @@ test = false
 [dependencies]
 clap = "=4.5.60"
 genco = "=0.19.0"
-wit-bindgen-core = "=0.53.1"
-wit-component = "=0.245.1"
+wit-bindgen-core = "=0.54.0"
+wit-component = "=0.246.0"
 
 [dev-dependencies]
 # Cutting out `filesystem` feature
@@ -36,4 +36,4 @@ trycmd = { version = "=1.1.0", default-features = false, features = [
   "color-auto",
   "diff",
 ] }
-wit-bindgen = "=0.53.1"
+wit-bindgen = "=0.54.0"
diff --git a/examples/basic/Cargo.toml b/examples/basic/Cargo.toml
index cbb1592..9c97b41 100644
--- a/examples/basic/Cargo.toml
+++ b/examples/basic/Cargo.toml
@@ -7,5 +7,5 @@ edition = "2024"
 crate-type = ["cdylib"]
 
 [dependencies]
-wit-bindgen = "=0.53.1"
-wit-component = "=0.245.1"
+wit-bindgen = "=0.54.0"
+wit-component = "=0.246.0"
diff --git a/examples/iface-method-returns-string/Cargo.toml b/examples/iface-method-returns-string/Cargo.toml
index 844ecf9..b1f7627 100644
--- a/examples/iface-method-returns-string/Cargo.toml
+++ b/examples/iface-method-returns-string/Cargo.toml
@@ -7,5 +7,5 @@ edition = "2024"
 crate-type = ["cdylib"]
 
 [dependencies]
-wit-bindgen = "0.53.1"
-wit-component = "0.245.1"
+wit-bindgen = "0.54.0"
+wit-component = "0.246.0"
diff --git a/examples/instructions/Cargo.toml b/examples/instructions/Cargo.toml
index 6c6deee..373fe6b 100644
--- a/examples/instructions/Cargo.toml
+++ b/examples/instructions/Cargo.toml
@@ -7,5 +7,5 @@ edition = "2024"
 crate-type = ["cdylib"]
 
 [dependencies]
-wit-bindgen = "=0.53.1"
-wit-component = "=0.245.1"
+wit-bindgen = "=0.54.0"
+wit-component = "=0.246.0"
diff --git a/examples/records/Cargo.toml b/examples/records/Cargo.toml
index a89b627..87bfd6b 100644
--- a/examples/records/Cargo.toml
+++ b/examples/records/Cargo.toml
@@ -7,5 +7,5 @@ edition = "2024"
 crate-type = ["cdylib"]
 
 [dependencies]
-wit-bindgen = "=0.53.1"
-wit-component = "=0.245.1"
+wit-bindgen = "=0.54.0"
+wit-component = "=0.246.0"
diff --git a/examples/regressions/Cargo.toml b/examples/regressions/Cargo.toml
index 1ba7519..ff670da 100644
--- a/examples/regressions/Cargo.toml
+++ b/examples/regressions/Cargo.toml
@@ -7,5 +7,5 @@ edition = "2024"
 crate-type = ["cdylib"]
 
 [dependencies]
-wit-bindgen = "=0.53.1"
-wit-component = "=0.245.1"
+wit-bindgen = "=0.54.0"
+wit-component = "=0.246.0"