diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2d1298af..c8dcbc85 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,6 +7,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+### Changed
+
+- **BREAKING:** Bump peer dependency on `@metamask/network-controller` to `^24.0.0` ([#519](https://github.com/MetaMask/smart-transactions-controller/pull/519))
+
 ## [16.5.0]
 
 ### Added
diff --git a/package.json b/package.json
index fe557004..10f2e72b 100644
--- a/package.json
+++ b/package.json
@@ -49,7 +49,7 @@
     "@metamask/eslint-config-typescript": "^12.1.0",
     "@metamask/gas-fee-controller": "^22.0.0",
     "@metamask/json-rpc-engine": "^10.0.1",
-    "@metamask/network-controller": "^22.0.0",
+    "@metamask/network-controller": "^24.0.0",
     "@metamask/transaction-controller": "^42.0.0",
     "@types/jest": "^26.0.24",
     "@types/lodash": "^4.14.194",
@@ -75,7 +75,7 @@
     "typescript": "~4.8.4"
   },
   "peerDependencies": {
-    "@metamask/network-controller": "^22.0.0",
+    "@metamask/network-controller": "^24.0.0",
     "@metamask/transaction-controller": "^42.0.0"
   },
   "peerDependenciesMeta": {
diff --git a/yarn.lock b/yarn.lock
index 17396db5..5ecc57c3 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -558,18 +558,13 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@ethereumjs/util@npm:^9.0.2":
-  version: 9.0.2
-  resolution: "@ethereumjs/util@npm:9.0.2"
+"@ethereumjs/util@npm:^9.0.2, @ethereumjs/util@npm:^9.1.0":
+  version: 9.1.0
+  resolution: "@ethereumjs/util@npm:9.1.0"
   dependencies:
     "@ethereumjs/rlp": ^5.0.2
-    ethereum-cryptography: ^2.1.3
-  peerDependencies:
-    c-kzg: ^2.1.2
-  peerDependenciesMeta:
-    c-kzg:
-      optional: true
-  checksum: cfac8c92beafc3ad1e7d7bce59027cde1f3cfd32623dea57c2295afbc1e33549799d39f92bdcf3cb7a8626b4620b0ba90af945534773fc9480c59def0e25e07d
+    ethereum-cryptography: ^2.2.1
+  checksum: 594e009c3001ca1ca658b4ded01b38e72f5dd5dd76389efd90cb020de099176a3327685557df268161ac3144333cfe8abaae68cda8ae035d9cc82409d386d79a
   languageName: node
   linkType: hard
 
@@ -1249,13 +1244,13 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/abi-utils@npm:^2.0.4":
-  version: 2.0.4
-  resolution: "@metamask/abi-utils@npm:2.0.4"
+"@metamask/abi-utils@npm:^3.0.0":
+  version: 3.0.0
+  resolution: "@metamask/abi-utils@npm:3.0.0"
   dependencies:
     "@metamask/superstruct": ^3.1.0
-    "@metamask/utils": ^9.0.0
-  checksum: 85b15419248ddec1ab59ec5f3e41276f7509dadd9ced871658fa3cc04805ad35ace96986416aaecd24e3630e92b0ed078328966c92383ffa9b1cc3f0f357ad6c
+    "@metamask/utils": ^11.0.1
+  checksum: 5ac03df29bbb6cb34073e84022f8c53782c46de2817abf057ad4efc841921cee5b9dba8958b22373191fbf111e81b59bbb22d715020e032e06d6a922d59e37cc
   languageName: node
   linkType: hard
 
@@ -1284,23 +1279,34 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/controller-utils@npm:^11.0.0, @metamask/controller-utils@npm:^11.4.2, @metamask/controller-utils@npm:^11.4.3, @metamask/controller-utils@npm:^11.4.4":
-  version: 11.4.4
-  resolution: "@metamask/controller-utils@npm:11.4.4"
+"@metamask/base-controller@npm:^8.0.1":
+  version: 8.0.1
+  resolution: "@metamask/base-controller@npm:8.0.1"
   dependencies:
-    "@ethereumjs/util": ^8.1.0
+    "@metamask/utils": ^11.2.0
+    immer: ^9.0.6
+  checksum: a8085a574fd101f8507a668e8b95b34a9a9ba5182c3af602df4f04abcba977dc024bd668d5e2dd3a0ed08e6c1eadfd32abb8cba5743eb5fd8c94d98eb9344f3e
+  languageName: node
+  linkType: hard
+
+"@metamask/controller-utils@npm:^11.0.0, @metamask/controller-utils@npm:^11.10.0, @metamask/controller-utils@npm:^11.4.2, @metamask/controller-utils@npm:^11.4.3, @metamask/controller-utils@npm:^11.4.4":
+  version: 11.10.0
+  resolution: "@metamask/controller-utils@npm:11.10.0"
+  dependencies:
+    "@ethereumjs/util": ^9.1.0
     "@metamask/eth-query": ^4.0.0
     "@metamask/ethjs-unit": ^0.3.0
-    "@metamask/utils": ^10.0.0
+    "@metamask/utils": ^11.2.0
     "@spruceid/siwe-parser": 2.1.0
     "@types/bn.js": ^5.1.5
     bignumber.js: ^9.1.2
     bn.js: ^5.2.1
+    cockatiel: ^3.1.2
     eth-ens-namehash: ^2.0.8
     fast-deep-equal: ^3.1.3
   peerDependencies:
     "@babel/runtime": ^7.0.0
-  checksum: 1f25521a31b0fad7567a2186ee37acb95d7ef2560c1244cf1cb7ed4b61868ffe35719dba0ac7194f47d787b46fe345bd2fb577b178e4683fa252222f0ee09e7b
+  checksum: b6b1b3ed6b963a21dcb6c0eb9779a4e4d66b6dab7459cee18fc75db7e66a8b717e6b3095a1a981f102321ff9ebcb7eb2e842af863ef546334bd6b602e61fd77e
   languageName: node
   linkType: hard
 
@@ -1354,60 +1360,61 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/eth-block-tracker@npm:^11.0.3":
-  version: 11.0.3
-  resolution: "@metamask/eth-block-tracker@npm:11.0.3"
+"@metamask/eth-block-tracker@npm:^12.0.0, @metamask/eth-block-tracker@npm:^12.0.1":
+  version: 12.0.1
+  resolution: "@metamask/eth-block-tracker@npm:12.0.1"
   dependencies:
     "@metamask/eth-json-rpc-provider": ^4.1.5
     "@metamask/safe-event-emitter": ^3.1.1
-    "@metamask/utils": ^9.1.0
+    "@metamask/utils": ^11.0.1
     json-rpc-random-id: ^1.0.1
     pify: ^5.0.0
-  checksum: e1c9673ccc36c14558ebecd8617d9ed704c77e5a3c5ef604c320a8ec56087307dd21651802d0892d1e1e567c82bd1748a7454dbb54099cab25db15f045bd797c
+  checksum: 2c4aa326d9665665f6986a2fbaed905d9682de536c325974878e145c5a50740b2542d6ea4173772036b0f79e86249cc635025ca384d2687c41cb19911e1636bb
   languageName: node
   linkType: hard
 
-"@metamask/eth-json-rpc-infura@npm:^10.0.0":
-  version: 10.0.0
-  resolution: "@metamask/eth-json-rpc-infura@npm:10.0.0"
+"@metamask/eth-json-rpc-infura@npm:^10.2.0":
+  version: 10.2.0
+  resolution: "@metamask/eth-json-rpc-infura@npm:10.2.0"
   dependencies:
-    "@metamask/eth-json-rpc-provider": ^4.1.5
-    "@metamask/json-rpc-engine": ^10.0.0
-    "@metamask/rpc-errors": ^7.0.0
-    "@metamask/utils": ^9.1.0
-  checksum: bfee1c32e71150b06acd163eecc317926de07678e0be0bc65b9ed81a8ddb56bdffc54e0270de6bf80ed4e09c2925088a6a315f534605c19dcdb5f2a711e97d37
+    "@metamask/eth-json-rpc-provider": ^4.1.7
+    "@metamask/json-rpc-engine": ^10.0.2
+    "@metamask/rpc-errors": ^7.0.2
+    "@metamask/utils": ^11.0.1
+  checksum: d183a1577c5b47b648a359efdcc389cf4467d396213057f061d66ba2d20a44c3234d18f67c4b6130827da6f5d192c67dd4c731476207e4a9969e7b21548df475
   languageName: node
   linkType: hard
 
-"@metamask/eth-json-rpc-middleware@npm:^15.0.1":
-  version: 15.0.1
-  resolution: "@metamask/eth-json-rpc-middleware@npm:15.0.1"
+"@metamask/eth-json-rpc-middleware@npm:^17.0.1":
+  version: 17.0.1
+  resolution: "@metamask/eth-json-rpc-middleware@npm:17.0.1"
   dependencies:
-    "@metamask/eth-block-tracker": ^11.0.3
-    "@metamask/eth-json-rpc-provider": ^4.1.5
-    "@metamask/eth-sig-util": ^7.0.3
-    "@metamask/json-rpc-engine": ^10.0.0
-    "@metamask/rpc-errors": ^7.0.0
-    "@metamask/utils": ^9.1.0
+    "@metamask/eth-block-tracker": ^12.0.0
+    "@metamask/eth-json-rpc-provider": ^4.1.7
+    "@metamask/eth-sig-util": ^8.1.2
+    "@metamask/json-rpc-engine": ^10.0.2
+    "@metamask/rpc-errors": ^7.0.2
+    "@metamask/superstruct": ^3.1.0
+    "@metamask/utils": ^11.1.0
     "@types/bn.js": ^5.1.5
     bn.js: ^5.2.1
     klona: ^2.0.6
     pify: ^5.0.0
     safe-stable-stringify: ^2.4.3
-  checksum: 05da025f7c436cf3f65fc4afa0050c0360bb237dd24df85c654225e6bab5e9e86697e67714d6bb80a5c1d6b0268a47d8997f082cd31c2bacb4f7005a924e98fc
+  checksum: 044ebaacc9df53cbec8e7048858a13c62c5bfbb62b8fe1dad29786ed0e663466e574aebb5fbb66e2c88ad96ea3d861713e59f5aa5c816d17df2e19bd1a707af1
   languageName: node
   linkType: hard
 
-"@metamask/eth-json-rpc-provider@npm:^4.1.5, @metamask/eth-json-rpc-provider@npm:^4.1.6":
-  version: 4.1.6
-  resolution: "@metamask/eth-json-rpc-provider@npm:4.1.6"
+"@metamask/eth-json-rpc-provider@npm:^4.1.5, @metamask/eth-json-rpc-provider@npm:^4.1.6, @metamask/eth-json-rpc-provider@npm:^4.1.7, @metamask/eth-json-rpc-provider@npm:^4.1.8":
+  version: 4.1.8
+  resolution: "@metamask/eth-json-rpc-provider@npm:4.1.8"
   dependencies:
-    "@metamask/json-rpc-engine": ^10.0.1
-    "@metamask/rpc-errors": ^7.0.1
+    "@metamask/json-rpc-engine": ^10.0.3
+    "@metamask/rpc-errors": ^7.0.2
     "@metamask/safe-event-emitter": ^3.0.0
-    "@metamask/utils": ^10.0.0
+    "@metamask/utils": ^11.1.0
     uuid: ^8.3.2
-  checksum: 089f10444304527626c044b49dac741e1ee34dca60dc582915b8a4df5545caa46632762a1e160b15d88df756140d3eba849e0a685e49d1bd4d7856219b40a4c3
+  checksum: 08f610e318ff32e37afb9d21ed3e55d655c6382c76af70427a88468e89725f8374bd9e4d2b3672e7319c2030d5b8c3e3d7924a3143b83e96d581efd08ece068b
   languageName: node
   linkType: hard
 
@@ -1421,17 +1428,18 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/eth-sig-util@npm:^7.0.3":
-  version: 7.0.3
-  resolution: "@metamask/eth-sig-util@npm:7.0.3"
+"@metamask/eth-sig-util@npm:^8.1.2":
+  version: 8.2.0
+  resolution: "@metamask/eth-sig-util@npm:8.2.0"
   dependencies:
+    "@ethereumjs/rlp": ^4.0.1
     "@ethereumjs/util": ^8.1.0
-    "@metamask/abi-utils": ^2.0.4
-    "@metamask/utils": ^9.0.0
+    "@metamask/abi-utils": ^3.0.0
+    "@metamask/utils": ^11.0.1
     "@scure/base": ~1.1.3
     ethereum-cryptography: ^2.1.2
     tweetnacl: ^1.0.3
-  checksum: fd4d0710857525815b241ddecce64988dd12303a9638577429baf180c62cf9cef9403aed01bc046b4860b332d455604c84e4b2a9b5997db16f444125b4b39398
+  checksum: 273e8bd3578a2395d888e0e7a2a8310311e320dd1d77b81035b1e5b21c432296ef144abd8f2e7ee3147ff82e660941e9671c080c0a6883017e2946523a09dcf4
   languageName: node
   linkType: hard
 
@@ -1543,14 +1551,14 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/json-rpc-engine@npm:^10.0.0, @metamask/json-rpc-engine@npm:^10.0.1":
-  version: 10.0.1
-  resolution: "@metamask/json-rpc-engine@npm:10.0.1"
+"@metamask/json-rpc-engine@npm:^10.0.1, @metamask/json-rpc-engine@npm:^10.0.2, @metamask/json-rpc-engine@npm:^10.0.3":
+  version: 10.0.3
+  resolution: "@metamask/json-rpc-engine@npm:10.0.3"
   dependencies:
-    "@metamask/rpc-errors": ^7.0.1
+    "@metamask/rpc-errors": ^7.0.2
     "@metamask/safe-event-emitter": ^3.0.0
-    "@metamask/utils": ^10.0.0
-  checksum: 277c68cf0036d62c9a1528e9d7e55e000233d02a55fb652edcc16b6149631346d34fe3fefaab13bc55377405e79293afdde5b6e3b61d49a2ce125ca50d7eafe1
+    "@metamask/utils": ^11.1.0
+  checksum: 1ad7e23e3a4017da8bb70a8ed8d4932475d42c60ace0d088f462a8e438cbf9154eaec4ba79621661fed95ff50ff6fa3db479404086238ab9eb5b3e9153c1051c
   languageName: node
   linkType: hard
 
@@ -1561,21 +1569,21 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/network-controller@npm:^22.0.0":
-  version: 22.1.1
-  resolution: "@metamask/network-controller@npm:22.1.1"
+"@metamask/network-controller@npm:^24.0.0":
+  version: 24.0.0
+  resolution: "@metamask/network-controller@npm:24.0.0"
   dependencies:
-    "@metamask/base-controller": ^7.0.2
-    "@metamask/controller-utils": ^11.4.4
-    "@metamask/eth-block-tracker": ^11.0.3
-    "@metamask/eth-json-rpc-infura": ^10.0.0
-    "@metamask/eth-json-rpc-middleware": ^15.0.1
-    "@metamask/eth-json-rpc-provider": ^4.1.6
+    "@metamask/base-controller": ^8.0.1
+    "@metamask/controller-utils": ^11.10.0
+    "@metamask/eth-block-tracker": ^12.0.1
+    "@metamask/eth-json-rpc-infura": ^10.2.0
+    "@metamask/eth-json-rpc-middleware": ^17.0.1
+    "@metamask/eth-json-rpc-provider": ^4.1.8
     "@metamask/eth-query": ^4.0.0
-    "@metamask/json-rpc-engine": ^10.0.1
-    "@metamask/rpc-errors": ^7.0.1
+    "@metamask/json-rpc-engine": ^10.0.3
+    "@metamask/rpc-errors": ^7.0.2
     "@metamask/swappable-obj-proxy": ^2.3.0
-    "@metamask/utils": ^10.0.0
+    "@metamask/utils": ^11.2.0
     async-mutex: ^0.5.0
     fast-deep-equal: ^3.1.3
     immer: ^9.0.6
@@ -1583,7 +1591,9 @@ __metadata:
     reselect: ^5.1.1
     uri-js: ^4.4.1
     uuid: ^8.3.2
-  checksum: 76faf858590fdc7d8af36e4cff7128440cb80442e2d4fea057e6c0ef730837864e6ceb881b9b798df473e3bb0c99cc76d6a95d23766ec04dde73df43e18d8c2c
+  peerDependencies:
+    "@metamask/error-reporting-service": ^2.0.0
+  checksum: f005caf21b0a2c00b791442813848690097a882f9b55cea2ef0608fe3c5675344d35fe3198f53e08fe836e89693185ee9956a3c9f179fd5f47bf54f72cd52253
   languageName: node
   linkType: hard
 
@@ -1625,13 +1635,13 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/rpc-errors@npm:^7.0.0, @metamask/rpc-errors@npm:^7.0.1":
-  version: 7.0.1
-  resolution: "@metamask/rpc-errors@npm:7.0.1"
+"@metamask/rpc-errors@npm:^7.0.1, @metamask/rpc-errors@npm:^7.0.2":
+  version: 7.0.3
+  resolution: "@metamask/rpc-errors@npm:7.0.3"
   dependencies:
-    "@metamask/utils": ^10.0.0
+    "@metamask/utils": ^11.4.2
     fast-safe-stringify: ^2.0.6
-  checksum: 20b300d26550c667a635eb5f97784c80d86c0b765433a32a9bced5b4c2a05a783cf2cd3a2bfe2aca6382181f53458bd2e7dc1bbb02e28005d3b4d0f3a46ca3ac
+  checksum: 274ec61d1a567a0a34cda6202af8e91dc2822dc24f0280358c6efedbca8bda1bfb87609fb448ee90652bc597be6a3d678da315ca3ead92f90a89933975c98107
   languageName: node
   linkType: hard
 
@@ -1663,7 +1673,7 @@ __metadata:
     "@metamask/eth-query": ^4.0.0
     "@metamask/gas-fee-controller": ^22.0.0
     "@metamask/json-rpc-engine": ^10.0.1
-    "@metamask/network-controller": ^22.0.0
+    "@metamask/network-controller": ^24.0.0
     "@metamask/polling-controller": ^12.0.0
     "@metamask/transaction-controller": ^42.0.0
     "@types/jest": ^26.0.24
@@ -1692,7 +1702,7 @@ __metadata:
     ts-jest: ^29.1.4
     typescript: ~4.8.4
   peerDependencies:
-    "@metamask/network-controller": ^22.0.0
+    "@metamask/network-controller": ^24.0.0
     "@metamask/transaction-controller": ^42.0.0
   peerDependenciesMeta:
     "@metamask/accounts-controller":
@@ -1767,9 +1777,9 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/utils@npm:^9.0.0, @metamask/utils@npm:^9.1.0":
-  version: 9.3.0
-  resolution: "@metamask/utils@npm:9.3.0"
+"@metamask/utils@npm:^11.0.1, @metamask/utils@npm:^11.1.0, @metamask/utils@npm:^11.2.0, @metamask/utils@npm:^11.4.2":
+  version: 11.4.2
+  resolution: "@metamask/utils@npm:11.4.2"
   dependencies:
     "@ethereumjs/tx": ^4.2.0
     "@metamask/superstruct": ^3.1.0
@@ -1777,10 +1787,11 @@ __metadata:
     "@scure/base": ^1.1.3
     "@types/debug": ^4.1.7
     debug: ^4.3.4
+    lodash.memoize: ^4.1.2
     pony-cause: ^2.1.10
     semver: ^7.5.4
     uuid: ^9.0.1
-  checksum: f720b0f7bdd46054aa88d15a9702e1de6d7200a1ca1d4f6bc48761b039f1bbffb46ac88bc87fe79e66128c196d424f3b9ef071b3cb4b40139223786d56da35e0
+  checksum: 11061a93f49684563a14caaaab2d8dbb969c907dbc24358cf188dd10ec00ac91e5d04369ef605e9d78e75f8ad53d9a0fbdb65f2325b12ef6c8db85bb46160dff
   languageName: node
   linkType: hard
 
@@ -3085,6 +3096,13 @@ __metadata:
   languageName: node
   linkType: hard
 
+"cockatiel@npm:^3.1.2":
+  version: 3.2.1
+  resolution: "cockatiel@npm:3.2.1"
+  checksum: d31317616f996fe6328781c28302d0b1a38a69ef3938c0eea791fd8a1b8e1379487b3024d6a2f7a811d4fd2cb4cb5e4d672f5dface945e7f4ac9645819e1445b
+  languageName: node
+  linkType: hard
+
 "collect-v8-coverage@npm:^1.0.0":
   version: 1.0.1
   resolution: "collect-v8-coverage@npm:1.0.1"
@@ -3985,7 +4003,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"ethereum-cryptography@npm:^2.0.0, ethereum-cryptography@npm:^2.1.2, ethereum-cryptography@npm:^2.1.3":
+"ethereum-cryptography@npm:^2.0.0, ethereum-cryptography@npm:^2.1.2, ethereum-cryptography@npm:^2.1.3, ethereum-cryptography@npm:^2.2.1":
   version: 2.2.1
   resolution: "ethereum-cryptography@npm:2.2.1"
   dependencies:
@@ -5923,7 +5941,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"lodash.memoize@npm:4.x":
+"lodash.memoize@npm:4.x, lodash.memoize@npm:^4.1.2":
   version: 4.1.2
   resolution: "lodash.memoize@npm:4.1.2"
   checksum: 9ff3942feeccffa4f1fafa88d32f0d24fdc62fd15ded5a74a5f950ff5f0c6f61916157246744c620173dddf38d37095a92327d5fd3861e2063e736a5c207d089