diff --git a/packages/ipfs-core/package.json b/packages/ipfs-core/package.json
index 9fb745a48b..4ce4520f83 100644
--- a/packages/ipfs-core/package.json
+++ b/packages/ipfs-core/package.json
@@ -90,7 +90,7 @@
     "@libp2p/interfaces": "^3.0.3",
     "@libp2p/kad-dht": "^3.0.0",
     "@libp2p/logger": "^2.0.0",
-    "@libp2p/mplex": "^5.0.0",
+    "@libp2p/mplex": "^5.2.0",
     "@libp2p/peer-id": "^1.1.10",
     "@libp2p/peer-id-factory": "^1.0.10",
     "@libp2p/record": "^2.0.0",
@@ -137,7 +137,7 @@
     "it-tar": "^6.0.0",
     "it-to-buffer": "^2.0.0",
     "just-safe-set": "^4.0.2",
-    "libp2p": "^0.38.0",
+    "libp2p": "^0.39.0",
     "merge-options": "^3.0.4",
     "mortice": "^3.0.0",
     "multiformats": "^9.5.1",
diff --git a/packages/ipfs-core/src/components/network.js b/packages/ipfs-core/src/components/network.js
index b2f0f44a57..7f083d15fd 100644
--- a/packages/ipfs-core/src/components/network.js
+++ b/packages/ipfs-core/src/components/network.js
@@ -64,10 +64,6 @@ export class Network {
       keychainConfig: undefined
     })
 
-    if (libp2p.keychain) {
-      await libp2p.loadKeychain()
-    }
-
     await libp2p.start()
 
     for (const ma of libp2p.getMultiaddrs()) {
diff --git a/packages/ipfs-core/src/components/storage.js b/packages/ipfs-core/src/components/storage.js
index 8f7eff57b7..416e7b0118 100644
--- a/packages/ipfs-core/src/components/storage.js
+++ b/packages/ipfs-core/src/components/storage.js
@@ -13,6 +13,7 @@ import { ERR_REPO_NOT_INITIALIZED } from 'ipfs-repo/errors'
 import { createEd25519PeerId, createRSAPeerId } from '@libp2p/peer-id-factory'
 import errCode from 'err-code'
 import { unmarshalPrivateKey } from '@libp2p/crypto/keys'
+import { Key } from 'interface-datastore/key'
 
 const mergeOptions = mergeOpts.bind({ ignoreUndefined: true })
 const log = logger('ipfs:components:peer:storage')
@@ -158,15 +159,15 @@ const initRepo = async (print, repo, options) => {
     keychainConfig
   })
 
-  if (libp2p.keychain) {
-    await libp2p.loadKeychain()
-
-    await repo.config.set('Keychain', {
-      // @ts-expect-error private field
-      DEK: libp2p.keychain.init.dek
-    })
+  if (!(await repo.datastore.has(new Key('/info/self')))) {
+    await libp2p.keychain.importPeer('self', peerId)
   }
 
+  await repo.config.set('Keychain', {
+    // @ts-expect-error private field
+    DEK: libp2p.keychain.init.dek
+  })
+
   return { peerId, keychain: libp2p.keychain }
 }
 
@@ -264,10 +265,6 @@ const configureRepo = async (repo, options) => {
     }
   })
 
-  if (libp2p.keychain) {
-    await libp2p.loadKeychain()
-  }
-
   return { peerId, keychain: libp2p.keychain }
 }
 
diff --git a/packages/ipfs-daemon/package.json b/packages/ipfs-daemon/package.json
index 2c366511cb..64ae61f2ce 100644
--- a/packages/ipfs-daemon/package.json
+++ b/packages/ipfs-daemon/package.json
@@ -72,7 +72,7 @@
     "ipfs-http-gateway": "^0.10.0",
     "ipfs-http-server": "^0.12.0",
     "ipfs-utils": "^9.0.6",
-    "libp2p": "^0.38.0"
+    "libp2p": "^0.39.0"
   },
   "devDependencies": {
     "aegir": "^37.0.11",