diff --git a/Cargo.lock b/Cargo.lock
index b777e7a9c..ebe4ea7de 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -779,9 +779,9 @@ checksum = "0b8de496cf83d4ed58b6be86c3a275b8602f6ffe98d3024a869e124147a9a3ac"
 
 [[package]]
 name = "smoltcp"
-version = "0.6.0"
+version = "0.7.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0fe46639fd2ec79eadf8fe719f237a7a0bd4dac5d957f1ca5bbdbc1c3c39e53a"
+checksum = "ab527c390c7e107f687bd92a886a083fde61b8cdc700b37f3d7e4346ffd8fae1"
 dependencies = [
  "bitflags",
  "byteorder",
diff --git a/hermit-sys/Cargo.toml b/hermit-sys/Cargo.toml
index f4b38e497..ed3475ee2 100644
--- a/hermit-sys/Cargo.toml
+++ b/hermit-sys/Cargo.toml
@@ -46,7 +46,7 @@ version = "0.*"
 default-features = false
 
 [dependencies.smoltcp]
-version = "0.6.0"
+version = "0.7.0"
 optional = true
 default-features = false
 features = ["std", "ethernet", "socket-udp", "socket-tcp", "proto-ipv4", "proto-ipv6"]
diff --git a/hermit-sys/src/net/mod.rs b/hermit-sys/src/net/mod.rs
index 791d3a790..0da9f0c62 100644
--- a/hermit-sys/src/net/mod.rs
+++ b/hermit-sys/src/net/mod.rs
@@ -87,10 +87,10 @@ pub enum WaitForResult {
 
 pub struct NetworkInterface<T: for<'a> Device<'a>> {
 	#[cfg(feature = "trace")]
-	pub iface: smoltcp::iface::EthernetInterface<'static, 'static, 'static, EthernetTracer<T>>,
+	pub iface: smoltcp::iface::EthernetInterface<'static, EthernetTracer<T>>,
 	#[cfg(not(feature = "trace"))]
-	pub iface: smoltcp::iface::EthernetInterface<'static, 'static, 'static, T>,
-	pub sockets: SocketSet<'static, 'static, 'static>,
+	pub iface: smoltcp::iface::EthernetInterface<'static, T>,
+	pub sockets: SocketSet<'static>,
 	pub wait_for: BTreeMap<Handle, WaitFor>,
 	#[cfg(feature = "dhcpv4")]
 	dhcp: Dhcpv4Client,
diff --git a/libhermit-rs b/libhermit-rs
index b9262813b..5f2d3b1eb 160000
--- a/libhermit-rs
+++ b/libhermit-rs
@@ -1 +1 @@
-Subproject commit b9262813bbbd369f6b69630621a5fd9cd1764b5c
+Subproject commit 5f2d3b1eb181d30b398448ec8e2c6d4ba213b0d1
diff --git a/rust-toolchain b/rust-toolchain
index f6585e162..47d442a95 100644
--- a/rust-toolchain
+++ b/rust-toolchain
@@ -1,4 +1,4 @@
 [toolchain]
-channel = "nightly-2021-01-22"
+channel = "nightly-2021-02-11"
 components = [ "rustfmt", "rust-src", "llvm-tools-preview"]
 targets = [ "x86_64-unknown-hermit" ]