diff --git a/src/services/ExternalStore.ts b/src/services/ExternalStore.ts
index 7097a84e5c..34b65821e9 100644
--- a/src/services/ExternalStore.ts
+++ b/src/services/ExternalStore.ts
@@ -1,6 +1,7 @@
 import { useSyncExternalStore } from 'react'
 
 type Listener = () => void
+type Undefinable<T> = T | undefined
 
 // Singleton with getter/setter whose hook triggers a re-render
 class ExternalStore<T extends unknown> {
@@ -15,9 +16,9 @@ class ExternalStore<T extends unknown> {
     return this.store
   }
 
-  public readonly setStore = (value: T): void => {
+  public readonly setStore = (value: Undefinable<T> | ((oldVal: Undefinable<T>) => Undefinable<T>)): void => {
     if (value !== this.store) {
-      this.store = value
+      this.store = value instanceof Function ? value(this.store) : value
       this.listeners.forEach((listener) => listener())
     }
   }
diff --git a/src/services/local-storage/__tests__/useLocalStorage.test.ts b/src/services/local-storage/__tests__/useLocalStorage.test.ts
index 9639045783..b530416189 100644
--- a/src/services/local-storage/__tests__/useLocalStorage.test.ts
+++ b/src/services/local-storage/__tests__/useLocalStorage.test.ts
@@ -8,7 +8,8 @@ describe('useLocalStorage', () => {
   })
 
   it('should set the value', () => {
-    const { result } = renderHook(() => useLocalStorage('test-key'))
+    const key = Math.random().toString(32)
+    const { result } = renderHook(() => useLocalStorage(key))
     const [value, setValue] = result.current
 
     expect(value).toBe(undefined)
@@ -27,7 +28,8 @@ describe('useLocalStorage', () => {
   })
 
   it('should set the value using a callback', () => {
-    const { result } = renderHook(() => useLocalStorage<string>('test-key'))
+    const key = Math.random().toString(32)
+    const { result } = renderHook(() => useLocalStorage<string>(key))
     const [value, setValue] = result.current
 
     expect(value).toBe(undefined)
@@ -46,9 +48,10 @@ describe('useLocalStorage', () => {
   })
 
   it('should read from LS on initial call', () => {
-    local.setItem('test-key', 'ls')
+    const key = Math.random().toString(32)
+    local.setItem(key, 'ls')
 
-    const { result } = renderHook(() => useLocalStorage('test-key'))
+    const { result } = renderHook(() => useLocalStorage(key))
 
     expect(result.current[0]).toBe('ls')
   })
diff --git a/src/services/local-storage/useLocalStorage.ts b/src/services/local-storage/useLocalStorage.ts
index 9005ec1991..a33a38b4b0 100644
--- a/src/services/local-storage/useLocalStorage.ts
+++ b/src/services/local-storage/useLocalStorage.ts
@@ -1,4 +1,5 @@
-import { useCallback, useEffect, useState } from 'react'
+import { useCallback, useEffect } from 'react'
+import ExternalStore from '../ExternalStore'
 import local from './local'
 
 // The setter accepts T or a function that takes the old value and returns T
@@ -7,61 +8,62 @@ type Undefinable<T> = T | undefined
 
 type Setter<T> = (val: T | ((prevVal: Undefinable<T>) => Undefinable<T>)) => void
 
+// External stores for each localStorage key which act as a shared cache for LS
+const externalStores: Record<string, ExternalStore<any>> = {}
+
 const useLocalStorage = <T>(key: string): [Undefinable<T>, Setter<T>] => {
-  const [cache, setCache] = useState<Undefinable<T>>()
+  if (!externalStores[key]) {
+    externalStores[key] = new ExternalStore<T>()
+  }
+  const { getStore, setStore, useStore } = externalStores[key] as ExternalStore<T>
 
   // This is the setter that will be returned
   // It will update the local storage and cache
   const setNewValue = useCallback<Setter<T>>(
     (value) => {
-      setCache((oldValue) => {
+      setStore((oldValue) => {
         const newValue = value instanceof Function ? value(oldValue) : value
 
         if (newValue !== oldValue) {
           local.setItem(key, newValue)
-
-          // Dispatch a fake storage event within the current browser tab
-          // The real storage event is dispatched only in other tabs
-          window.dispatchEvent(
-            new StorageEvent('storage', {
-              key: local.getPrefixedKey(key),
-            }),
-          )
         }
 
         return newValue
       })
     },
-    [key],
+    [key, setStore],
   )
 
-  // Subscribe to changes in local storage and update the cache
-  // This will work across tabs
+  // Set the initial value from LS on mount
   useEffect(() => {
-    const syncCache = () => {
+    if (getStore() === undefined) {
       const lsValue = local.getItem<T>(key)
       if (lsValue !== null) {
-        setCache(lsValue)
+        setStore(lsValue)
       }
     }
+  }, [key, getStore, setStore])
 
+  // Subscribe to changes in local storage and update the cache
+  // This will work across tabs
+  useEffect(() => {
     const onStorageEvent = (event: StorageEvent) => {
       if (event.key === local.getPrefixedKey(key)) {
-        syncCache()
+        const lsValue = local.getItem<T>(key)
+        if (lsValue !== null && lsValue !== getStore()) {
+          setStore(lsValue)
+        }
       }
     }
 
-    // Set the initial value
-    syncCache()
-
     window.addEventListener('storage', onStorageEvent)
 
     return () => {
       window.removeEventListener('storage', onStorageEvent)
     }
-  }, [key])
+  }, [key, getStore, setStore])
 
-  return [cache, setNewValue]
+  return [useStore(), setNewValue]
 }
 
 export default useLocalStorage