diff --git a/package.json b/package.json
index a0155f5d..ff4345ee 100644
--- a/package.json
+++ b/package.json
@@ -70,6 +70,8 @@
     "typescript": "^5.1.0"
   },
   "dependencies": {
+    "@ethersproject/contracts": "^5.7.0",
+    "@ethersproject/providers": "^5.7.0",
     "@metamask/base-controller": "^4.1.1",
     "@metamask/controller-utils": "^8.0.2",
     "@metamask/eth-query": "^4.0.0",
@@ -79,8 +81,7 @@
     "async-mutex": "^0.4.1",
     "bignumber.js": "^9.0.1",
     "bn.js": "^5.2.1",
-    "human-standard-token-abi": "^2.0.0",
-    "web3": "^4.2.2"
+    "human-standard-token-abi": "^2.0.0"
   },
   "lavamoat": {
     "allowScripts": {
diff --git a/src/SwapsController.test.ts b/src/SwapsController.test.ts
index b3a5d665..75ca563e 100644
--- a/src/SwapsController.test.ts
+++ b/src/SwapsController.test.ts
@@ -138,19 +138,12 @@ jest.mock('@metamask/eth-query', () =>
   }),
 );
 
-// Mock implementation of web3
-jest.mock('web3', () => {
+jest.mock('@ethersproject/contracts', () => {
   return {
-    Web3: jest.fn(() => ({
-      eth: {
-        Contract: jest.fn(() => ({
-          methods: {
-            allowance: jest.fn(() => ({
-              call: jest.fn().mockResolvedValue('1000000000000000000'), // Mocked allowance value
-            })),
-          },
-        })),
-      },
+    Contract: jest.fn(() => ({
+      allowance: jest.fn(() => ({
+        call: jest.fn().mockResolvedValue('1000000000000000000'), // Mocked allowance value
+      })),
     })),
   };
 });
@@ -317,17 +310,16 @@ describe('SwapsController', () => {
 
   describe('provider', () => {
     it('should set provider', () => {
+      // Shape of provider object from Mobile@7.29.0 and network-controller@^19.0.0
       const provider = {
-        name: 'test',
-        type: 'test',
-        chainId: '0x1',
-        rpcUrl: 'test',
+        __UNINITIALIZED__: undefined, 
+        sendAsync: jest.fn()
       };
       expect(swapsController.defaultConfig.provider).toBeUndefined();
       swapsController.configure({
         provider,
       });
-      expect(swapsController.defaultConfig.provider.name).toBe(provider.name);
+      expect(swapsController.defaultConfig.provider.sendAsync).not.toBeUndefined();
     });
   });
 
diff --git a/src/SwapsController.ts b/src/SwapsController.ts
index 92c0f783..72e010c0 100644
--- a/src/SwapsController.ts
+++ b/src/SwapsController.ts
@@ -1,3 +1,5 @@
+import { Contract } from '@ethersproject/contracts';
+import { Web3Provider } from '@ethersproject/providers';
 import type { BaseConfig, BaseState } from '@metamask/base-controller';
 import { BaseControllerV1 } from '@metamask/base-controller';
 import {
@@ -21,8 +23,6 @@ import type { Hex } from '@metamask/utils';
 import { Mutex } from 'async-mutex';
 import { BigNumber } from 'bignumber.js';
 import abiERC20 from 'human-standard-token-abi';
-import * as web3 from 'web3';
-import type { Web3 as Web3Type } from 'web3';
 
 import type {
   APIAggregatorMetadata,
@@ -59,9 +59,6 @@ import {
   shouldEnableDirectWrapping,
 } from './swapsUtil';
 
-// Hack to fix the issue with the web3 import that works different in app vs tests
-const Web3 = web3.Web3 === undefined ? web3.default : web3.Web3;
-
 // Functions to determine type of the return value from GasFeeController
 
 /**
@@ -225,7 +222,7 @@ export default class SwapsController extends BaseControllerV1<
 > {
   private handle?: NodeJS.Timeout;
 
-  private web3: Web3Type;
+  private web3Provider: Web3Provider;
 
   private ethQuery: any;
 
@@ -549,7 +546,7 @@ export default class SwapsController extends BaseControllerV1<
     contractAddress: string,
     walletAddress: string,
   ): Promise<BigNumber> {
-    const contract = new this.web3.eth.Contract(abiERC20, contractAddress);
+    const contract = new Contract(contractAddress, abiERC20, this.web3Provider);
     const allowanceTimeout = new Promise<BigNumber>((_, reject) => {
       setTimeout(() => {
         reject(new Error(SwapsError.SWAPS_ALLOWANCE_TIMEOUT));
@@ -557,9 +554,10 @@ export default class SwapsController extends BaseControllerV1<
     });
 
     const allowancePromise = async () => {
-      const result: bigint = await contract.methods
-        .allowance(walletAddress, getSwapsContractAddress(this.config.chainId))
-        .call();
+      const result = await contract.allowance(
+        walletAddress,
+        getSwapsContractAddress(this.config.chainId),
+      );
       return new BigNumber(result.toString());
     };
 
@@ -906,7 +904,7 @@ export default class SwapsController extends BaseControllerV1<
   set provider(provider: any) {
     if (provider) {
       this.ethQuery = new EthQuery(provider);
-      this.web3 = new Web3(provider);
+      this.web3Provider = new Web3Provider(provider);
     }
   }
 
diff --git a/yarn.lock b/yarn.lock
index 4448efe4..7b430315 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -12,13 +12,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@adraffy/ens-normalize@npm:^1.8.8":
-  version: 1.10.1
-  resolution: "@adraffy/ens-normalize@npm:1.10.1"
-  checksum: 10/4cb938c4abb88a346d50cb0ea44243ab3574330c81d4f5aaaf9dfee584b96189d0faa404de0fcbef5a1b73909ea4ebc3e63d84bd23f9949e5c8d4085207a5091
-  languageName: node
-  linkType: hard
-
 "@ampproject/remapping@npm:^2.2.0":
   version: 2.3.0
   resolution: "@ampproject/remapping@npm:2.3.0"
@@ -667,6 +660,24 @@ __metadata:
   languageName: node
   linkType: hard
 
+"@ethersproject/contracts@npm:^5.7.0":
+  version: 5.7.0
+  resolution: "@ethersproject/contracts@npm:5.7.0"
+  dependencies:
+    "@ethersproject/abi": "npm:^5.7.0"
+    "@ethersproject/abstract-provider": "npm:^5.7.0"
+    "@ethersproject/abstract-signer": "npm:^5.7.0"
+    "@ethersproject/address": "npm:^5.7.0"
+    "@ethersproject/bignumber": "npm:^5.7.0"
+    "@ethersproject/bytes": "npm:^5.7.0"
+    "@ethersproject/constants": "npm:^5.7.0"
+    "@ethersproject/logger": "npm:^5.7.0"
+    "@ethersproject/properties": "npm:^5.7.0"
+    "@ethersproject/transactions": "npm:^5.7.0"
+  checksum: 10/5df66179af242faabea287a83fd2f8f303a4244dc87a6ff802e1e3b643f091451295c8e3d088c7739970b7915a16a581c192d4e007d848f1fdf3cc9e49010053
+  languageName: node
+  linkType: hard
+
 "@ethersproject/hash@npm:^5.7.0":
   version: 5.7.0
   resolution: "@ethersproject/hash@npm:5.7.0"
@@ -719,7 +730,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@ethersproject/providers@npm:^5.7.2":
+"@ethersproject/providers@npm:^5.7.0, @ethersproject/providers@npm:^5.7.2":
   version: 5.7.2
   resolution: "@ethersproject/providers@npm:5.7.2"
   dependencies:
@@ -1630,6 +1641,8 @@ __metadata:
   resolution: "@metamask/swaps-controller@workspace:."
   dependencies:
     "@babel/runtime": "npm:^7.0.0"
+    "@ethersproject/contracts": "npm:^5.7.0"
+    "@ethersproject/providers": "npm:^5.7.0"
     "@lavamoat/allow-scripts": "npm:^3.0.0"
     "@metamask/approval-controller": "npm:^5.1.1"
     "@metamask/auto-changelog": "npm:^3.4.4"
@@ -1671,7 +1684,6 @@ __metadata:
     ts-jest: "npm:^29.1.1"
     ts-node: "npm:^10.9.1"
     typescript: "npm:^5.1.0"
-    web3: "npm:^4.2.2"
   peerDependencies:
     "@metamask/composable-controller": ^4.0.0
     "@metamask/network-controller": ^3.0.0
@@ -2153,15 +2165,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@types/ws@npm:8.5.3":
-  version: 8.5.3
-  resolution: "@types/ws@npm:8.5.3"
-  dependencies:
-    "@types/node": "npm:*"
-  checksum: 10/08aac698ce6480b532d8311f790a8744ae489ccdd98f374cfe4b8245855439825c64b031abcbba4f30fb280da6cc2b02a4e261e16341d058ffaeecaa24ba2bd3
-  languageName: node
-  linkType: hard
-
 "@types/yargs-parser@npm:*":
   version: 21.0.3
   resolution: "@types/yargs-parser@npm:21.0.3"
@@ -2329,19 +2332,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"abitype@npm:0.7.1":
-  version: 0.7.1
-  resolution: "abitype@npm:0.7.1"
-  peerDependencies:
-    typescript: ">=4.9.4"
-    zod: ^3 >=3.19.1
-  peerDependenciesMeta:
-    zod:
-      optional: true
-  checksum: 10/deee4a18c9c7218ab2e5e57e07e4cb3e2f3e785657be364d098ab0587cd552c4fbb41e1bdddbc6fa52387f51ebd181461fe70a13127cc77091655775fdfb18fe
-  languageName: node
-  linkType: hard
-
 "abort-controller@npm:^3.0.0":
   version: 3.0.0
   resolution: "abort-controller@npm:3.0.0"
@@ -3138,7 +3128,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"crc-32@npm:^1.2.0, crc-32@npm:^1.2.2":
+"crc-32@npm:^1.2.0":
   version: 1.2.2
   resolution: "crc-32@npm:1.2.2"
   bin:
@@ -3198,15 +3188,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"cross-fetch@npm:^4.0.0":
-  version: 4.0.0
-  resolution: "cross-fetch@npm:4.0.0"
-  dependencies:
-    node-fetch: "npm:^2.6.12"
-  checksum: 10/e231a71926644ef122d334a3a4e73d9ba3ba4b480a8a277fb9badc434c1ba905b3d60c8034e18b348361a09afbec40ba9371036801ba2b675a7b84588f9f55d8
-  languageName: node
-  linkType: hard
-
 "cross-spawn@npm:^7.0.0, cross-spawn@npm:^7.0.2, cross-spawn@npm:^7.0.3":
   version: 7.0.3
   resolution: "cross-spawn@npm:7.0.3"
@@ -4157,13 +4138,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"eventemitter3@npm:^5.0.1":
-  version: 5.0.1
-  resolution: "eventemitter3@npm:5.0.1"
-  checksum: 10/ac6423ec31124629c84c7077eed1e6987f6d66c31cf43c6fcbf6c87791d56317ce808d9ead483652436df171b526fc7220eccdc9f3225df334e81582c3cf7dd5
-  languageName: node
-  linkType: hard
-
 "evp_bytestokey@npm:^1.0.3":
   version: 1.0.3
   resolution: "evp_bytestokey@npm:1.0.3"
@@ -4903,16 +4877,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"is-arguments@npm:^1.0.4":
-  version: 1.1.1
-  resolution: "is-arguments@npm:1.1.1"
-  dependencies:
-    call-bind: "npm:^1.0.2"
-    has-tostringtag: "npm:^1.0.0"
-  checksum: 10/a170c7e26082e10de9be6e96d32ae3db4d5906194051b792e85fae3393b53cf2cb5b3557863e5c8ccbab55e2fd8f2f75aa643d437613f72052cf0356615c34be
-  languageName: node
-  linkType: hard
-
 "is-array-buffer@npm:^3.0.4":
   version: 3.0.4
   resolution: "is-array-buffer@npm:3.0.4"
@@ -5011,15 +4975,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"is-generator-function@npm:^1.0.7":
-  version: 1.0.10
-  resolution: "is-generator-function@npm:1.0.10"
-  dependencies:
-    has-tostringtag: "npm:^1.0.0"
-  checksum: 10/499a3ce6361064c3bd27fbff5c8000212d48506ebe1977842bbd7b3e708832d0deb1f4cc69186ece3640770e8c4f1287b24d99588a0b8058b2dbdd344bc1f47f
-  languageName: node
-  linkType: hard
-
 "is-glob@npm:^4.0.0, is-glob@npm:^4.0.1, is-glob@npm:^4.0.3":
   version: 4.0.3
   resolution: "is-glob@npm:4.0.3"
@@ -5124,7 +5079,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"is-typed-array@npm:^1.1.13, is-typed-array@npm:^1.1.3":
+"is-typed-array@npm:^1.1.13":
   version: 1.1.13
   resolution: "is-typed-array@npm:1.1.13"
   dependencies:
@@ -5163,15 +5118,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"isomorphic-ws@npm:^5.0.0":
-  version: 5.0.0
-  resolution: "isomorphic-ws@npm:5.0.0"
-  peerDependencies:
-    ws: "*"
-  checksum: 10/e20eb2aee09ba96247465fda40c6d22c1153394c0144fa34fe6609f341af4c8c564f60ea3ba762335a7a9c306809349f9b863c8beedf2beea09b299834ad5398
-  languageName: node
-  linkType: hard
-
 "istanbul-lib-coverage@npm:^3.0.0, istanbul-lib-coverage@npm:^3.2.0":
   version: 3.2.2
   resolution: "istanbul-lib-coverage@npm:3.2.2"
@@ -6335,7 +6281,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"node-fetch@npm:^2.6.12, node-fetch@npm:^2.7.0":
+"node-fetch@npm:^2.7.0":
   version: 2.7.0
   resolution: "node-fetch@npm:2.7.0"
   dependencies:
@@ -8000,19 +7946,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"util@npm:^0.12.5":
-  version: 0.12.5
-  resolution: "util@npm:0.12.5"
-  dependencies:
-    inherits: "npm:^2.0.3"
-    is-arguments: "npm:^1.0.4"
-    is-generator-function: "npm:^1.0.7"
-    is-typed-array: "npm:^1.1.3"
-    which-typed-array: "npm:^1.1.2"
-  checksum: 10/61a10de7753353dd4d744c917f74cdd7d21b8b46379c1e48e1c4fd8e83f8190e6bd9978fc4e5102ab6a10ebda6019d1b36572fa4a325e175ec8b789a121f6147
-  languageName: node
-  linkType: hard
-
 "uuid@npm:^8.3.2":
   version: 8.3.2
   resolution: "uuid@npm:8.3.2"
@@ -8086,257 +8019,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"web3-core@npm:^4.3.0, web3-core@npm:^4.3.2":
-  version: 4.3.2
-  resolution: "web3-core@npm:4.3.2"
-  dependencies:
-    web3-errors: "npm:^1.1.4"
-    web3-eth-accounts: "npm:^4.1.0"
-    web3-eth-iban: "npm:^4.0.7"
-    web3-providers-http: "npm:^4.1.0"
-    web3-providers-ipc: "npm:^4.0.7"
-    web3-providers-ws: "npm:^4.0.7"
-    web3-types: "npm:^1.3.1"
-    web3-utils: "npm:^4.1.0"
-    web3-validator: "npm:^2.0.3"
-  dependenciesMeta:
-    web3-providers-ipc:
-      optional: true
-  checksum: 10/270351475dcb1438022be1edaee8efe59a9eb976ab61ca10c0b9512b4abab6d5976fe720daab6924a495179702f2008856f19788de272e6a039cb96e0a6184e7
-  languageName: node
-  linkType: hard
-
-"web3-errors@npm:^1.1.3, web3-errors@npm:^1.1.4":
-  version: 1.1.4
-  resolution: "web3-errors@npm:1.1.4"
-  dependencies:
-    web3-types: "npm:^1.3.1"
-  checksum: 10/b0773a7df2338efc624963e55719894386303703ce393e5ce677fef0c7b4a5293556530386577010f1086a9fa7534346b83c4fc014e79c1107950e20a047b2f2
-  languageName: node
-  linkType: hard
-
-"web3-eth-abi@npm:^4.2.0":
-  version: 4.2.0
-  resolution: "web3-eth-abi@npm:4.2.0"
-  dependencies:
-    abitype: "npm:0.7.1"
-    web3-errors: "npm:^1.1.4"
-    web3-types: "npm:^1.3.1"
-    web3-utils: "npm:^4.1.1"
-    web3-validator: "npm:^2.0.4"
-  checksum: 10/df903dad3b41932a60504d7c532c515b47bb44bd2d338118633ecc69ffe74122fe0346fc6047cdd623eae3c9382b2fabe41156115cfafa4701616bba6577a6dd
-  languageName: node
-  linkType: hard
-
-"web3-eth-accounts@npm:^4.1.0, web3-eth-accounts@npm:^4.1.1":
-  version: 4.1.1
-  resolution: "web3-eth-accounts@npm:4.1.1"
-  dependencies:
-    "@ethereumjs/rlp": "npm:^4.0.1"
-    crc-32: "npm:^1.2.2"
-    ethereum-cryptography: "npm:^2.0.0"
-    web3-errors: "npm:^1.1.4"
-    web3-types: "npm:^1.3.1"
-    web3-utils: "npm:^4.1.1"
-    web3-validator: "npm:^2.0.4"
-  checksum: 10/059f0d030908c239ca15a45ecb0c6620ece6b636da42236104f133be15612660cdb1d5d9286cb0a8ba3a36bf57a9d98047ed21f5d6c1d093edee180e62e45230
-  languageName: node
-  linkType: hard
-
-"web3-eth-contract@npm:^4.3.0":
-  version: 4.3.0
-  resolution: "web3-eth-contract@npm:4.3.0"
-  dependencies:
-    web3-core: "npm:^4.3.2"
-    web3-errors: "npm:^1.1.4"
-    web3-eth: "npm:^4.5.0"
-    web3-eth-abi: "npm:^4.2.0"
-    web3-types: "npm:^1.5.0"
-    web3-utils: "npm:^4.2.2"
-    web3-validator: "npm:^2.0.5"
-  checksum: 10/6e59f692ce2014c0051a20a2eff54db23f87b8a363ccd2e51398b5973b18573b040412473831fa352522f4036bdcae3b12aa609ad41f0c2cd6db3b40edce72b2
-  languageName: node
-  linkType: hard
-
-"web3-eth-ens@npm:^4.2.0":
-  version: 4.2.0
-  resolution: "web3-eth-ens@npm:4.2.0"
-  dependencies:
-    "@adraffy/ens-normalize": "npm:^1.8.8"
-    web3-core: "npm:^4.3.2"
-    web3-errors: "npm:^1.1.4"
-    web3-eth: "npm:^4.5.0"
-    web3-eth-contract: "npm:^4.3.0"
-    web3-net: "npm:^4.0.7"
-    web3-types: "npm:^1.5.0"
-    web3-utils: "npm:^4.2.2"
-    web3-validator: "npm:^2.0.5"
-  checksum: 10/11ef66b0442139acdb888767890e6d1d202d4c93feaec28d1d37cc63229ba91c90a26bf0322f8a68fac0aeeef2fe4a98d97df3d2b6b9b7cff6d29ef18a9eed98
-  languageName: node
-  linkType: hard
-
-"web3-eth-iban@npm:^4.0.7":
-  version: 4.0.7
-  resolution: "web3-eth-iban@npm:4.0.7"
-  dependencies:
-    web3-errors: "npm:^1.1.3"
-    web3-types: "npm:^1.3.0"
-    web3-utils: "npm:^4.0.7"
-    web3-validator: "npm:^2.0.3"
-  checksum: 10/9d7521b4d4aef3a0d697905c7859d8e4d7ce82234320beecba9b24d254592a7ccf0354f329289b4e11a816fcbe3eceb842c4c87678f5e8ec622c8351bc1b9170
-  languageName: node
-  linkType: hard
-
-"web3-eth-personal@npm:^4.0.8":
-  version: 4.0.8
-  resolution: "web3-eth-personal@npm:4.0.8"
-  dependencies:
-    web3-core: "npm:^4.3.0"
-    web3-eth: "npm:^4.3.1"
-    web3-rpc-methods: "npm:^1.1.3"
-    web3-types: "npm:^1.3.0"
-    web3-utils: "npm:^4.0.7"
-    web3-validator: "npm:^2.0.3"
-  checksum: 10/6e9ab6298a3469e37bcf8930136673b3eff3ac95a763b5b924cda0861326508a12902c9b53d443057ea9c64b12b0b1ed9b66f3a0031b74746605010880d0fc7c
-  languageName: node
-  linkType: hard
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-"web3-eth@npm:^4.3.1, web3-eth@npm:^4.5.0":
-  version: 4.5.0
-  resolution: "web3-eth@npm:4.5.0"
-  dependencies:
-    setimmediate: "npm:^1.0.5"
-    web3-core: "npm:^4.3.2"
-    web3-errors: "npm:^1.1.4"
-    web3-eth-abi: "npm:^4.2.0"
-    web3-eth-accounts: "npm:^4.1.1"
-    web3-net: "npm:^4.0.7"
-    web3-providers-ws: "npm:^4.0.7"
-    web3-rpc-methods: "npm:^1.2.0"
-    web3-types: "npm:^1.5.0"
-    web3-utils: "npm:^4.2.1"
-    web3-validator: "npm:^2.0.4"
-  checksum: 10/9ebd0da1c8ebb08868536bbedefb280af62b0512fc98a9a5115f86b6b4da7a4d97f4ad82e0b2683c1a61dfbc1fafba70a589bc790e05de857a951445d9a83509
-  languageName: node
-  linkType: hard
-
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