diff --git a/Dockerfile b/Dockerfile
index eb74e040..d9783702 100644
--- a/Dockerfile
+++ b/Dockerfile
@@ -1,21 +1,79 @@
-FROM rust:1-bullseye as builder
+#
+# cargo-chef
+# We only pay the installation cost once, 
+# it will be cached from the second build onwards
+#
+FROM rust:1-bullseye AS chef 
 
+WORKDIR /app
+
+# cargo binstall provides a low-complexity mechanism for installing rust binaries as an alternative to building from source (via cargo install) or manually downloading packages.
+# This is intended to work with existing CI artifacts and infrastructure, and with minimal overhead for package maintainers.
+RUN --mount=type=cache,target=/usr/local/cargo/registry \
+    --mount=type=cache,target=/app/target \
+    cargo install cargo-binstall 
+
+# cache the dependencies of your Rust project and speed up your Docker builds. 
+RUN --mount=type=cache,target=/usr/local/cargo/registry \
+    --mount=type=cache,target=/app/target \
+    cargo binstall --no-confirm --no-symlinks --secure cargo-chef 
+
+# a next-generation test runner for Rust projects.
+RUN --mount=type=cache,target=/usr/local/cargo/registry \
+    --mount=type=cache,target=/app/target \
+    cargo binstall --no-confirm --no-symlinks --secure cargo-nextest 
+
+#
+# prepare examines your project and builds a recipe that captures the set of information required to build your dependencies.
+# The recipe.json is the equivalent of the Python requirements.txt file - it is the only input required for cargo chef cook, the command that will build out our dependencies:
+#
+FROM chef AS prepare
+COPY . .
+RUN --mount=type=cache,target=/usr/local/cargo/registry \
+    --mount=type=cache,target=/app/target \
+    cargo chef prepare --recipe-path recipe.json
+
+#
+# test and build web3-proxy
+#
+FROM chef AS builder
+
+# foundry is needed to run tests
 ENV PATH /root/.foundry/bin:$PATH
 RUN curl -L https://foundry.paradigm.xyz | bash && foundryup
 
-WORKDIR /usr/src/web3_proxy
-COPY . .
+# copy dependency config from the previous step
+COPY --from=prepare /app/recipe.json recipe.json
+# Build dependencies - this is the caching Docker layer!
+# TODO: if the main app does `codegen-units = 1`, how much time is this actually saving us?
 RUN --mount=type=cache,target=/usr/local/cargo/registry \
-    --mount=type=cache,target=/usr/src/web3_proxy/target \
-    cargo test &&\
+    --mount=type=cache,target=/app/target \
+    cargo chef cook --release --recipe-path recipe.json
+
+# copy the application
+COPY . .
+
+# test the application with cargo-nextest
+ENV CARGO_TERM_COLOR always
+RUN --mount=type=cache,target=/usr/local/cargo/registry \
+    --mount=type=cache,target=/app/target \
+    cargo nextest run
+
+# build the application
+# using the "--release" profile (which install does) is **very** important
+RUN --mount=type=cache,target=/usr/local/cargo/registry \
+    --mount=type=cache,target=/app/target \
     cargo install --locked --no-default-features --root /opt/bin --path ./web3_proxy
 
-FROM debian:bullseye-slim
-
-COPY --from=builder /opt/bin/* /usr/local/bin/
+#
+# We do not need the Rust toolchain to run the binary!
+#
+FROM debian:bullseye-slim AS runtime
 
 ENTRYPOINT ["web3_proxy_cli"]
 CMD [ "--config", "/web3-proxy.toml", "proxyd" ]
 
 # TODO: lower log level when done with prototyping
 ENV RUST_LOG "warn,web3_proxy=debug,web3_proxy_cli=debug"
+
+COPY --from=builder /opt/bin/* /usr/local/bin/