diff --git a/Makefile b/Makefile
index fd2b38e41546..5a1ce0ec4234 100644
--- a/Makefile
+++ b/Makefile
@@ -250,7 +250,7 @@ LIBRARY_PATH := /usr/local/lib
 endif
 
 CPPFLAGS += -DBINTOPKGLIBEXECDIR="\"$(shell sh tools/rel.sh $(bindir) $(pkglibexecdir))\""
-CFLAGS = $(CPPFLAGS) $(CWARNFLAGS) $(CDEBUGFLAGS) $(COPTFLAGS) -I $(CCANDIR) $(EXTERNAL_INCLUDE_FLAGS) -I . -I$(CPATH) $(SQLITE3_CFLAGS) $(POSTGRES_INCLUDE) $(FEATURES) $(COVFLAGS) $(DEV_CFLAGS) -DSHACHAIN_BITS=48 -DJSMN_PARENT_LINKS $(PIE_CFLAGS) $(COMPAT_CFLAGS) $(CSANFLAGS) -DBUILD_ELEMENTS=1
+CFLAGS = $(CPPFLAGS) $(CWARNFLAGS) $(CDEBUGFLAGS) $(COPTFLAGS) -I $(CCANDIR) $(EXTERNAL_INCLUDE_FLAGS) -I . -I$(CPATH) $(SQLITE3_CFLAGS) $(POSTGRES_INCLUDE) $(FEATURES) $(COVFLAGS) $(DEV_CFLAGS) -DSHACHAIN_BITS=48 -DJSMN_PARENT_LINKS $(PIE_CFLAGS) $(COMPAT_CFLAGS) $(CSANFLAGS)
 
 # If CFLAGS is already set in the environment of make (to whatever value, it
 # does not matter) then it would export it to subprocesses with the above value
diff --git a/bitcoin/base58.c b/bitcoin/base58.c
index d1368289d0b9..a3da473a9690 100644
--- a/bitcoin/base58.c
+++ b/bitcoin/base58.c
@@ -47,16 +47,14 @@ static bool from_base58(u8 *version,
 			struct ripemd160 *rmd,
 			const char *base58, size_t base58_len)
 {
-	u8 buf[1 + sizeof(*rmd) + 4];
-	/* Avoid memcheck complaining if decoding resulted in a short value */
-	size_t buflen = sizeof(buf);
-	memset(buf, 0, buflen);
-	char *terminated_base58 = tal_dup_arr(NULL, char, base58, base58_len, 1);
-	terminated_base58[base58_len] = '\0';
+	/* Initialize to avoid memcheck complaining if decoding a short value */
+	u8 buf[1 + sizeof(*rmd) + 4] = { 0 };
+	const size_t buflen = sizeof(buf);
+	const uint32_t flags = BASE58_FLAG_CHECKSUM;
 
 	size_t written = 0;
-	int r = wally_base58_to_bytes(terminated_base58, BASE58_FLAG_CHECKSUM, buf, buflen, &written);
-	tal_free(terminated_base58);
+	int r = wally_base58_n_to_bytes(base58, base58_len, flags,
+					buf, buflen, &written);
 	if (r != WALLY_OK || written > buflen) {
 		return false;
 	}
diff --git a/bitcoin/psbt.c b/bitcoin/psbt.c
index 42a89bfb8ffd..4d010508cd37 100644
--- a/bitcoin/psbt.c
+++ b/bitcoin/psbt.c
@@ -575,37 +575,18 @@ u8 *psbt_make_key(const tal_t *ctx, u8 key_subtype, const u8 *key_data)
 	return key;
 }
 
-static bool wally_map_set_unknown(const tal_t *ctx,
-				  struct wally_map *map,
-				  const u8 *key,
-				  const void *value,
-				  size_t value_len)
+static void map_replace(const tal_t *ctx,
+			struct wally_map *map,
+			const u8 *key,
+			const void *value,
+			size_t value_len)
 {
-	size_t exists_at;
-	struct wally_map_item *item;
-
-	assert(value_len != 0);
-	if (wally_map_find(map, key, tal_bytelen(key), &exists_at) != WALLY_OK)
-		return false;
-
-	/* If not exists, add */
-	if (exists_at == 0) {
-		bool ok;
-		tal_wally_start();
-		ok = wally_map_add(map, key, tal_bytelen(key),
-			      (unsigned char *) memcheck(value, value_len), value_len)
-			== WALLY_OK;
-		tal_wally_end(ctx);
-		return ok;
-	}
-
-	/* Already in map, update entry */
-	item = &map->items[exists_at - 1];
-	tal_resize(&item->value, value_len);
-	memcpy(item->value, memcheck(value, value_len), value_len);
-	item->value_len = value_len;
-
-	return true;
+	const unsigned char *checked_value = memcheck(value, value_len);
+	tal_wally_start();
+	if (wally_map_replace(map, key, tal_bytelen(key),
+			      checked_value, value_len) != WALLY_OK)
+		abort();
+	tal_wally_end(ctx);
 }
 
 void psbt_input_set_unknown(const tal_t *ctx,
@@ -614,48 +595,30 @@ void psbt_input_set_unknown(const tal_t *ctx,
 			    const void *value,
 			    size_t value_len)
 {
-	if (!wally_map_set_unknown(ctx, &in->unknowns, key, value, value_len))
-		abort();
-}
-
-static void *psbt_get_unknown(const struct wally_map *map,
-			      const u8 *key,
-			      size_t *val_len)
-{
-	size_t index;
-
-	if (wally_map_find(map, key, tal_bytelen(key), &index) != WALLY_OK)
-		return NULL;
-
-	/* Zero: item not found. */
-	if (index == 0)
-		return NULL;
-
-	/* ++: item is at this index minus 1 */
-	*val_len = map->items[index - 1].value_len;
-	return map->items[index - 1].value;
+	map_replace(ctx, &in->unknowns, key, value, value_len);
 }
 
 void *psbt_get_lightning(const struct wally_map *map,
 			 const u8 proprietary_type,
 			 size_t *val_len)
 {
-	void *res;
 	u8 *key = psbt_make_key(NULL, proprietary_type, NULL);
-	res = psbt_get_unknown(map, key, val_len);
+	const struct wally_map_item *item;
+	item = wally_map_get(map, key, tal_bytelen(key));
 	tal_free(key);
-	return res;
+	if (!item)
+		return NULL;
+	*val_len = item->value_len;
+	return item->value;
 }
 
-
 void psbt_output_set_unknown(const tal_t *ctx,
 			     struct wally_psbt_output *out,
 			     const u8 *key,
 			     const void *value,
 			     size_t value_len)
 {
-	if (!wally_map_set_unknown(ctx, &out->unknowns, key, value, value_len))
-		abort();
+	map_replace(ctx, &out->unknowns, key, value, value_len);
 }
 
 /* Use the destructor to free the wally_tx */
diff --git a/bitcoin/tx.c b/bitcoin/tx.c
index 1da37ab25856..b42309e766ae 100644
--- a/bitcoin/tx.c
+++ b/bitcoin/tx.c
@@ -302,8 +302,8 @@ void bitcoin_tx_output_set_amount(struct bitcoin_tx *tx, int outnum,
 	wally_psbt_output_set_amount(&tx->psbt->outputs[outnum], satoshis);
 }
 
-const u8 *wally_tx_output_get_script(const tal_t *ctx,
-				     const struct wally_tx_output *output)
+const u8 *cln_wally_tx_output_get_script(const tal_t *ctx,
+					 const struct wally_tx_output *output)
 {
 	if (output->script == NULL) {
 		/* This can happen for coinbase transactions and pegin
@@ -321,7 +321,7 @@ const u8 *bitcoin_tx_output_get_script(const tal_t *ctx,
 	assert(outnum < tx->wtx->num_outputs);
 	output = &tx->wtx->outputs[outnum];
 
-	return wally_tx_output_get_script(ctx, output);
+	return cln_wally_tx_output_get_script(ctx, output);
 }
 
 u8 *bitcoin_tx_output_get_witscript(const tal_t *ctx, const struct bitcoin_tx *tx,
diff --git a/bitcoin/tx.h b/bitcoin/tx.h
index c9abeb530f8b..eb6bfc6de131 100644
--- a/bitcoin/tx.h
+++ b/bitcoin/tx.h
@@ -156,8 +156,8 @@ const u8 *bitcoin_tx_output_get_script(const tal_t *ctx, const struct bitcoin_tx
  * comfort of being able to call `tal_bytelen` and similar on a script we just
  * return a `tal_arr` clone of the original script.
  */
-const u8 *wally_tx_output_get_script(const tal_t *ctx,
-				     const struct wally_tx_output *output);
+const u8 *cln_wally_tx_output_get_script(const tal_t *ctx,
+					 const struct wally_tx_output *output);
 /**
  * Helper to get a witness script for an output.
  */
diff --git a/bitcoin/tx_parts.c b/bitcoin/tx_parts.c
index 970e489f8c72..4e7f068fd760 100644
--- a/bitcoin/tx_parts.c
+++ b/bitcoin/tx_parts.c
@@ -48,31 +48,6 @@ static void destroy_wally_tx_output(struct wally_tx_output *out)
 	wally_tx_output_free(out);
 }
 
-static struct wally_tx_output *clone_output(const struct wally_tx_output *src)
-{
-	struct wally_tx_output *out;
-	int ret;
-
-	if (is_elements(chainparams)) {
-		ret = wally_tx_elements_output_init_alloc
-			(src->script, src->script_len,
-			 src->asset, src->asset_len,
-			 src->value, src->value_len,
-			 src->nonce, src->nonce_len,
-			 src->surjectionproof, src->surjectionproof_len,
-			 src->rangeproof, src->rangeproof_len,
-			 &out);
-	} else {
-		ret = wally_tx_output_init_alloc(src->satoshi,
-						 src->script, src->script_len,
-						 &out);
-	}
-	assert(ret == WALLY_OK);
-
-	tal_add_destructor(out, destroy_wally_tx_output);
-	return out;
-}
-
 struct tx_parts *tx_parts_from_wally_tx(const tal_t *ctx,
 					const struct wally_tx *wtx,
 					int input, int output)
@@ -93,7 +68,10 @@ struct tx_parts *tx_parts_from_wally_tx(const tal_t *ctx,
 	for (size_t i = 0; i < wtx->num_outputs; i++) {
 		if (output != -1 && output != i)
 			continue;
-		txp->outputs[i] = clone_output(&wtx->outputs[i]);
+		if (wally_tx_output_clone_alloc(&wtx->outputs[i],
+						&txp->outputs[i]) != WALLY_OK)
+			abort();
+		tal_add_destructor(txp->outputs[i], destroy_wally_tx_output);
 
 		/* Cheat a bit by also setting the numeric satoshi
 		 * value, otherwise we end up converting a
diff --git a/common/interactivetx.c b/common/interactivetx.c
index 3442d8526537..9c249e64696f 100644
--- a/common/interactivetx.c
+++ b/common/interactivetx.c
@@ -84,7 +84,7 @@ static bool is_segwit_output(const tal_t *ctx,
 	if (tal_bytelen(redeemscript) > 0)
 		maybe_witness = redeemscript;
 	else
-		maybe_witness = wally_tx_output_get_script(ctx, output);
+		maybe_witness = cln_wally_tx_output_get_script(ctx, output);
 
 	return is_known_segwit_scripttype(maybe_witness);
 }
diff --git a/common/psbt_open.c b/common/psbt_open.c
index f5af7f67fbb7..a5eb44420ed8 100644
--- a/common/psbt_open.c
+++ b/common/psbt_open.c
@@ -396,7 +396,7 @@ bool psbt_has_required_fields(struct wally_psbt *psbt)
 		/* If is P2SH, redeemscript must be present */
 		assert(psbt->inputs[i].index < input->utxo->num_outputs);
 		const u8 *outscript =
-			wally_tx_output_get_script(tmpctx,
+			cln_wally_tx_output_get_script(tmpctx,
 				&input->utxo->outputs[psbt->inputs[i].index]);
 		redeem_script = wally_map_get_integer(&psbt->inputs[i].psbt_fields, /* PSBT_IN_REDEEM_SCRIPT */ 0x04);
 		if (is_p2sh(outscript, NULL) && (!redeem_script || redeem_script->value_len == 0))
diff --git a/common/setup.c b/common/setup.c
index 8ae05bf4327f..8db367eec9d6 100644
--- a/common/setup.c
+++ b/common/setup.c
@@ -8,21 +8,21 @@
 #include <sodium.h>
 #include <wally_core.h>
 
-static void *wally_tal(size_t size)
+static void *cln_wally_tal(size_t size)
 {
 	assert(wally_tal_ctx);
-	return tal_arr_label(wally_tal_ctx, u8, size, "wally_tal");
+	return tal_arr_label(wally_tal_ctx, u8, size, "cln_wally_tal");
 }
 
-static void wally_free(void *ptr)
+static void cln_wally_free(void *ptr)
 {
 	tal_free(ptr);
 }
 
 static struct wally_operations wally_tal_ops = {
 	.struct_size = sizeof(struct wally_operations),
-	.malloc_fn = wally_tal,
-	.free_fn = wally_free,
+	.malloc_fn = cln_wally_tal,
+	.free_fn = cln_wally_free,
 };
 
 static void *htable_tal(struct htable *ht, size_t len)
diff --git a/external/Makefile b/external/Makefile
index ce8310dbe2ec..2767cc06885d 100644
--- a/external/Makefile
+++ b/external/Makefile
@@ -79,6 +79,10 @@ $(TARGET_DIR)/libsecp256k1.% $(TARGET_DIR)/libwallycore.%: $(TARGET_DIR)/libwall
 	$(MAKE) -C $(TARGET_DIR)/libwally-core-build DESTDIR=$$(pwd)/$(TARGET_DIR) install-exec
 
 # Build libwally-core.
+ifeq ($(DEBUGBUILD),1)
+WALLY_OPTS=--enable-debug
+endif
+
 $(TARGET_DIR)/libwally-core-build/src/libwallycore.% $(TARGET_DIR)/libwally-core-build/src/secp256k1/libsecp256k1.%: $(LIBWALLY_HEADERS) $(LIBSECP_HEADERS)
 	cd external/libwally-core && ./tools/autogen.sh
 	mkdir -p ${TARGET_DIR}/libwally-core-build
@@ -86,15 +90,10 @@ $(TARGET_DIR)/libwally-core-build/src/libwallycore.% $(TARGET_DIR)/libwally-core
 	&& PYTHON_VERSION=3 CFLAGS="-std=c99 $(FUZZFLAGS)" LDFLAGS="$(FUZZFLAGS)" ${TOP}/libwally-core/configure CC="$(CC)" \
 		--enable-static=yes \
 		$(CROSSCOMPILE_OPTS) \
-		--enable-module-recovery \
-		--enable-module-extrakeys \
-		--enable-module-schnorrsig \
-		--enable-elements \
 		--enable-shared=no \
 		--prefix=/ \
 		--libdir=/ \
-		--enable-debug \
-	&& cp src/secp256k1/src/libsecp256k1-config.h ../../libwally-core/src/secp256k1/src/libsecp256k1-config.h \
+		$(WALLY_OPTS) \
 	&& $(MAKE)
 
 # If we tell Make that the above builds both, it runs it twice in
diff --git a/external/libwally-core b/external/libwally-core
index bb4cd3ac802c..6f67467299a0 160000
--- a/external/libwally-core
+++ b/external/libwally-core
@@ -1 +1 @@
-Subproject commit bb4cd3ac802c7beb58f63307c5ed6ca116cf0dd0
+Subproject commit 6f67467299a038f9ceaa12272387a7ce71fd533f
diff --git a/openingd/dualopend.c b/openingd/dualopend.c
index b26b8544b2c6..80ca85f015ee 100644
--- a/openingd/dualopend.c
+++ b/openingd/dualopend.c
@@ -990,7 +990,7 @@ static char *check_balances(const tal_t *ctx,
 
 static bool is_segwit_output(struct wally_tx_output *output)
 {
-	const u8 *script = wally_tx_output_get_script(tmpctx, output);
+	const u8 *script = cln_wally_tx_output_get_script(tmpctx, output);
 	return is_known_segwit_scripttype(script);
 }
 
diff --git a/wallet/wallet.c b/wallet/wallet.c
index 12723c336725..f7af8fea48fd 100644
--- a/wallet/wallet.c
+++ b/wallet/wallet.c
@@ -2725,8 +2725,8 @@ int wallet_extract_owned_outputs(struct wallet *w, const struct wally_tx *wtx,
 		if (!amount_asset_is_main(&asset))
 			continue;
 
-		script = wally_tx_output_get_script(tmpctx,
-						    &wtx->outputs[output]);
+		script = cln_wally_tx_output_get_script(tmpctx,
+							&wtx->outputs[output]);
 		if (!script)
 			continue;