diff --git a/CHANGELOG.md b/CHANGELOG.md
index aa30e2041e..e515016f88 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -24,6 +24,7 @@
 - [cronos#1165](https://github.com/crypto-org-chain/cronos/pull/1165) Icaauth module is not adjusted correctly in ibc-go v7.2.0.
 - [cronos#1163](https://github.com/crypto-org-chain/cronos/pull/1163) Support stateful precompiled contract for ica.
 - [cronos#837](https://github.com/crypto-org-chain/cronos/pull/837) Support stateful precompiled contract for bank.
+- [cronos#1184](https://github.com/crypto-org-chain/cronos/pull/1184) Update ibc-go to `v7.3.1`.
 
 ### Bug Fixes
 
diff --git a/go.mod b/go.mod
index 44135e458d..f65581b887 100644
--- a/go.mod
+++ b/go.mod
@@ -12,9 +12,9 @@ require (
 	github.com/cometbft/cometbft v0.37.3-0.20230920093934-46df7b597e3c
 	github.com/cometbft/cometbft-db v0.8.0
 	github.com/cosmos/cosmos-proto v1.0.0-beta.2
-	github.com/cosmos/cosmos-sdk v0.47.3
+	github.com/cosmos/cosmos-sdk v0.47.5
 	github.com/cosmos/gogoproto v1.4.10
-	github.com/cosmos/ibc-go/v7 v7.2.0
+	github.com/cosmos/ibc-go/v7 v7.3.1-0.20230920070810-c3261472c815
 	github.com/crypto-org-chain/cronos/store v0.0.4
 	github.com/crypto-org-chain/cronos/versiondb v0.0.0-00010101000000-000000000000
 	github.com/ethereum/go-ethereum v1.10.26
@@ -233,7 +233,7 @@ replace (
 	// TODO: remove it: https://github.com/cosmos/cosmos-sdk/issues/13134
 	github.com/dgrijalva/jwt-go => github.com/golang-jwt/jwt/v4 v4.4.2
 	github.com/ethereum/go-ethereum => github.com/evmos/go-ethereum v1.10.26-evmos-rc1
-	github.com/evmos/ethermint => github.com/crypto-org-chain/ethermint v0.6.1-0.20230925010909-716b0754a135
+	github.com/evmos/ethermint => github.com/crypto-org-chain/ethermint v0.6.1-0.20230925072753-4062d0cc2a32
 	// Fix upstream GHSA-h395-qcrw-5vmq and GHSA-3vp4-m3rf-835h vulnerabilities.
 	// TODO Remove it: https://github.com/cosmos/cosmos-sdk/issues/10409
 	github.com/gin-gonic/gin => github.com/gin-gonic/gin v1.9.0
diff --git a/go.sum b/go.sum
index beee47a969..46b6476148 100644
--- a/go.sum
+++ b/go.sum
@@ -452,8 +452,8 @@ github.com/cosmos/gogoproto v1.4.10 h1:QH/yT8X+c0F4ZDacDv3z+xE3WU1P1Z3wQoLMBRJoK
 github.com/cosmos/gogoproto v1.4.10/go.mod h1:3aAZzeRWpAwr+SS/LLkICX2/kDFyaYVzckBDzygIxek=
 github.com/cosmos/iavl v0.21.0-alpha.1.0.20230904092046-df3db2d96583 h1:3Matt7/LjZiZkIBPalYazOZcw2B05Ch14dU5TJyqJEc=
 github.com/cosmos/iavl v0.21.0-alpha.1.0.20230904092046-df3db2d96583/go.mod h1:WO7FyvaZJoH65+HFOsDir7xU9FWk2w9cHXNW1XHcl7A=
-github.com/cosmos/ibc-go/v7 v7.2.0 h1:dx0DLUl7rxdyZ8NiT6UsrbzKOJx/w7s+BOaewFRH6cg=
-github.com/cosmos/ibc-go/v7 v7.2.0/go.mod h1:OOcjKIRku/j1Xs1RgKK0yvKRrJ5iFuZYMetR1n3yMlc=
+github.com/cosmos/ibc-go/v7 v7.3.1-0.20230920070810-c3261472c815 h1:raSo7w7B3IXCb7DZozHWz8ajG7HLWZw9foiyCbEgInI=
+github.com/cosmos/ibc-go/v7 v7.3.1-0.20230920070810-c3261472c815/go.mod h1:wvx4pPBofe5ZdMNV3OFRxSI4auEP5Qfqf8JXLLNV04g=
 github.com/cosmos/ics23/go v0.10.0 h1:iXqLLgp2Lp+EdpIuwXTYIQU+AiHj9mOC2X9ab++bZDM=
 github.com/cosmos/ics23/go v0.10.0/go.mod h1:ZfJSmng/TBNTBkFemHHHj5YY7VAU/MBU980F4VU1NG0=
 github.com/cosmos/keyring v1.2.0 h1:8C1lBP9xhImmIabyXW4c3vFjjLiBdGCmfLUfeZlV1Yo=
@@ -482,8 +482,8 @@ github.com/crypto-org-chain/cometbft-db v0.0.0-20230921030527-0d47d7537e32 h1:Vq
 github.com/crypto-org-chain/cometbft-db v0.0.0-20230921030527-0d47d7537e32/go.mod h1:V32HRAjDsAYLfAT90mk0O9UH+sE7P5apfiCmmmVLt3Q=
 github.com/crypto-org-chain/cosmos-sdk v0.46.0-beta2.0.20230905040840-b3af5590283b h1:d2GOFR3i3BjDlPsmJkp8Gsrt9LK2nq2IVEnE/rMv1Fo=
 github.com/crypto-org-chain/cosmos-sdk v0.46.0-beta2.0.20230905040840-b3af5590283b/go.mod h1:EHwCeN9IXonsjKcjpS12MqeStdZvIdxt3VYXhus3G3c=
-github.com/crypto-org-chain/ethermint v0.6.1-0.20230925010909-716b0754a135 h1:hF+Xu71O4pKb8kvlGRO41qR9dqavoaqg4k1xOKZ0m9k=
-github.com/crypto-org-chain/ethermint v0.6.1-0.20230925010909-716b0754a135/go.mod h1:KtjU2MHMCTcLnAoS9C3U3f+vx4f9HHNQRcOlxXiVDxY=
+github.com/crypto-org-chain/ethermint v0.6.1-0.20230925072753-4062d0cc2a32 h1:A++epzNCr3EY57dnU6UTSDwbCiPD6MjvUKHKSd/PoI8=
+github.com/crypto-org-chain/ethermint v0.6.1-0.20230925072753-4062d0cc2a32/go.mod h1:wnJQyK4n0vShhL+YIAUd7XCzUhgZ9fgG6yJ14n7qefo=
 github.com/crypto-org-chain/gravity-bridge/module/v2 v2.0.1-0.20230825054824-75403cd90c6e h1:rSTc35OBjjCBx47rHPWBCIHNGPbMnEj8f7fNcK2TjVI=
 github.com/crypto-org-chain/gravity-bridge/module/v2 v2.0.1-0.20230825054824-75403cd90c6e/go.mod h1:HBaDqlFjlaXJwVQtA7jHejyaA7xwjXI2o6pU/ccP3tE=
 github.com/cyphar/filepath-securejoin v0.2.3/go.mod h1:aPGpWjXOXUn2NCNjFvBE6aRxGGx79pTxQpKOJNYHHl4=
diff --git a/gomod2nix.toml b/gomod2nix.toml
index d132fee81a..f5bf557fb7 100644
--- a/gomod2nix.toml
+++ b/gomod2nix.toml
@@ -155,8 +155,8 @@ schema = 3
     version = "v0.21.0-alpha.1.0.20230904092046-df3db2d96583"
     hash = "sha256-3Va8Ljq63IXty0oHlRpqfsC6WsMut6TWZ2R+/nYtfTU="
   [mod."github.com/cosmos/ibc-go/v7"]
-    version = "v7.2.0"
-    hash = "sha256-fg+0AykvEMzqRGI5CmqwjQtSIwTyT6RuSDpp12wzReM="
+    version = "v7.3.1-0.20230920070810-c3261472c815"
+    hash = "sha256-x/D64hmU+aOc5sm8RzXMB+8y+530+CCEik/Zpj3Rf9A="
   [mod."github.com/cosmos/ics23/go"]
     version = "v0.10.0"
     hash = "sha256-KYEv727BO/ht63JO02xiKFGFAddg41Ve9l2vSSZZBq0="
@@ -213,8 +213,8 @@ schema = 3
     hash = "sha256-GgcReGsIIuBE2TabDYqDO9sBGogdVr9RSh4arQzdPnE="
     replaced = "github.com/evmos/go-ethereum"
   [mod."github.com/evmos/ethermint"]
-    version = "v0.6.1-0.20230925010909-716b0754a135"
-    hash = "sha256-I4NiYqyR3Cgs4QWrqod9ABCtpU0c5LVlyGr38GNjAxg="
+    version = "v0.6.1-0.20230925072753-4062d0cc2a32"
+    hash = "sha256-8zwdHROHnAVfly2PIaNAfiXfb2fWsTqePaZ58EJtjH4="
     replaced = "github.com/crypto-org-chain/ethermint"
   [mod."github.com/felixge/httpsnoop"]
     version = "v1.0.2"
diff --git a/integration_tests/cosmoscli.py b/integration_tests/cosmoscli.py
index f98104f2aa..7749e5a610 100644
--- a/integration_tests/cosmoscli.py
+++ b/integration_tests/cosmoscli.py
@@ -1315,7 +1315,7 @@ def ica_query_account(self, connid, owner, **kwargs):
             )
         )
 
-    def ica_generate_packet_data(self, tx, memo=None, **kwargs):
+    def ica_generate_packet_data(self, tx, memo=None, encoding="proto3", **kwargs):
         return json.loads(
             self.raw(
                 "tx",
@@ -1323,7 +1323,8 @@ def ica_generate_packet_data(self, tx, memo=None, **kwargs):
                 "host",
                 "generate-packet-data",
                 tx,
-                "--memo" if memo else None,
+                memo=memo,
+                encoding=encoding,
                 home=self.data_dir,
                 **kwargs,
             )
diff --git a/x/cronos/keeper/precompiles/bank.go b/x/cronos/keeper/precompiles/bank.go
index f15162fa90..158f639d00 100644
--- a/x/cronos/keeper/precompiles/bank.go
+++ b/x/cronos/keeper/precompiles/bank.go
@@ -134,11 +134,7 @@ func (bc *BankContract) Run(evm *vm.EVM, contract *vm.Contract, readonly bool) (
 		token := args[0].(common.Address)
 		addr := args[1].(common.Address)
 		// query from storage
-		balance := big.NewInt(0)
-		err = stateDB.ExecuteNativeAction(precompileAddr, nil, func(ctx sdk.Context) error {
-			balance = bc.bankKeeper.GetBalance(ctx, sdk.AccAddress(addr.Bytes()), EVMDenom(token)).Amount.BigInt()
-			return err
-		})
+		balance := bc.bankKeeper.GetBalance(stateDB.CacheContext(), sdk.AccAddress(addr.Bytes()), EVMDenom(token)).Amount.BigInt()
 		return method.Outputs.Pack(balance)
 	case "transfer":
 		if readonly {