diff --git a/local.env b/local.env
index 99197c967..c96593f31 100644
--- a/local.env
+++ b/local.env
@@ -9,5 +9,5 @@ OPERATOR_KEY_A= 302e020100300506032b65700422042091132178e72057a1d7528025956fe39b
 HEX_PRIVATE_KEY_A= 0x2e1d968b041d84dd120a5860cee60cd83f9374ef527ca86996317ada3d0d03e7
 HEX_PRIVATE_KEY_B= 0x45a5a7108a18dd5013cf2d5857a28144beadc9c70b3bdbd914e38df4e804b8d8
 RETRY_DELAY=3000 # ms
-MAX_RETRY=10
+MAX_RETRY=20
 
diff --git a/package-lock.json b/package-lock.json
index b9d5e4949..2a8823440 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,12 +1,12 @@
 {
   "name": "@hashgraph/smart-contracts",
-  "version": "0.5.0-SNAPSHOT",
+  "version": "0.5.0-rc1",
   "lockfileVersion": 3,
   "requires": true,
   "packages": {
     "": {
       "name": "@hashgraph/smart-contracts",
-      "version": "0.5.0-SNAPSHOT",
+      "version": "0.5.0-rc1",
       "license": "Apache-2.0",
       "dependencies": {
         "@nomicfoundation/solidity-analyzer": "^0.1.0",
@@ -1146,9 +1146,9 @@
       }
     },
     "node_modules/@hashgraph/sdk": {
-      "version": "2.33.0",
-      "resolved": "https://registry.npmjs.org/@hashgraph/sdk/-/sdk-2.33.0.tgz",
-      "integrity": "sha512-yMymQ9DrVGaa0DdnWZ9HhJ/9lr1MAGYDPOwzgixUzzoyJ23D5tYpigHIBrjQJZr2E59dZwuB1G57l/Y8W+RDjg==",
+      "version": "2.34.1",
+      "resolved": "https://registry.npmjs.org/@hashgraph/sdk/-/sdk-2.34.1.tgz",
+      "integrity": "sha512-Azrk3JKtCR7JOAAfp+fVdryYc7Ja/cRHcxHg9X1bkRxsAHrQKuQpwEiJRFsz182pmhRyzFPdSmYraZLvlUNHEg==",
       "dev": true,
       "dependencies": {
         "@ethersproject/abi": "^5.7.0",
@@ -1173,7 +1173,7 @@
         "node": ">=10.17.0"
       },
       "peerDependencies": {
-        "expo": "^45.0.3"
+        "expo": "^49.0.10"
       },
       "peerDependenciesMeta": {
         "expo": {
@@ -3363,9 +3363,9 @@
       }
     },
     "node_modules/@smithy/types": {
-      "version": "2.3.1",
-      "resolved": "https://registry.npmjs.org/@smithy/types/-/types-2.3.1.tgz",
-      "integrity": "sha512-cS48e4Yawb6pGakj7DBJUIPFIkqnUWyXTe2ndPRNagD73b6kEJqTc8bhTyfUve0A+sijK256UKE0J1juAfCeDA==",
+      "version": "2.3.2",
+      "resolved": "https://registry.npmjs.org/@smithy/types/-/types-2.3.2.tgz",
+      "integrity": "sha512-iH0cdKi7HQlzfAM3w2shFk/qZYKAqJWswtpmQpPtlruF+uFZeGEpMJjgDRyhWiddfVM4e2oP4nMaOBsMy6lXgg==",
       "dev": true,
       "dependencies": {
         "tslib": "^2.5.0"
@@ -3391,9 +3391,9 @@
       }
     },
     "node_modules/@types/bn.js": {
-      "version": "5.1.1",
-      "resolved": "https://registry.npmjs.org/@types/bn.js/-/bn.js-5.1.1.tgz",
-      "integrity": "sha512-qNrYbZqMx0uJAfKnKclPh+dTwK33KfLHYqtyODwd5HnXOjnkhc4qgn3BrK6RWyGZm5+sIFE7Q7Vz6QQtJB7w7g==",
+      "version": "5.1.2",
+      "resolved": "https://registry.npmjs.org/@types/bn.js/-/bn.js-5.1.2.tgz",
+      "integrity": "sha512-dkpZu0szUtn9UXTmw+e0AJFd4D2XAxDnsCLdc05SfqpqzPEBft8eQr8uaFitfo/dUUOZERaLec2hHMG87A4Dxg==",
       "dev": true,
       "dependencies": {
         "@types/node": "*"
@@ -3427,9 +3427,9 @@
       "dev": true
     },
     "node_modules/@types/node": {
-      "version": "20.6.0",
-      "resolved": "https://registry.npmjs.org/@types/node/-/node-20.6.0.tgz",
-      "integrity": "sha512-najjVq5KN2vsH2U/xyh2opaSEz6cZMR2SetLIlxlj08nOcmPOemJmUK2o4kUzfLqfrWE0PIrNeE16XhYDd3nqg==",
+      "version": "20.6.2",
+      "resolved": "https://registry.npmjs.org/@types/node/-/node-20.6.2.tgz",
+      "integrity": "sha512-Y+/1vGBHV/cYk6OI1Na/LHzwnlNCAfU3ZNGrc1LdRe/LAIbdDPTTv/HU3M7yXN448aTVDq3eKRm2cg7iKLb8gw==",
       "dev": true
     },
     "node_modules/@types/pbkdf2": {
diff --git a/package.json b/package.json
index 73f75f46c..89c15603f 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@hashgraph/smart-contracts",
-  "version": "0.5.0-SNAPSHOT",
+  "version": "0.5.0-rc1",
   "description": "Hedera Smart Contract Service supporting files",
   "files": [
     "/contracts/**/*.sol",