diff --git a/.github/workflows/buf-pull-request.yml b/.github/workflows/buf-pull-request.yml
index 37ca86722e..6772e52e04 100644
--- a/.github/workflows/buf-pull-request.yml
+++ b/.github/workflows/buf-pull-request.yml
@@ -26,10 +26,10 @@ jobs:
         shell: bash
         run: |
           cd proto/penumbra
-          buf mod update
+          buf dep update
           s="$(git status --porcelain)"
           if [[ -n "$s" ]]; then
-              echo "ERROR: run 'buf mod update' to synchronize buf.lock"
+              echo "ERROR: run 'buf dep update' to synchronize buf.lock"
               echo "$s"
               exit 1
           else
diff --git a/deployments/scripts/protobuf-codegen b/deployments/scripts/protobuf-codegen
index 5c16ebd908..2765293cb0 100755
--- a/deployments/scripts/protobuf-codegen
+++ b/deployments/scripts/protobuf-codegen
@@ -16,7 +16,7 @@ done
 echo "Pulling proto dependencies from BSR..."
 pushd "${repo_root}/proto/"
 # Make sure the lockfile is up to date.
-buf mod update penumbra
+buf dep update penumbra
 
 # Pull our vendored cosmos/IBC proto defs so we can get reflection for service definitions.
 # The penumbra dependencies will override some of these.
diff --git a/docs/guide/src/dev/protobuf.md b/docs/guide/src/dev/protobuf.md
index 57b87b4aa4..0ac194a9dc 100644
--- a/docs/guide/src/dev/protobuf.md
+++ b/docs/guide/src/dev/protobuf.md
@@ -36,7 +36,7 @@ The `buf` tool is required to update lockfiles used for version management in
 the [Buf Schema Registry](https://buf.build/penumbra-zone/penumbra). Visit
 the [buf download page](https://buf.build/docs/installation/) to obtain a version.
 After installing, run `buf --version` and confirm you're running at least
-`1.27.0` (or newer).
+`1.32.0` (or newer).
 
 ## Building protos
 
@@ -62,7 +62,7 @@ We should review these deps periodically and bump them, as we would any other de
 ```shell
 cd proto/penumbra
 # edit buf.yaml to remove the tags, i.e. suffix `:<tag>`
-buf mod update
+buf dep update
 ```
 
 Then commit and PR in the results.
diff --git a/proto/buf.gen.yaml b/proto/buf.gen.yaml
index 086c2eec93..171c86699b 100644
--- a/proto/buf.gen.yaml
+++ b/proto/buf.gen.yaml
@@ -1,11 +1,13 @@
-version: v1
+version: v2
 managed:
   enabled: true
-  go_package_prefix:
-    default: github.com/penumbra-zone/penumbra/proto/go/gen
-    except:
-      - buf.build/cosmos/ibc
+  disable:
+    - file_option: go_package
+      module: buf.build/cosmos/ibc
+  override:
+    - file_option: go_package_prefix
+      value: github.com/penumbra-zone/penumbra/proto/go/gen
 plugins:
-  - plugin: buf.build/protocolbuffers/go
+  - remote: buf.build/protocolbuffers/go
     out: go/gen
     opt: paths=source_relative
diff --git a/proto/buf.lock b/proto/buf.lock
new file mode 100644
index 0000000000..a29f6d366e
--- /dev/null
+++ b/proto/buf.lock
@@ -0,0 +1,21 @@
+# Generated by buf. DO NOT EDIT.
+version: v2
+deps:
+  - name: buf.build/cosmos/cosmos-proto
+    commit: 1935555c206d4afb9e94615dfd0fad31
+    digest: b5:0a29584117fe6433fa593d03fbda6b3964ddc59b986cd2277833ee01d4ac215a14b0286241462cd0dee6b460a108823dff5c7c42c9c1f4f7df861fcfa4bbebdf
+  - name: buf.build/cosmos/cosmos-sdk
+    commit: e7a85cef453e4b999ad9aff8714ae05f
+    digest: b5:78173376f272d38369c9e503118643f068b44a4f48c268a4a4e7af5a35807364ba52397ff5ed72e1ce18042df0d7cd757e7f862d429ccb844bd8bd7f8d0ab72b
+  - name: buf.build/cosmos/gogo-proto
+    commit: 34d970b699f84aa382f3c29773a60836
+    digest: b5:15d77a039fd9ab81ffb28ce9601eeb687840474dd11cf645341d50c1bba7f70b01acdf0e9781d09d42d0e4bcb720eac96451827b6cf24146e2a6b2bb3d65a96c
+  - name: buf.build/cosmos/ibc
+    commit: 7ab44ae956a0488ea04e04511efa5f70
+    digest: b5:17407a9bf53b990c5d362bc9bd357931aeb8516c1393b1de79823e09bcecc3c8217e0546d5be897599da6a60499bdda1bcf950eca6c4bad4209b98c937e725f1
+  - name: buf.build/cosmos/ics23
+    commit: 55085f7c710a45f58fa09947208eb70b
+    digest: b5:ab3cb4080c6974b1dd378d3e5602ae86ab7396dff1f4f25c5298c9827519ef0329e4be0e4f5f2d8cf61b1925f0c627cdfcf64955414c453036be05cab56994f0
+  - name: buf.build/googleapis/googleapis
+    commit: 75b4300737fb4efca0831636be94e517
+    digest: b5:d227a018d00bd477f62a1b3f394c87c142f7429b8bf046f7d5e6a1bb3d0e5293a96491d50825983683c295f038cdace614d258a083baa5f766985c9e618c5d2a
diff --git a/proto/buf.work.yaml b/proto/buf.work.yaml
deleted file mode 100644
index 7c61c8468d..0000000000
--- a/proto/buf.work.yaml
+++ /dev/null
@@ -1,3 +0,0 @@
-version: v1
-directories:
-  - penumbra
diff --git a/proto/buf.yaml b/proto/buf.yaml
new file mode 100644
index 0000000000..805f75f7e8
--- /dev/null
+++ b/proto/buf.yaml
@@ -0,0 +1,20 @@
+version: v2
+modules:
+  - path: penumbra
+    name: buf.build/penumbra-zone/penumbra
+deps:
+  - buf.build/cosmos/cosmos-sdk:e7a85cef453e4b999ad9aff8714ae05f
+  - buf.build/cosmos/ibc:7ab44ae956a0488ea04e04511efa5f70
+lint:
+  use:
+    - DEFAULT
+  except:
+    - FIELD_NOT_REQUIRED
+    - PACKAGE_NO_IMPORT_CYCLE
+  disallow_comment_ignores: true
+breaking:
+  use:
+    - FILE
+  except:
+    - EXTENSION_NO_DELETE
+    - FIELD_SAME_DEFAULT
diff --git a/proto/penumbra/buf.lock b/proto/penumbra/buf.lock
deleted file mode 100644
index 10a3ab205e..0000000000
--- a/proto/penumbra/buf.lock
+++ /dev/null
@@ -1,33 +0,0 @@
-# Generated by buf. DO NOT EDIT.
-version: v1
-deps:
-  - remote: buf.build
-    owner: cosmos
-    repository: cosmos-proto
-    commit: 1935555c206d4afb9e94615dfd0fad31
-    digest: shake256:c74d91a3ac7ae07d579e90eee33abf9b29664047ac8816500cf22c081fec0d72d62c89ce0bebafc1f6fec7aa5315be72606717740ca95007248425102c365377
-  - remote: buf.build
-    owner: cosmos
-    repository: cosmos-sdk
-    commit: e7a85cef453e4b999ad9aff8714ae05f
-    digest: shake256:bc5f340b60991981d8aabefcc9c706780e25fa0d3ab7e1d9a3e75559f45c80038a913d05aa51928ad8dfebeee75feea1dc6e0e7a6311302e60c42fb3596ee262
-  - remote: buf.build
-    owner: cosmos
-    repository: gogo-proto
-    commit: 34d970b699f84aa382f3c29773a60836
-    digest: shake256:3d3bee5229ba579e7d19ffe6e140986a228b48a8c7fe74348f308537ab95e9135210e81812489d42cd8941d33ff71f11583174ccc5972e86e6112924b6ce9f04
-  - remote: buf.build
-    owner: cosmos
-    repository: ibc
-    commit: 7ab44ae956a0488ea04e04511efa5f70
-    digest: shake256:95cc5472ddf692d23654b7e5adfd79149469dcc90657f9a1f80ee3fea8af639cff59cd849efca0567d270118eea7c7ff2f7e60c562545bace410b8eece27577e
-  - remote: buf.build
-    owner: cosmos
-    repository: ics23
-    commit: 55085f7c710a45f58fa09947208eb70b
-    digest: shake256:9bf0bc495b5a11c88d163d39ef521bc4b00bc1374a05758c91d82821bdc61f09e8c2c51dda8452529bf80137f34d852561eacbe9550a59015d51cecb0dacb628
-  - remote: buf.build
-    owner: googleapis
-    repository: googleapis
-    commit: 75b4300737fb4efca0831636be94e517
-    digest: shake256:d865f55b8ceb838c90c28b09894ab43d07f42551108c23760004a6a4e28fe24d3a1f7380a3c9278edb329a338a9cc5db8ad9f394de548e70d534e98504972d67
diff --git a/proto/penumbra/buf.yaml b/proto/penumbra/buf.yaml
deleted file mode 100644
index 3f40887723..0000000000
--- a/proto/penumbra/buf.yaml
+++ /dev/null
@@ -1,18 +0,0 @@
-version: v1
-name: buf.build/penumbra-zone/penumbra
-# We pin versions of the upstream cosmos deps, to avoid the chore of bumping
-# the lockfile regularly, while still detecting uncommitted changes to our
-# protos in CI.
-deps:
-  # https://buf.build/cosmos/ibc/docs/7ab44ae956a0488ea04e04511efa5f70, 2023-09-13
-  - buf.build/cosmos/ibc:7ab44ae956a0488ea04e04511efa5f70
-  # cosmos-sdk 9d547dbea90f47afbe1898388fcebffb, 2023-05-31, breaks the build, requiring
-  # attributes 'extension' and 'extension_signature' on 'proto::tendermint::types::Vote'.
-  # https://buf.build/cosmos/cosmos-sdk/docs/e7a85cef453e4b999ad9aff8714ae05f, 2023-05-22
-  - buf.build/cosmos/cosmos-sdk:e7a85cef453e4b999ad9aff8714ae05f
-breaking:
-  use:
-    - FILE
-lint:
-  use:
-    - DEFAULT