diff --git a/Cargo.lock b/Cargo.lock
index 3831d46865589..f16d27e761196 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -19,9 +19,9 @@ dependencies = [
 
 [[package]]
 name = "addr2line"
-version = "0.12.0"
+version = "0.12.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "456d75cbb82da1ad150c8a9d97285ffcd21c9931dcb11e995903e7d75141b38b"
+checksum = "a49806b9dadc843c61e7c97e72490ad7f7220ae249012fbda9ad0609457c0543"
 dependencies = [
  "gimli",
 ]
@@ -167,28 +167,18 @@ dependencies = [
 
 [[package]]
 name = "backtrace"
-version = "0.3.48"
+version = "0.3.49"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0df2f85c8a2abbe3b7d7e748052fdd9b76a0458fdeb16ad4223f5eca78c7c130"
+checksum = "05100821de9e028f12ae3d189176b41ee198341eb8f369956407fea2f5cc666c"
 dependencies = [
  "addr2line",
- "backtrace-sys",
  "cfg-if",
  "libc",
+ "miniz_oxide",
  "object",
  "rustc-demangle",
 ]
 
-[[package]]
-name = "backtrace-sys"
-version = "0.1.37"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "18fbebbe1c9d1f383a9cc7e8ccdb471b91c8d024ee9c2ca5b5346121fe8b4399"
-dependencies = [
- "cc",
- "libc",
-]
-
 [[package]]
 name = "base-x"
 version = "0.2.6"
@@ -1781,6 +1771,15 @@ dependencies = [
  "unicase",
 ]
 
+[[package]]
+name = "miniz_oxide"
+version = "0.3.7"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "791daaae1ed6889560f8c4359194f56648355540573244a5448a83ba1ecc7435"
+dependencies = [
+ "adler32",
+]
+
 [[package]]
 name = "mio"
 version = "0.6.21"
@@ -2020,9 +2019,9 @@ dependencies = [
 
 [[package]]
 name = "object"
-version = "0.19.0"
+version = "0.20.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9cbca9424c482ee628fa549d9c812e2cd22f1180b9222c9200fdfa6eb31aecb2"
+checksum = "1ab52be62400ca80aa00285d25253d7f7c437b7375c4de678f5405d3afe82ca5"
 
 [[package]]
 name = "once_cell"
diff --git a/Cargo.toml b/Cargo.toml
index 17183392c295b..b9c2471c33222 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -34,6 +34,16 @@ members = [
     "test/test-util",
 ]
 
+[profile.dev.package]
+# Compile the backtrace crate and its dependencies with all optimizations, even
+# in dev builds, since otherwise backtraces can take 20s+ to symbolize. With
+# optimizations enabled, symbolizing a backtrace takes less than 1s.
+addr2line = { opt-level = 3 }
+backtrace = { opt-level = 3 }
+gimli = { opt-level = 3 }
+miniz_oxide = { opt-level = 3 }
+object = { opt-level = 3 }
+
 [profile.release]
 # Emit only the line info tables, not full debug info, in release builds, to
 # substantially reduce the size of the debug info. Line info tables are enough
diff --git a/src/materialized/Cargo.toml b/src/materialized/Cargo.toml
index 37873d08d51d3..4abeb71ed33fa 100644
--- a/src/materialized/Cargo.toml
+++ b/src/materialized/Cargo.toml
@@ -11,7 +11,7 @@ license = "proprietary"
 
 [dependencies]
 async-trait = "0.1.35"
-backtrace = { version = "0.3.48", default-features = false, features = ["coresymbolication", "libbacktrace"] }
+backtrace = { version = "0.3.49" }
 comm = { path = "../comm" }
 compile-time-run = "0.2.8"
 coord = { path = "../coord" }