diff --git a/.env.example b/.env.example
index cf13ef583016..ecdfc70044e9 100644
--- a/.env.example
+++ b/.env.example
@@ -11,3 +11,4 @@ USE_WEB_PROXY=false
 USE_WDYR=false
 CAPTURE_METRICS=false
 ONYX_METRICS=false
+ONYX_DEBUG_SET_STATE=false
diff --git a/README.md b/README.md
index 20d4921fc261..c0032837e9a7 100644
--- a/README.md
+++ b/README.md
@@ -94,7 +94,7 @@ variables referenced here get updated since your local `.env` file is ignored.
    see [PERFORMANCE.md](contributingGuides/PERFORMANCE.md#performance-metrics-opt-in-on-local-release-builds) for more information
 - `ONYX_METRICS` (optional) - Set this to `true` to capture even more performance metrics and see them in Flipper
    see [React-Native-Onyx#benchmarks](https://github.com/Expensify/react-native-onyx#benchmarks) for more information
-
+- `ONYX_DEBUG_SET_STATE` (options) - Set this to `true` to generate additional logs about which Onyx-connected components are re-rendering and how the data changed
 ----
 
 # Running the tests
diff --git a/package-lock.json b/package-lock.json
index 7d6fb1e90e88..88e5a9974c26 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -67,7 +67,7 @@
         "react-native-image-picker": "^4.8.5",
         "react-native-image-size": "git+https://github.com/Expensify/react-native-image-size#6b5ab5110dc3ed554f8eafbc38d7d87c17147972",
         "react-native-modal": "^13.0.0",
-        "react-native-onyx": "1.0.17",
+        "react-native-onyx": "1.0.22",
         "react-native-pdf": "^6.6.2",
         "react-native-performance": "^2.0.0",
         "react-native-permissions": "^3.0.1",
@@ -24200,6 +24200,11 @@
       "integrity": "sha512-xJuoT5+L99XlZ8twedaRf6Ax2TgQVxvgZOYoPKqZufmJib0tL2tegPBOZb1pVNgIhlqDlA0eO0c3wBvQcmzx4w==",
       "dev": true
     },
+    "node_modules/fast-equals": {
+      "version": "4.0.3",
+      "resolved": "https://registry.npmjs.org/fast-equals/-/fast-equals-4.0.3.tgz",
+      "integrity": "sha512-G3BSX9cfKttjr+2o1O22tYMLq0DPluZnYtq1rXumE1SpL/F/SLIfHx08WYQoWSIpeMYf8sRbJ8++71+v6Pnxfg=="
+    },
     "node_modules/fast-glob": {
       "version": "3.2.11",
       "resolved": "https://registry.npmjs.org/fast-glob/-/fast-glob-3.2.11.tgz",
@@ -35515,11 +35520,12 @@
       }
     },
     "node_modules/react-native-onyx": {
-      "version": "1.0.17",
-      "resolved": "https://registry.npmjs.org/react-native-onyx/-/react-native-onyx-1.0.17.tgz",
-      "integrity": "sha512-ls2GjURfpBcGnIkwVrg2uuLnTBwd0vrEiUvbMo+GF3k81GAp2flCkVTM7ciAbo155Izk50dm0uXHYq1PIjwTxw==",
+      "version": "1.0.22",
+      "resolved": "https://registry.npmjs.org/react-native-onyx/-/react-native-onyx-1.0.22.tgz",
+      "integrity": "sha512-jg6Y+kc/p9W7NnRXcARrhhDyKemA2gDSYZCsmx5+P7S1nO0fNmGjhBSZULY9r4heEB7xFwQnT+IGgpfwAsUU9A==",
       "dependencies": {
         "ascii-table": "0.0.9",
+        "fast-equals": "^4.0.3",
         "lodash": "^4.17.21",
         "underscore": "^1.13.1"
       },
@@ -61370,6 +61376,11 @@
       "integrity": "sha512-xJuoT5+L99XlZ8twedaRf6Ax2TgQVxvgZOYoPKqZufmJib0tL2tegPBOZb1pVNgIhlqDlA0eO0c3wBvQcmzx4w==",
       "dev": true
     },
+    "fast-equals": {
+      "version": "4.0.3",
+      "resolved": "https://registry.npmjs.org/fast-equals/-/fast-equals-4.0.3.tgz",
+      "integrity": "sha512-G3BSX9cfKttjr+2o1O22tYMLq0DPluZnYtq1rXumE1SpL/F/SLIfHx08WYQoWSIpeMYf8sRbJ8++71+v6Pnxfg=="
+    },
     "fast-glob": {
       "version": "3.2.11",
       "resolved": "https://registry.npmjs.org/fast-glob/-/fast-glob-3.2.11.tgz",
@@ -70130,11 +70141,12 @@
       }
     },
     "react-native-onyx": {
-      "version": "1.0.17",
-      "resolved": "https://registry.npmjs.org/react-native-onyx/-/react-native-onyx-1.0.17.tgz",
-      "integrity": "sha512-ls2GjURfpBcGnIkwVrg2uuLnTBwd0vrEiUvbMo+GF3k81GAp2flCkVTM7ciAbo155Izk50dm0uXHYq1PIjwTxw==",
+      "version": "1.0.22",
+      "resolved": "https://registry.npmjs.org/react-native-onyx/-/react-native-onyx-1.0.22.tgz",
+      "integrity": "sha512-jg6Y+kc/p9W7NnRXcARrhhDyKemA2gDSYZCsmx5+P7S1nO0fNmGjhBSZULY9r4heEB7xFwQnT+IGgpfwAsUU9A==",
       "requires": {
         "ascii-table": "0.0.9",
+        "fast-equals": "^4.0.3",
         "lodash": "^4.17.21",
         "underscore": "^1.13.1"
       }
diff --git a/package.json b/package.json
index 60c7d098af77..99ba78ef9d4c 100644
--- a/package.json
+++ b/package.json
@@ -94,7 +94,7 @@
     "react-native-image-picker": "^4.8.5",
     "react-native-image-size": "git+https://github.com/Expensify/react-native-image-size#6b5ab5110dc3ed554f8eafbc38d7d87c17147972",
     "react-native-modal": "^13.0.0",
-    "react-native-onyx": "1.0.17",
+    "react-native-onyx": "1.0.22",
     "react-native-pdf": "^6.6.2",
     "react-native-performance": "^2.0.0",
     "react-native-permissions": "^3.0.1",
diff --git a/src/CONFIG.js b/src/CONFIG.js
index 4c03fa63c48e..83177a34b48e 100644
--- a/src/CONFIG.js
+++ b/src/CONFIG.js
@@ -70,5 +70,6 @@ export default {
     },
     CAPTURE_METRICS: lodashGet(Config, 'CAPTURE_METRICS', 'false') === 'true',
     ONYX_METRICS: lodashGet(Config, 'ONYX_METRICS', 'false') === 'true',
+    ONYX_DEBUG_SET_STATE: lodashGet(Config, 'ONYX_DEBUG_SET_STATE', 'false') === 'true',
     DEV_PORT: process.env.PORT || 8080,
 };
diff --git a/src/setup/index.js b/src/setup/index.js
index b0d2d7687cc8..e122b8d71a04 100644
--- a/src/setup/index.js
+++ b/src/setup/index.js
@@ -4,6 +4,7 @@ import ONYXKEYS from '../ONYXKEYS';
 import CONST from '../CONST';
 import platformSetup from './platformSetup';
 import * as Metrics from '../libs/Metrics';
+import CONFIG from '../CONFIG';
 
 export default function () {
     /*
@@ -23,6 +24,7 @@ export default function () {
         keys: ONYXKEYS,
         safeEvictionKeys: [ONYXKEYS.COLLECTION.REPORT_ACTIONS],
         captureMetrics: Metrics.canCaptureOnyxMetrics(),
+        debugSetState: CONFIG.ONYX_DEBUG_SET_STATE,
         initialKeyStates: {
 
             // Clear any loading and error messages so they do not appear on app startup