diff --git a/packages/did-provider-key/package.json b/packages/did-provider-key/package.json
index 3b2ed34f1..d14630d0a 100644
--- a/packages/did-provider-key/package.json
+++ b/packages/did-provider-key/package.json
@@ -18,9 +18,7 @@
     "@veramo/did-manager": "workspace:^",
     "@veramo/utils": "workspace:^",
     "debug": "^4.3.3",
-    "did-resolver": "^4.1.0",
-    "multicodec": "^3.2.1",
-    "multiformats": "^12.0.1"
+    "did-resolver": "^4.1.0"
   },
   "devDependencies": {
     "@types/debug": "4.1.8",
diff --git a/packages/did-provider-key/src/key-did-provider.ts b/packages/did-provider-key/src/key-did-provider.ts
index 2c42df506..afab45a5f 100644
--- a/packages/did-provider-key/src/key-did-provider.ts
+++ b/packages/did-provider-key/src/key-did-provider.ts
@@ -1,9 +1,7 @@
 import { IAgentContext, IIdentifier, IKey, IKeyManager, IService, RequireOnly } from '@veramo/core-types'
 import { AbstractIdentifierProvider } from '@veramo/did-manager'
-import { hexToBytes } from '@veramo/utils'
+import { bytesToMultibase, hexToBytes } from '@veramo/utils'
 import { computePublicKey } from '@ethersproject/signing-key'
-import { base58btc } from 'multiformats/bases/base58'
-import Multicodec from 'multicodec'
 
 import Debug from 'debug'
 
@@ -11,11 +9,11 @@ const debug = Debug('veramo:did-key:identifier-provider')
 
 type IContext = IAgentContext<IKeyManager>
 type CreateKeyDidOptions = {
-  keyType?: keyof typeof keyOptions
+  keyType?: keyof typeof keyCodecs
   privateKeyHex?: string
 }
 
-const keyOptions = {
+const keyCodecs = {
   Ed25519: 'ed25519-pub',
   X25519: 'x25519-pub',
   Secp256k1: 'secp256k1-pub',
@@ -38,7 +36,7 @@ export class KeyDIDProvider extends AbstractIdentifierProvider {
     { kms, options }: { kms?: string; options?: CreateKeyDidOptions },
     context: IContext,
   ): Promise<Omit<IIdentifier, 'provider'>> {
-    const keyType = (options?.keyType && keyOptions[options?.keyType] && options.keyType) || 'Ed25519'
+    const keyType = (options?.keyType && keyCodecs[options?.keyType] && options.keyType) || 'Ed25519'
     const key = await this.importOrGenerateKey(
       {
         kms: kms || this.defaultKms,
@@ -51,8 +49,7 @@ export class KeyDIDProvider extends AbstractIdentifierProvider {
     )
 
     const publicKeyHex = key.type === 'Secp256k1' ? computePublicKey('0x' + key.publicKeyHex, true) : key.publicKeyHex
-    const multicodecEncoded = Multicodec.addPrefix(keyOptions[keyType], hexToBytes(publicKeyHex))
-    const methodSpecificId: string = base58btc.encode(multicodecEncoded)
+    const methodSpecificId: string = bytesToMultibase(hexToBytes(publicKeyHex), 'base58btc', keyCodecs[keyType])
 
     const identifier: Omit<IIdentifier, 'provider'> = {
       did: 'did:key:' + methodSpecificId,
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index 40c44b18c..6c2968951 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -947,12 +947,6 @@ importers:
       did-resolver:
         specifier: ^4.1.0
         version: 4.1.0
-      multicodec:
-        specifier: ^3.2.1
-        version: 3.2.1
-      multiformats:
-        specifier: ^12.0.1
-        version: 12.0.1
     devDependencies:
       '@types/debug':
         specifier: 4.1.8
@@ -981,12 +975,6 @@ importers:
       did-resolver:
         specifier: ^4.1.0
         version: 4.1.0
-      multicodec:
-        specifier: ^3.2.1
-        version: 3.2.1
-      multiformats:
-        specifier: ^12.0.1
-        version: 12.0.1
     devDependencies:
       '@types/debug':
         specifier: 4.1.8
@@ -1431,6 +1419,9 @@ importers:
       '@veramo/did-provider-key':
         specifier: workspace:*
         version: link:../did-provider-key
+      '@veramo/did-provider-peer':
+        specifier: workspace:^
+        version: link:../did-provider-peer
       '@veramo/did-provider-pkh':
         specifier: workspace:*
         version: link:../did-provider-pkh
@@ -19545,14 +19536,6 @@ packages:
       thunky: 1.1.0
     dev: true
 
-  /multicodec@3.2.1:
-    resolution: {integrity: sha512-+expTPftro8VAW8kfvcuNNNBgb9gPeNYV9dn+z1kJRWF2vih+/S79f2RVeIwmrJBUJ6NT9IUPWnZDQvegEh5pw==}
-    deprecated: This module has been superseded by the multiformats module
-    dependencies:
-      uint8arrays: 3.1.1
-      varint: 6.0.0
-    dev: false
-
   /multiformats@12.0.1:
     resolution: {integrity: sha512-s01wijBJoDUqESWSzePY0lvTw7J3PVO9x2Cc6ASI5AMZM2Gnhh7BC17+nlFhHKU7dDzaCaRfb+NiqNzOsgPUoQ==}
     engines: {node: '>=16.0.0', npm: '>=7.0.0'}
@@ -25043,10 +25026,6 @@ packages:
     resolution: {integrity: sha512-lKxKYG6H03yCZUpAGOPOsMcGxd1RHCu1iKvEHYDPmTyq2HueGhD73ssNBqqQWfvYs04G9iUFRvmAVLW20Jw6ow==}
     dev: false
 
-  /varint@6.0.0:
-    resolution: {integrity: sha512-cXEIW6cfr15lFv563k4GuVuW/fiwjknytD37jIOLSdSWuOI6WnO/oKwmP2FQTU2l01LP8/M5TSAJpzUaGe3uWg==}
-    dev: false
-
   /vary@1.1.2:
     resolution: {integrity: sha512-BNGbWLfd0eUPabhkXUVm0j8uuvREyTh5ovRa/dyow/BqAbZJyC+5fU+IzQOzmAKzYqYRAISoRhdQr3eIZ/PXqg==}
     engines: {node: '>= 0.8'}