diff --git a/Cargo.lock b/Cargo.lock
index aec9a16609..df29bac98c 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -3214,18 +3214,18 @@ checksum = "d554b7f530dee5964d9a9468d95c1f8b8acae4f282807e7d27d4b03099a46744"
 
 [[package]]
 name = "wasm-encoder"
-version = "0.12.0"
+version = "0.13.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "2b47b995b096a689358ca9de6c727b94351b95b390dbbf6b7021c22797d36caa"
+checksum = "31f0c17267a5ffd6ae3d897589460e21db1673c84fb7016b909c9691369a75ea"
 dependencies = [
  "leb128",
 ]
 
 [[package]]
 name = "wasm-mutate"
-version = "0.2.3"
+version = "0.2.4"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "afc948447bea01d54509cb4a6ccbeb7e572c42c4c84f778d286b7633a1c49e86"
+checksum = "219c79f95ec42118a63e9df1f8b4858c2092875820d10b4d8e5b324759880212"
 dependencies = [
  "egg",
  "log",
@@ -3237,9 +3237,9 @@ dependencies = [
 
 [[package]]
 name = "wasm-smith"
-version = "0.10.1"
+version = "0.11.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "bb87569c81c298836d88405a28a68e8dfcd43b75220a4b4522831a63921b7dbc"
+checksum = "4f0ed86e26ccdda3c178e557f8f2874e277c8d4f29c88e3c3320c58db12840ed"
 dependencies = [
  "arbitrary",
  "flagset",
@@ -3284,18 +3284,18 @@ dependencies = [
 
 [[package]]
 name = "wasmparser"
-version = "0.85.0"
+version = "0.86.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "570460c58b21e9150d2df0eaaedbb7816c34bcec009ae0dcc976e40ba81463e7"
+checksum = "4bcbfe95447da2aa7ff171857fc8427513eb57c75a729bb190e974dc695e8f5c"
 dependencies = [
  "indexmap",
 ]
 
 [[package]]
 name = "wasmprinter"
-version = "0.2.35"
+version = "0.2.36"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ea454634a2a7888d053f7723a26a76024e4f705cf86f7b4d38d5f15b79369c31"
+checksum = "aa4cca415278da771add7c9ab7f3391f04b8d98719d2cf28a185d38d5206697e"
 dependencies = [
  "anyhow",
  "wasmparser",
@@ -3434,7 +3434,7 @@ dependencies = [
  "wasmtime-wasi-crypto",
  "wasmtime-wasi-nn",
  "wasmtime-wast",
- "wast 41.0.0",
+ "wast 42.0.0",
  "wat",
  "winapi",
 ]
@@ -3648,7 +3648,7 @@ version = "0.39.0"
 dependencies = [
  "anyhow",
  "wasmtime",
- "wast 41.0.0",
+ "wast 42.0.0",
 ]
 
 [[package]]
@@ -3662,22 +3662,23 @@ dependencies = [
 
 [[package]]
 name = "wast"
-version = "41.0.0"
+version = "42.0.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f882898b8b817cc4edc16aa3692fdc087b356edc8cc0c2164f5b5181e31c3870"
+checksum = "badcb03f976f983ff0daf294da9697be659442f61e6b0942bb37a2b6cbfe9dd4"
 dependencies = [
  "leb128",
  "memchr",
  "unicode-width",
+ "wasm-encoder",
 ]
 
 [[package]]
 name = "wat"
-version = "1.0.43"
+version = "1.0.44"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "48b3b9b3e39e66c7fd3f8be785e74444d216260f491e93369e317ed6482ff80f"
+checksum = "b92f20b742ac527066c8414bc0637352661b68cab07ef42586cefaba71c965cf"
 dependencies = [
- "wast 41.0.0",
+ "wast 42.0.0",
 ]
 
 [[package]]
diff --git a/Cargo.toml b/Cargo.toml
index 6dc7adc61e..8315036a9a 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -52,13 +52,13 @@ test-programs = { path = "crates/test-programs" }
 wasmtime-runtime = { path = "crates/runtime" }
 tokio = { version = "1.8.0", features = ["rt", "time", "macros", "rt-multi-thread"] }
 tracing-subscriber = "0.3.1"
-wast = "41.0.0"
+wast = "42.0.0"
 criterion = "0.3.4"
 num_cpus = "1.13.0"
 winapi = { version = "0.3.9", features = ['memoryapi'] }
 memchr = "2.4"
 async-trait = "0.1"
-wat = "1.0.42"
+wat = "1.0.43"
 once_cell = "1.9.0"
 rayon = "1.5.0"
 
diff --git a/cranelift/wasm/Cargo.toml b/cranelift/wasm/Cargo.toml
index 9754ab9d29..59d15a3111 100644
--- a/cranelift/wasm/Cargo.toml
+++ b/cranelift/wasm/Cargo.toml
@@ -12,7 +12,7 @@ keywords = ["webassembly", "wasm"]
 edition = "2021"
 
 [dependencies]
-wasmparser = { version = "0.85.0", default-features = false }
+wasmparser = { version = "0.86.0", default-features = false }
 cranelift-codegen = { path = "../codegen", version = "0.86.0", default-features = false }
 cranelift-entity = { path = "../entity", version = "0.86.0" }
 cranelift-frontend = { path = "../frontend", version = "0.86.0", default-features = false }
diff --git a/cranelift/wasm/src/func_translator.rs b/cranelift/wasm/src/func_translator.rs
index 5bd443dfa6..906ada885d 100644
--- a/cranelift/wasm/src/func_translator.rs
+++ b/cranelift/wasm/src/func_translator.rs
@@ -171,7 +171,7 @@ fn parse_local_decls<FE: FuncEnvironment + ?Sized>(
         builder.set_srcloc(cur_srcloc(reader));
         let pos = reader.original_position();
         let count = reader.read_var_u32()?;
-        let ty = reader.read_type()?;
+        let ty = reader.read_val_type()?;
         validator.define_locals(pos, count, ty)?;
         declare_locals(builder, count, ty, &mut next_local, environ)?;
     }
@@ -187,12 +187,12 @@ fn parse_local_decls<FE: FuncEnvironment + ?Sized>(
 fn declare_locals<FE: FuncEnvironment + ?Sized>(
     builder: &mut FunctionBuilder,
     count: u32,
-    wasm_type: wasmparser::Type,
+    wasm_type: wasmparser::ValType,
     next_local: &mut usize,
     environ: &mut FE,
 ) -> WasmResult<()> {
     // All locals are initialized to 0.
-    use wasmparser::Type::*;
+    use wasmparser::ValType::*;
     let zeroval = match wasm_type {
         I32 => builder.ins().iconst(ir::types::I32, 0),
         I64 => builder.ins().iconst(ir::types::I64, 0),
diff --git a/cranelift/wasm/src/sections_translator.rs b/cranelift/wasm/src/sections_translator.rs
index 2f25f1dd7a..8ca0eeaf5e 100644
--- a/cranelift/wasm/src/sections_translator.rs
+++ b/cranelift/wasm/src/sections_translator.rs
@@ -25,7 +25,7 @@ use wasmparser::{
     ElementSectionReader, Export, ExportSectionReader, ExternalKind, FunctionSectionReader,
     GlobalSectionReader, GlobalType, ImportSectionReader, MemorySectionReader, MemoryType,
     NameSectionReader, Naming, Operator, TableSectionReader, TableType, TagSectionReader, TagType,
-    TypeDef, TypeRef, TypeSectionReader,
+    Type, TypeRef, TypeSectionReader,
 };
 
 fn memory(ty: MemoryType) -> Memory {
@@ -73,7 +73,7 @@ pub fn parse_type_section<'a>(
 
     for entry in types {
         match entry? {
-            TypeDef::Func(wasm_func_ty) => {
+            Type::Func(wasm_func_ty) => {
                 environ.declare_type_func(wasm_func_ty.clone().try_into()?)?;
                 module_translation_state
                     .wasm_types
diff --git a/cranelift/wasm/src/state/module_state.rs b/cranelift/wasm/src/state/module_state.rs
index 578e9368fa..8b857bf6a9 100644
--- a/cranelift/wasm/src/state/module_state.rs
+++ b/cranelift/wasm/src/state/module_state.rs
@@ -6,7 +6,7 @@ use std::vec::Vec;
 
 /// Map of signatures to a function's parameter and return types.
 pub(crate) type WasmTypes =
-    PrimaryMap<SignatureIndex, (Box<[wasmparser::Type]>, Box<[wasmparser::Type]>)>;
+    PrimaryMap<SignatureIndex, (Box<[wasmparser::ValType]>, Box<[wasmparser::ValType]>)>;
 
 /// Contains information decoded from the Wasm module that must be referenced
 /// during each Wasm function's translation.
@@ -23,13 +23,13 @@ pub struct ModuleTranslationState {
     pub(crate) wasm_types: WasmTypes,
 }
 
-fn cranelift_to_wasmparser_type(ty: Type) -> WasmResult<wasmparser::Type> {
+fn cranelift_to_wasmparser_type(ty: Type) -> WasmResult<wasmparser::ValType> {
     Ok(match ty {
-        types::I32 => wasmparser::Type::I32,
-        types::I64 => wasmparser::Type::I64,
-        types::F32 => wasmparser::Type::F32,
-        types::F64 => wasmparser::Type::F64,
-        types::R32 | types::R64 => wasmparser::Type::ExternRef,
+        types::I32 => wasmparser::ValType::I32,
+        types::I64 => wasmparser::ValType::I64,
+        types::F32 => wasmparser::ValType::F32,
+        types::F64 => wasmparser::ValType::F64,
+        types::R32 | types::R64 => wasmparser::ValType::ExternRef,
         _ => {
             return Err(WasmError::Unsupported(format!(
                 "Cannot convert Cranelift type to Wasm signature: {:?}",
@@ -54,11 +54,11 @@ impl ModuleTranslationState {
     pub fn from_func_sigs(sigs: &[(&[Type], &[Type])]) -> WasmResult<Self> {
         let mut wasm_types = PrimaryMap::with_capacity(sigs.len());
         for &(ref args, ref results) in sigs {
-            let args: Vec<wasmparser::Type> = args
+            let args: Vec<wasmparser::ValType> = args
                 .iter()
                 .map(|&ty| cranelift_to_wasmparser_type(ty))
                 .collect::<Result<_, _>>()?;
-            let results: Vec<wasmparser::Type> = results
+            let results: Vec<wasmparser::ValType> = results
                 .iter()
                 .map(|&ty| cranelift_to_wasmparser_type(ty))
                 .collect::<Result<_, _>>()?;
diff --git a/cranelift/wasm/src/translation_utils.rs b/cranelift/wasm/src/translation_utils.rs
index b2a30b2280..56c56c8b8f 100644
--- a/cranelift/wasm/src/translation_utils.rs
+++ b/cranelift/wasm/src/translation_utils.rs
@@ -21,16 +21,16 @@ pub enum TableElementType {
 
 /// Helper function translating wasmparser types to Cranelift types when possible.
 pub fn type_to_type<PE: TargetEnvironment + ?Sized>(
-    ty: wasmparser::Type,
+    ty: wasmparser::ValType,
     environ: &PE,
 ) -> WasmResult<ir::Type> {
     match ty {
-        wasmparser::Type::I32 => Ok(ir::types::I32),
-        wasmparser::Type::I64 => Ok(ir::types::I64),
-        wasmparser::Type::F32 => Ok(ir::types::F32),
-        wasmparser::Type::F64 => Ok(ir::types::F64),
-        wasmparser::Type::V128 => Ok(ir::types::I8X16),
-        wasmparser::Type::ExternRef | wasmparser::Type::FuncRef => {
+        wasmparser::ValType::I32 => Ok(ir::types::I32),
+        wasmparser::ValType::I64 => Ok(ir::types::I64),
+        wasmparser::ValType::F32 => Ok(ir::types::F32),
+        wasmparser::ValType::F64 => Ok(ir::types::F64),
+        wasmparser::ValType::V128 => Ok(ir::types::I8X16),
+        wasmparser::ValType::ExternRef | wasmparser::ValType::FuncRef => {
             Ok(environ.reference_type(ty.try_into()?))
         }
     }
@@ -39,17 +39,17 @@ pub fn type_to_type<PE: TargetEnvironment + ?Sized>(
 /// Helper function translating wasmparser possible table types to Cranelift types when possible,
 /// or None for Func tables.
 pub fn tabletype_to_type<PE: TargetEnvironment + ?Sized>(
-    ty: wasmparser::Type,
+    ty: wasmparser::ValType,
     environ: &PE,
 ) -> WasmResult<Option<ir::Type>> {
     match ty {
-        wasmparser::Type::I32 => Ok(Some(ir::types::I32)),
-        wasmparser::Type::I64 => Ok(Some(ir::types::I64)),
-        wasmparser::Type::F32 => Ok(Some(ir::types::F32)),
-        wasmparser::Type::F64 => Ok(Some(ir::types::F64)),
-        wasmparser::Type::V128 => Ok(Some(ir::types::I8X16)),
-        wasmparser::Type::ExternRef => Ok(Some(environ.reference_type(ty.try_into()?))),
-        wasmparser::Type::FuncRef => Ok(None),
+        wasmparser::ValType::I32 => Ok(Some(ir::types::I32)),
+        wasmparser::ValType::I64 => Ok(Some(ir::types::I64)),
+        wasmparser::ValType::F32 => Ok(Some(ir::types::F32)),
+        wasmparser::ValType::F64 => Ok(Some(ir::types::F64)),
+        wasmparser::ValType::V128 => Ok(Some(ir::types::I8X16)),
+        wasmparser::ValType::ExternRef => Ok(Some(environ.reference_type(ty.try_into()?))),
+        wasmparser::ValType::FuncRef => Ok(None),
     }
 }
 
@@ -58,31 +58,31 @@ pub fn blocktype_params_results<'a, T>(
     validator: &'a FuncValidator<T>,
     ty: wasmparser::BlockType,
 ) -> WasmResult<(
-    impl ExactSizeIterator<Item = wasmparser::Type> + Clone + 'a,
-    impl ExactSizeIterator<Item = wasmparser::Type> + Clone + 'a,
+    impl ExactSizeIterator<Item = wasmparser::ValType> + Clone + 'a,
+    impl ExactSizeIterator<Item = wasmparser::ValType> + Clone + 'a,
 )>
 where
     T: WasmModuleResources,
 {
     return Ok(match ty {
         wasmparser::BlockType::Empty => {
-            let params: &'static [wasmparser::Type] = &[];
-            let results: &'static [wasmparser::Type] = &[];
+            let params: &'static [wasmparser::ValType] = &[];
+            let results: &'static [wasmparser::ValType] = &[];
             (
                 itertools::Either::Left(params.iter().copied()),
                 itertools::Either::Left(results.iter().copied()),
             )
         }
         wasmparser::BlockType::Type(ty) => {
-            let params: &'static [wasmparser::Type] = &[];
-            let results: &'static [wasmparser::Type] = match ty {
-                wasmparser::Type::I32 => &[wasmparser::Type::I32],
-                wasmparser::Type::I64 => &[wasmparser::Type::I64],
-                wasmparser::Type::F32 => &[wasmparser::Type::F32],
-                wasmparser::Type::F64 => &[wasmparser::Type::F64],
-                wasmparser::Type::V128 => &[wasmparser::Type::V128],
-                wasmparser::Type::ExternRef => &[wasmparser::Type::ExternRef],
-                wasmparser::Type::FuncRef => &[wasmparser::Type::FuncRef],
+            let params: &'static [wasmparser::ValType] = &[];
+            let results: &'static [wasmparser::ValType] = match ty {
+                wasmparser::ValType::I32 => &[wasmparser::ValType::I32],
+                wasmparser::ValType::I64 => &[wasmparser::ValType::I64],
+                wasmparser::ValType::F32 => &[wasmparser::ValType::F32],
+                wasmparser::ValType::F64 => &[wasmparser::ValType::F64],
+                wasmparser::ValType::V128 => &[wasmparser::ValType::V128],
+                wasmparser::ValType::ExternRef => &[wasmparser::ValType::ExternRef],
+                wasmparser::ValType::FuncRef => &[wasmparser::ValType::FuncRef],
             };
             (
                 itertools::Either::Left(params.iter().copied()),
@@ -105,28 +105,28 @@ where
 /// Create a `Block` with the given Wasm parameters.
 pub fn block_with_params<PE: TargetEnvironment + ?Sized>(
     builder: &mut FunctionBuilder,
-    params: impl IntoIterator<Item = wasmparser::Type>,
+    params: impl IntoIterator<Item = wasmparser::ValType>,
     environ: &PE,
 ) -> WasmResult<ir::Block> {
     let block = builder.create_block();
     for ty in params {
         match ty {
-            wasmparser::Type::I32 => {
+            wasmparser::ValType::I32 => {
                 builder.append_block_param(block, ir::types::I32);
             }
-            wasmparser::Type::I64 => {
+            wasmparser::ValType::I64 => {
                 builder.append_block_param(block, ir::types::I64);
             }
-            wasmparser::Type::F32 => {
+            wasmparser::ValType::F32 => {
                 builder.append_block_param(block, ir::types::F32);
             }
-            wasmparser::Type::F64 => {
+            wasmparser::ValType::F64 => {
                 builder.append_block_param(block, ir::types::F64);
             }
-            wasmparser::Type::ExternRef | wasmparser::Type::FuncRef => {
+            wasmparser::ValType::ExternRef | wasmparser::ValType::FuncRef => {
                 builder.append_block_param(block, environ.reference_type(ty.try_into()?));
             }
-            wasmparser::Type::V128 => {
+            wasmparser::ValType::V128 => {
                 builder.append_block_param(block, ir::types::I8X16);
             }
         }
diff --git a/crates/cranelift/Cargo.toml b/crates/cranelift/Cargo.toml
index 1b163d3a48..e8ec94f379 100644
--- a/crates/cranelift/Cargo.toml
+++ b/crates/cranelift/Cargo.toml
@@ -19,7 +19,7 @@ cranelift-codegen = { path = "../../cranelift/codegen", version = "0.86.0" }
 cranelift-frontend = { path = "../../cranelift/frontend", version = "0.86.0" }
 cranelift-entity = { path = "../../cranelift/entity", version = "0.86.0" }
 cranelift-native = { path = "../../cranelift/native", version = "0.86.0" }
-wasmparser = "0.85.0"
+wasmparser = "0.86.0"
 target-lexicon = "0.12"
 gimli = { version = "0.26.0", default-features = false, features = ['read', 'std'] }
 object = { version = "0.28.0", default-features = false, features = ['write'] }
diff --git a/crates/cranelift/src/debug/transform/simulate.rs b/crates/cranelift/src/debug/transform/simulate.rs
index de023a8dbf..04865c7bd4 100644
--- a/crates/cranelift/src/debug/transform/simulate.rs
+++ b/crates/cranelift/src/debug/transform/simulate.rs
@@ -11,7 +11,7 @@ use gimli::{self, LineEncoding};
 use std::collections::{HashMap, HashSet};
 use std::path::PathBuf;
 use std::sync::atomic::{AtomicUsize, Ordering::SeqCst};
-use wasmparser::Type as WasmType;
+use wasmparser::ValType as WasmType;
 use wasmtime_environ::{
     DebugInfoData, DefinedFuncIndex, EntityRef, FuncIndex, FunctionMetadata, WasmFileInfo,
 };
diff --git a/crates/environ/Cargo.toml b/crates/environ/Cargo.toml
index 1c3c4ac64d..dac7e4c0a4 100644
--- a/crates/environ/Cargo.toml
+++ b/crates/environ/Cargo.toml
@@ -14,7 +14,7 @@ edition = "2021"
 anyhow = "1.0"
 cranelift-entity = { path = "../../cranelift/entity", version = "0.86.0" }
 wasmtime-types = { path = "../types", version = "0.39.0" }
-wasmparser = "0.85.0"
+wasmparser = "0.86.0"
 indexmap = { version = "1.0.2", features = ["serde-1"] }
 thiserror = "1.0.4"
 serde = { version = "1.0.94", features = ["derive"] }
diff --git a/crates/environ/src/component/info.rs b/crates/environ/src/component/info.rs
index c930ac8d72..2fe4cec8d6 100644
--- a/crates/environ/src/component/info.rs
+++ b/crates/environ/src/component/info.rs
@@ -291,7 +291,7 @@ pub enum Export {
     /// function.
     LiftedFunction {
         /// The component function type of the function being created.
-        ty: FuncTypeIndex,
+        ty: TypeFuncIndex,
         /// Which core WebAssembly export is being lifted.
         func: CoreExport<FuncIndex>,
         /// Any options, if present, associated with this lifting.
diff --git a/crates/environ/src/component/translate.rs b/crates/environ/src/component/translate.rs
index 38cb051f5f..0b81abc39d 100644
--- a/crates/environ/src/component/translate.rs
+++ b/crates/environ/src/component/translate.rs
@@ -41,14 +41,20 @@ pub struct Translation<'data> {
     /// Modules and how they're defined (either closed-over or imported)
     modules: PrimaryMap<ModuleIndex, ModuleDef>,
 
-    /// Instances and how they're defined, either as instantiations of modules
-    /// or "synthetically created" as a bag of named items from our other index
-    /// spaces.
-    instances: PrimaryMap<InstanceIndex, InstanceDef<'data>>,
+    /// Instances of components, either direct instantiations or "bundles of
+    /// exports".
+    component_instances: PrimaryMap<ComponentInstanceIndex, ComponentInstanceDef<'data>>,
 
-    /// Both core wasm and component functions, and how they're defined.
+    /// Instances of core wasm modules, either direct instantiations or
+    /// "bundles of exports".
+    module_instances: PrimaryMap<ModuleInstanceIndex, ModuleInstanceDef<'data>>,
+
+    /// The core wasm function index space.
     funcs: PrimaryMap<FuncIndex, Func<'data>>,
 
+    /// The component function index space.
+    component_funcs: PrimaryMap<ComponentFuncIndex, ComponentFunc<'data>>,
+
     /// Core wasm globals, always sourced from a previously module instance.
     globals: PrimaryMap<GlobalIndex, CoreSource<'data>>,
 
@@ -100,17 +106,17 @@ enum ModuleDef {
     /// nothing is known about it except for its type. The `import_index`
     /// provided here indexes into the `Component`'s import list.
     Import {
-        ty: ModuleTypeIndex,
+        ty: TypeModuleIndex,
         import: RuntimeImport,
     },
 }
 
-/// How instances are defined within a component.
+/// Forms of creation of a core wasm module instance.
 #[derive(Debug, Clone)]
-enum InstanceDef<'data> {
+enum ModuleInstanceDef<'data> {
     /// A module instance created through the instantiation of a previous
     /// module.
-    Module {
+    Instantiated {
         /// The runtime index associated with this instance.
         ///
         /// Not to be confused with `InstanceIndex` which counts "synthetic"
@@ -123,41 +129,27 @@ enum InstanceDef<'data> {
 
     /// A "synthetic" module created as a bag of exports from other items
     /// already defined within this component.
-    ModuleSynthetic(HashMap<&'data str, EntityIndex>),
+    Synthetic(HashMap<&'data str, EntityIndex>),
+}
 
+/// Forms of creation of a component instance.
+#[derive(Debug, Clone)]
+enum ComponentInstanceDef<'data> {
     /// An instance which was imported from the host.
     Import {
         /// The type of the imported instance
-        ty: ComponentInstanceTypeIndex,
+        ty: TypeComponentInstanceIndex,
         /// The description of where this import came from.
         import: RuntimeImport,
     },
 
-    /// Same as `ModuleSynthetic` except for component items.
-    ComponentSynthetic(HashMap<&'data str, ComponentItem>),
+    /// Same as `ModuleInstanceDef::Synthetic` except for component items.
+    Synthetic(HashMap<&'data str, ComponentItem>),
 }
 
 /// Description of the function index space and how functions are defined.
 #[derive(Clone)]
 enum Func<'data> {
-    // component functions
-    //
-    /// A component function that is imported from the host.
-    Import(RuntimeImport),
-
-    /// A component function that is lifted from core wasm function.
-    Lifted {
-        /// The resulting type of the lifted function
-        ty: FuncTypeIndex,
-        /// Which core wasm function is lifted, currently required to be an
-        /// instance export as opposed to a lowered import.
-        func: CoreSource<'data>,
-        /// The options specified when the function was lifted.
-        options: CanonicalOptions,
-    },
-
-    // core function
-    //
     /// A core wasm function that's extracted from a core wasm instance.
     Core(CoreSource<'data>),
     /// A core wasm function created by lowering an imported host function.
@@ -167,6 +159,24 @@ enum Func<'data> {
     Lowered(LoweredIndex),
 }
 
+/// Description of the function index space and how functions are defined.
+#[derive(Clone)]
+enum ComponentFunc<'data> {
+    /// A component function that is imported from the host.
+    Import(RuntimeImport),
+
+    /// A component function that is lifted from core wasm function.
+    Lifted {
+        /// The resulting type of the lifted function
+        ty: TypeFuncIndex,
+        /// Which core wasm function is lifted, currently required to be an
+        /// instance export as opposed to a lowered import.
+        func: CoreSource<'data>,
+        /// The options specified when the function was lifted.
+        options: CanonicalOptions,
+    },
+}
+
 /// Source of truth for where a core wasm item comes from.
 #[derive(Clone)]
 enum CoreSource<'data> {
@@ -278,7 +288,7 @@ impl<'a, 'data> Translator<'a, 'data> {
 
                 // Push a new scope for component types so outer aliases know
                 // that the 0th level is this new component.
-                self.types.push_component_types_scope();
+                self.types.push_type_scope();
             }
 
             Payload::End(offset) => {
@@ -304,7 +314,7 @@ impl<'a, 'data> Translator<'a, 'data> {
                 // When leaving a module be sure to pop the types scope to
                 // ensure that when we go back to the previous module outer
                 // type alias indices work correctly again.
-                self.types.pop_component_types_scope();
+                self.types.pop_type_scope();
 
                 match self.parsers.pop() {
                     Some(p) => self.parser = p,
@@ -323,17 +333,23 @@ impl<'a, 'data> Translator<'a, 'data> {
             Payload::ComponentTypeSection(s) => {
                 self.validator.component_type_section(&s)?;
                 for ty in s {
-                    let ty = self.types.component_type_def(&ty?)?;
+                    let ty = self.types.intern_component_type(&ty?)?;
                     self.types.push_component_typedef(ty);
                 }
             }
+            Payload::CoreTypeSection(s) => {
+                self.validator.core_type_section(&s)?;
+                for ty in s {
+                    let ty = self.types.intern_core_type(&ty?)?;
+                    self.types.push_core_typedef(ty);
+                }
+            }
 
             Payload::ComponentImportSection(s) => {
                 self.validator.component_import_section(&s)?;
                 for import in s {
                     let import = import?;
-                    let ty = TypeIndex::from_u32(import.ty);
-                    let ty = self.types.component_outer_type(0, ty);
+                    let ty = self.types.component_type_ref(&import.ty);
                     // Record the `ImportIndex` to be associated with this
                     // import and create the `RuntimeImport` representing the
                     // "root" where it has no extra `exports`
@@ -352,11 +368,13 @@ impl<'a, 'data> Translator<'a, 'data> {
                         }
                         TypeDef::ComponentInstance(ty) => {
                             self.result
-                                .instances
-                                .push(InstanceDef::Import { ty, import });
+                                .component_instances
+                                .push(ComponentInstanceDef::Import { ty, import });
                         }
-                        TypeDef::Func(_ty) => {
-                            self.result.funcs.push(Func::Import(import));
+                        TypeDef::ComponentFunc(_ty) => {
+                            self.result
+                                .component_funcs
+                                .push(ComponentFunc::Import(import));
                         }
                         TypeDef::Component(_) => {
                             unimplemented!("imports of components");
@@ -364,32 +382,36 @@ impl<'a, 'data> Translator<'a, 'data> {
                         TypeDef::Interface(_) => {
                             unimplemented!("imports of types");
                         }
+
+                        // not possible with a valid component
+                        TypeDef::CoreFunc(_ty) => unreachable!(),
                     }
                 }
             }
 
-            Payload::ComponentFunctionSection(s) => {
-                self.validator.component_function_section(&s)?;
+            Payload::ComponentCanonicalSection(s) => {
+                self.validator.component_canonical_section(&s)?;
                 for func in s {
-                    let func = match func? {
-                        wasmparser::ComponentFunction::Lift {
+                    match func? {
+                        wasmparser::CanonicalFunction::Lift {
                             type_index,
+                            core_func_index,
+                            options,
+                        } => {
+                            let ty = ComponentTypeIndex::from_u32(type_index);
+                            let func = FuncIndex::from_u32(core_func_index);
+                            let func = self.lift_function(ty, func, &options);
+                            self.result.component_funcs.push(func);
+                        }
+                        wasmparser::CanonicalFunction::Lower {
                             func_index,
                             options,
                         } => {
-                            let ty = TypeIndex::from_u32(type_index);
-                            let func = FuncIndex::from_u32(func_index);
-                            self.lift_function(ty, func, &options)
+                            let func = ComponentFuncIndex::from_u32(func_index);
+                            let func = self.lower_function(func, &options);
+                            self.result.funcs.push(func);
                         }
-                        wasmparser::ComponentFunction::Lower {
-                            func_index,
-                            options,
-                        } => {
-                            let func = FuncIndex::from_u32(func_index);
-                            self.lower_function(func, &options)
-                        }
-                    };
-                    self.result.funcs.push(func);
+                    }
                 }
             }
 
@@ -425,21 +447,33 @@ impl<'a, 'data> Translator<'a, 'data> {
                 self.validator.instance_section(&s)?;
                 for instance in s {
                     let instance = match instance? {
-                        wasmparser::Instance::Module { index, args } => {
-                            self.module_instance(ModuleIndex::from_u32(index), &args)
+                        wasmparser::Instance::Instantiate { module_index, args } => {
+                            self.instantiate_module(ModuleIndex::from_u32(module_index), &args)
                         }
-                        wasmparser::Instance::ModuleFromExports(exports) => {
-                            self.module_instance_from_exports(&exports)
+                        wasmparser::Instance::FromExports(exports) => {
+                            self.instantiate_module_from_exports(&exports)
                         }
-                        wasmparser::Instance::Component { index, args } => {
+                    };
+                    self.result.module_instances.push(instance);
+                }
+            }
+            Payload::ComponentInstanceSection(s) => {
+                self.validator.component_instance_section(&s)?;
+                for instance in s {
+                    let instance = match instance? {
+                        wasmparser::ComponentInstance::Instantiate {
+                            component_index,
+                            args,
+                        } => {
+                            let index = ComponentIndex::from_u32(component_index);
                             drop((index, args));
                             unimplemented!("instantiating a component");
                         }
-                        wasmparser::Instance::ComponentFromExports(exports) => {
-                            self.component_instance_from_exports(&exports)
+                        wasmparser::ComponentInstance::FromExports(exports) => {
+                            self.instantiate_component_from_exports(&exports)
                         }
                     };
-                    self.result.instances.push(instance);
+                    self.result.component_instances.push(instance);
                 }
             }
 
@@ -458,7 +492,35 @@ impl<'a, 'data> Translator<'a, 'data> {
             Payload::AliasSection(s) => {
                 self.validator.alias_section(&s)?;
                 for alias in s {
-                    self.alias(&alias?);
+                    match alias? {
+                        wasmparser::Alias::InstanceExport {
+                            kind,
+                            instance_index,
+                            name,
+                        } => {
+                            let instance = ModuleInstanceIndex::from_u32(instance_index);
+                            self.alias_module_instance_export(kind, instance, name);
+                        }
+                    }
+                }
+            }
+
+            Payload::ComponentAliasSection(s) => {
+                self.validator.component_alias_section(&s)?;
+                for alias in s {
+                    match alias? {
+                        wasmparser::ComponentAlias::InstanceExport {
+                            kind,
+                            instance_index,
+                            name,
+                        } => {
+                            let instance = ComponentInstanceIndex::from_u32(instance_index);
+                            self.alias_component_instance_export(kind, instance, name);
+                        }
+                        wasmparser::ComponentAlias::Outer { kind, count, index } => {
+                            self.alias_component_outer(kind, count, index);
+                        }
+                    }
                 }
             }
 
@@ -482,17 +544,18 @@ impl<'a, 'data> Translator<'a, 'data> {
         Ok(Action::KeepGoing)
     }
 
-    fn module_instance(
+    fn instantiate_module(
         &mut self,
         module: ModuleIndex,
-        args: &[wasmparser::ModuleArg<'data>],
-    ) -> InstanceDef<'data> {
+        args: &[wasmparser::InstantiationArg<'data>],
+    ) -> ModuleInstanceDef<'data> {
         // Map the flat list of `args` to instead a name-to-instance index.
         let mut instance_by_name = HashMap::new();
         for arg in args {
             match arg.kind {
-                wasmparser::ModuleArgKind::Instance(idx) => {
-                    instance_by_name.insert(arg.name, InstanceIndex::from_u32(idx));
+                wasmparser::InstantiationArgKind::Instance => {
+                    let idx = ModuleInstanceIndex::from_u32(arg.index);
+                    instance_by_name.insert(arg.name, idx);
                 }
             }
         }
@@ -544,7 +607,7 @@ impl<'a, 'data> Translator<'a, 'data> {
 
         let instance = RuntimeInstanceIndex::from_u32(self.result.component.num_runtime_instances);
         self.result.component.num_runtime_instances += 1;
-        InstanceDef::Module { instance, module }
+        ModuleInstanceDef::Instantiated { instance, module }
     }
 
     /// Calculate the `CoreDef`, a definition of a core wasm item, corresponding
@@ -555,28 +618,22 @@ impl<'a, 'data> Translator<'a, 'data> {
     /// we know the module), one that must be referred to by name since the
     /// module isn't known, or it's a synthesized lowering or adapter of a
     /// component function.
-    fn lookup_core_def(&mut self, instance: InstanceIndex, name: &str) -> CoreDef {
-        match &self.result.instances[instance] {
-            InstanceDef::Module { module, instance } => {
+    fn lookup_core_def(&mut self, instance: ModuleInstanceIndex, name: &str) -> CoreDef {
+        match &self.result.module_instances[instance] {
+            ModuleInstanceDef::Instantiated { module, instance } => {
                 let (src, _ty) = self.lookup_core_source_in_module(*instance, *module, name);
                 src.to_core_def()
             }
 
-            InstanceDef::ModuleSynthetic(defs) => match defs[&name] {
+            ModuleInstanceDef::Synthetic(defs) => match defs[&name] {
                 EntityIndex::Function(f) => match self.result.funcs[f].clone() {
                     Func::Core(c) => c.to_core_def(),
                     Func::Lowered(i) => CoreDef::Lowered(i),
-
-                    // should not be possible to hit with a valid component
-                    Func::Lifted { .. } | Func::Import { .. } => unreachable!(),
                 },
                 EntityIndex::Global(g) => self.result.globals[g].to_core_def(),
                 EntityIndex::Table(t) => self.result.tables[t].to_core_def(),
                 EntityIndex::Memory(m) => self.result.memories[m].to_core_def(),
             },
-
-            // should not be possible to hit with a valid component
-            InstanceDef::Import { .. } | InstanceDef::ComponentSynthetic(_) => unreachable!(),
         }
     }
 
@@ -616,10 +673,10 @@ impl<'a, 'data> Translator<'a, 'data> {
 
     /// Creates a synthetic module from the list of items currently in the
     /// module and their given names.
-    fn module_instance_from_exports(
+    fn instantiate_module_from_exports(
         &mut self,
         exports: &[wasmparser::Export<'data>],
-    ) -> InstanceDef<'data> {
+    ) -> ModuleInstanceDef<'data> {
         let mut map = HashMap::with_capacity(exports.len());
         for export in exports {
             let idx = match export.kind {
@@ -645,51 +702,51 @@ impl<'a, 'data> Translator<'a, 'data> {
             };
             map.insert(export.name, idx);
         }
-        InstanceDef::ModuleSynthetic(map)
+        ModuleInstanceDef::Synthetic(map)
     }
 
     /// Creates a synthetic module from the list of items currently in the
     /// module and their given names.
-    fn component_instance_from_exports(
+    fn instantiate_component_from_exports(
         &mut self,
         exports: &[wasmparser::ComponentExport<'data>],
-    ) -> InstanceDef<'data> {
+    ) -> ComponentInstanceDef<'data> {
         let mut map = HashMap::with_capacity(exports.len());
         for export in exports {
             let idx = match &export.kind {
-                wasmparser::ComponentArgKind::Function(i) => {
-                    let index = FuncIndex::from_u32(*i);
+                wasmparser::ComponentExternalKind::Func => {
+                    let index = FuncIndex::from_u32(export.index);
                     ComponentItem::Func(index)
                 }
-                wasmparser::ComponentArgKind::Module(i) => {
-                    let index = ModuleIndex::from_u32(*i);
+                wasmparser::ComponentExternalKind::Module => {
+                    let index = ModuleIndex::from_u32(export.index);
                     ComponentItem::Module(index)
                 }
-                wasmparser::ComponentArgKind::Instance(i) => {
-                    let index = InstanceIndex::from_u32(*i);
-                    ComponentItem::Instance(index)
+                wasmparser::ComponentExternalKind::Instance => {
+                    let index = ComponentInstanceIndex::from_u32(export.index);
+                    ComponentItem::ComponentInstance(index)
                 }
-                wasmparser::ComponentArgKind::Component(i) => {
-                    let index = ComponentIndex::from_u32(*i);
+                wasmparser::ComponentExternalKind::Component => {
+                    let index = ComponentIndex::from_u32(export.index);
                     ComponentItem::Component(index)
                 }
-                wasmparser::ComponentArgKind::Value(_) => {
+                wasmparser::ComponentExternalKind::Value => {
                     unimplemented!("component values");
                 }
-                wasmparser::ComponentArgKind::Type(_) => {
+                wasmparser::ComponentExternalKind::Type => {
                     unimplemented!("component type export");
                 }
             };
             map.insert(export.name, idx);
         }
-        InstanceDef::ComponentSynthetic(map)
+        ComponentInstanceDef::Synthetic(map)
     }
 
     fn export(&mut self, export: &wasmparser::ComponentExport<'data>) {
         let name = export.name;
         let export = match export.kind {
-            wasmparser::ComponentExportKind::Module(i) => {
-                let idx = ModuleIndex::from_u32(i);
+            wasmparser::ComponentExternalKind::Module => {
+                let idx = ModuleIndex::from_u32(export.index);
                 let init = match self.result.modules[idx].clone() {
                     ModuleDef::Upvar(idx) => Initializer::SaveModuleUpvar(idx),
                     ModuleDef::Import { import, .. } => {
@@ -702,20 +759,20 @@ impl<'a, 'data> Translator<'a, 'data> {
                 self.result.component.num_runtime_modules += 1;
                 Export::Module(runtime_index)
             }
-            wasmparser::ComponentExportKind::Component(i) => {
-                let idx = ComponentIndex::from_u32(i);
+            wasmparser::ComponentExternalKind::Component => {
+                let idx = ComponentIndex::from_u32(export.index);
                 drop(idx);
                 unimplemented!("exporting a component");
             }
-            wasmparser::ComponentExportKind::Instance(i) => {
-                let idx = InstanceIndex::from_u32(i);
+            wasmparser::ComponentExternalKind::Instance => {
+                let idx = ComponentInstanceIndex::from_u32(export.index);
                 drop(idx);
                 unimplemented!("exporting an instance");
             }
-            wasmparser::ComponentExportKind::Function(i) => {
-                let idx = FuncIndex::from_u32(i);
-                match self.result.funcs[idx].clone() {
-                    Func::Lifted { ty, func, options } => Export::LiftedFunction {
+            wasmparser::ComponentExternalKind::Func => {
+                let idx = ComponentFuncIndex::from_u32(export.index);
+                match self.result.component_funcs[idx].clone() {
+                    ComponentFunc::Lifted { ty, func, options } => Export::LiftedFunction {
                         ty,
                         func: func.to_core_export(|i| match i {
                             EntityIndex::Function(i) => i,
@@ -741,17 +798,14 @@ impl<'a, 'data> Translator<'a, 'data> {
                     // Nevertheless this shouldn't panic, eventually when the
                     // component model implementation is finished this should do
                     // something reasonable.
-                    Func::Import { .. } => unimplemented!("exporting an import"),
-
-                    // should not be possible to hit with a valid module.
-                    Func::Core(_) | Func::Lowered(_) => unreachable!(),
+                    ComponentFunc::Import { .. } => unimplemented!("exporting an import"),
                 }
             }
-            wasmparser::ComponentExportKind::Value(_) => {
+            wasmparser::ComponentExternalKind::Value => {
                 unimplemented!("exporting a value");
             }
-            wasmparser::ComponentExportKind::Type(i) => {
-                let idx = TypeIndex::from_u32(i);
+            wasmparser::ComponentExternalKind::Type => {
+                let idx = TypeIndex::from_u32(export.index);
                 drop(idx);
                 unimplemented!("exporting a type");
             }
@@ -762,23 +816,132 @@ impl<'a, 'data> Translator<'a, 'data> {
             .insert(name.to_string(), export);
     }
 
-    fn alias(&mut self, alias: &wasmparser::Alias<'data>) {
-        match alias {
-            wasmparser::Alias::InstanceExport {
-                kind,
-                instance,
-                name,
-            } => {
-                let instance = InstanceIndex::from_u32(*instance);
-                self.alias_instance_export(*kind, instance, name);
-            }
-            wasmparser::Alias::OuterModule { .. } => {
-                unimplemented!("alias outer module");
-            }
-            wasmparser::Alias::OuterComponent { .. } => {
-                unimplemented!("alias outer component");
+    fn alias_module_instance_export(
+        &mut self,
+        kind: wasmparser::ExternalKind,
+        instance: ModuleInstanceIndex,
+        name: &'data str,
+    ) {
+        match &self.result.module_instances[instance] {
+            // The `instance` points to an instantiated module, meaning we can
+            // lookup the `CoreSource` associated with it and use the type
+            // information to insert it into the appropriate namespace.
+            ModuleInstanceDef::Instantiated { instance, module } => {
+                let (src, ty) = self.lookup_core_source_in_module(*instance, *module, name);
+                match ty {
+                    EntityType::Function(_) => {
+                        assert_eq!(kind, wasmparser::ExternalKind::Func);
+                        self.result.funcs.push(Func::Core(src));
+                    }
+                    EntityType::Global(_) => {
+                        assert_eq!(kind, wasmparser::ExternalKind::Global);
+                        self.result.globals.push(src);
+                    }
+                    EntityType::Memory(_) => {
+                        assert_eq!(kind, wasmparser::ExternalKind::Memory);
+                        self.result.memories.push(src);
+                    }
+                    EntityType::Table(_) => {
+                        assert_eq!(kind, wasmparser::ExternalKind::Table);
+                        self.result.tables.push(src);
+                    }
+                    EntityType::Tag(_) => unimplemented!("wasm exceptions"),
+                }
             }
 
+            // ... and like above for synthetic components aliasing exports from
+            // synthetic modules is also just copying around the identifying
+            // information.
+            ModuleInstanceDef::Synthetic(exports) => match exports[&name] {
+                EntityIndex::Function(i) => {
+                    assert_eq!(kind, wasmparser::ExternalKind::Func);
+                    self.result.funcs.push(self.result.funcs[i].clone());
+                }
+                EntityIndex::Global(i) => {
+                    assert_eq!(kind, wasmparser::ExternalKind::Global);
+                    self.result.globals.push(self.result.globals[i].clone());
+                }
+                EntityIndex::Table(i) => {
+                    assert_eq!(kind, wasmparser::ExternalKind::Table);
+                    self.result.tables.push(self.result.tables[i].clone());
+                }
+                EntityIndex::Memory(i) => {
+                    assert_eq!(kind, wasmparser::ExternalKind::Memory);
+                    self.result.memories.push(self.result.memories[i].clone());
+                }
+            },
+        }
+    }
+
+    fn alias_component_instance_export(
+        &mut self,
+        kind: wasmparser::ComponentExternalKind,
+        instance: ComponentInstanceIndex,
+        name: &'data str,
+    ) {
+        match &self.result.component_instances[instance] {
+            // The `instance` points to an imported component instance, meaning
+            // that the item we're pushing into our index spaces is effectively
+            // another form of import. The `name` is appended to the `import`
+            // found here and then the appropriate namespace of an import is
+            // recorded as well.
+            ComponentInstanceDef::Import { import, ty } => {
+                let import = import.append(name);
+                match self.types[*ty].exports[name] {
+                    TypeDef::Module(ty) => {
+                        assert_eq!(kind, wasmparser::ComponentExternalKind::Module);
+                        self.result.modules.push(ModuleDef::Import { import, ty });
+                    }
+                    TypeDef::ComponentInstance(ty) => {
+                        assert_eq!(kind, wasmparser::ComponentExternalKind::Instance);
+                        self.result
+                            .component_instances
+                            .push(ComponentInstanceDef::Import { import, ty });
+                    }
+                    TypeDef::ComponentFunc(_ty) => {
+                        assert_eq!(kind, wasmparser::ComponentExternalKind::Func);
+                        self.result
+                            .component_funcs
+                            .push(ComponentFunc::Import(import));
+                    }
+                    TypeDef::Interface(_) => unimplemented!("alias type export"),
+                    TypeDef::Component(_) => unimplemented!("alias component export"),
+
+                    // not possible with valid components
+                    TypeDef::CoreFunc(_ty) => unreachable!(),
+                }
+            }
+
+            // For synthetic component/module instances we can just copy the
+            // definition of the original item into a new slot as well to record
+            // that the index describes the same item.
+            ComponentInstanceDef::Synthetic(exports) => match exports[&name] {
+                ComponentItem::Func(i) => {
+                    assert_eq!(kind, wasmparser::ComponentExternalKind::Func);
+                    self.result.funcs.push(self.result.funcs[i].clone());
+                }
+                ComponentItem::Module(i) => {
+                    assert_eq!(kind, wasmparser::ComponentExternalKind::Module);
+                    self.result.modules.push(self.result.modules[i].clone());
+                }
+                ComponentItem::ComponentInstance(i) => {
+                    assert_eq!(kind, wasmparser::ComponentExternalKind::Instance);
+                    self.result
+                        .component_instances
+                        .push(self.result.component_instances[i].clone());
+                }
+                ComponentItem::Component(_) => unimplemented!("aliasing a component export"),
+            },
+        }
+    }
+
+    fn alias_component_outer(
+        &mut self,
+        kind: wasmparser::ComponentOuterAliasKind,
+        count: u32,
+        index: u32,
+    ) {
+        match kind {
             // When aliasing a type the `ComponentTypesBuilder` is used to
             // resolve the outer `count` plus the index, and then once it's
             // resolved we push the type information into our local index
@@ -787,125 +950,34 @@ impl<'a, 'data> Translator<'a, 'data> {
             // Note that this is just copying indices around as all type
             // information is basically a pointer back into the `TypesBuilder`
             // structure (and the eventual `TypeTables` that it produces).
-            wasmparser::Alias::OuterType { count, index } => {
-                let index = TypeIndex::from_u32(*index);
-                let ty = self.types.component_outer_type(*count, index);
+            wasmparser::ComponentOuterAliasKind::CoreType => {
+                let index = TypeIndex::from_u32(index);
+                let ty = self.types.core_outer_type(count, index);
+                self.types.push_core_typedef(ty);
+            }
+            wasmparser::ComponentOuterAliasKind::Type => {
+                let index = ComponentTypeIndex::from_u32(index);
+                let ty = self.types.component_outer_type(count, index);
                 self.types.push_component_typedef(ty);
             }
-        }
-    }
 
-    fn alias_instance_export(
-        &mut self,
-        kind: wasmparser::AliasKind,
-        instance: InstanceIndex,
-        name: &'data str,
-    ) {
-        match &self.result.instances[instance] {
-            // The `instance` points to an imported component instance, meaning
-            // that the item we're pushing into our index spaces is effectively
-            // another form of import. The `name` is appended to the `import`
-            // found here and then the appropriate namespace of an import is
-            // recorded as well.
-            InstanceDef::Import { import, ty } => {
-                let import = import.append(name);
-                match self.types[*ty].exports[name] {
-                    TypeDef::Module(ty) => {
-                        assert_eq!(kind, wasmparser::AliasKind::Module);
-                        self.result.modules.push(ModuleDef::Import { import, ty });
-                    }
-                    TypeDef::ComponentInstance(ty) => {
-                        assert_eq!(kind, wasmparser::AliasKind::Instance);
-                        self.result
-                            .instances
-                            .push(InstanceDef::Import { import, ty });
-                    }
-                    TypeDef::Func(_ty) => {
-                        assert_eq!(kind, wasmparser::AliasKind::ComponentFunc);
-                        self.result.funcs.push(Func::Import(import));
-                    }
-                    TypeDef::Interface(_) => unimplemented!("alias type export"),
-                    TypeDef::Component(_) => unimplemented!("alias component export"),
-                }
+            wasmparser::ComponentOuterAliasKind::CoreModule => {
+                unimplemented!("outer alias to module");
             }
-
-            // The `instance` points to an instantiated module, meaning we can
-            // lookup the `CoreSource` associated with it and use the type
-            // information to insert it into the appropriate namespace.
-            InstanceDef::Module { instance, module } => {
-                let (src, ty) = self.lookup_core_source_in_module(*instance, *module, name);
-                match ty {
-                    EntityType::Function(_) => {
-                        assert_eq!(kind, wasmparser::AliasKind::Func);
-                        self.result.funcs.push(Func::Core(src));
-                    }
-                    EntityType::Global(_) => {
-                        assert_eq!(kind, wasmparser::AliasKind::Global);
-                        self.result.globals.push(src);
-                    }
-                    EntityType::Memory(_) => {
-                        assert_eq!(kind, wasmparser::AliasKind::Memory);
-                        self.result.memories.push(src);
-                    }
-                    EntityType::Table(_) => {
-                        assert_eq!(kind, wasmparser::AliasKind::Table);
-                        self.result.tables.push(src);
-                    }
-                    EntityType::Tag(_) => unimplemented!("wasm exceptions"),
-                }
+            wasmparser::ComponentOuterAliasKind::Component => {
+                unimplemented!("outer alias to component");
             }
-
-            // For synthetic component/module instances we can just copy the
-            // definition of the original item into a new slot as well to record
-            // that the index describes the same item.
-            InstanceDef::ComponentSynthetic(exports) => match exports[&name] {
-                ComponentItem::Func(i) => {
-                    assert_eq!(kind, wasmparser::AliasKind::ComponentFunc);
-                    self.result.funcs.push(self.result.funcs[i].clone());
-                }
-                ComponentItem::Module(i) => {
-                    assert_eq!(kind, wasmparser::AliasKind::Module);
-                    self.result.modules.push(self.result.modules[i].clone());
-                }
-                ComponentItem::Instance(i) => {
-                    assert_eq!(kind, wasmparser::AliasKind::Instance);
-                    self.result.instances.push(self.result.instances[i].clone());
-                }
-                ComponentItem::Component(_) => unimplemented!("aliasing a component export"),
-            },
-
-            // ... and like above for synthetic components aliasing exports from
-            // synthetic modules is also just copying around the identifying
-            // information.
-            InstanceDef::ModuleSynthetic(exports) => match exports[&name] {
-                EntityIndex::Function(i) => {
-                    assert_eq!(kind, wasmparser::AliasKind::Func);
-                    self.result.funcs.push(self.result.funcs[i].clone());
-                }
-                EntityIndex::Global(i) => {
-                    assert_eq!(kind, wasmparser::AliasKind::Global);
-                    self.result.globals.push(self.result.globals[i].clone());
-                }
-                EntityIndex::Table(i) => {
-                    assert_eq!(kind, wasmparser::AliasKind::Table);
-                    self.result.tables.push(self.result.tables[i].clone());
-                }
-                EntityIndex::Memory(i) => {
-                    assert_eq!(kind, wasmparser::AliasKind::Memory);
-                    self.result.memories.push(self.result.memories[i].clone());
-                }
-            },
         }
     }
 
     fn lift_function(
         &mut self,
-        ty: TypeIndex,
+        ty: ComponentTypeIndex,
         func: FuncIndex,
         options: &[wasmparser::CanonicalOption],
-    ) -> Func<'data> {
+    ) -> ComponentFunc<'data> {
         let ty = match self.types.component_outer_type(0, ty) {
-            TypeDef::Func(ty) => ty,
+            TypeDef::ComponentFunc(ty) => ty,
             // should not be possible after validation
             _ => unreachable!(),
         };
@@ -919,22 +991,19 @@ impl<'a, 'data> Translator<'a, 'data> {
             // memory into core wasm (since nothing is around to call
             // deallocation/free functions).
             Func::Lowered(_) => unimplemented!("lifting a lowered function"),
-
-            // should not be possible after validation
-            Func::Lifted { .. } | Func::Import { .. } => unreachable!(),
         };
         let options = self.canonical_options(options);
-        Func::Lifted { ty, func, options }
+        ComponentFunc::Lifted { ty, func, options }
     }
 
     fn lower_function(
         &mut self,
-        func: FuncIndex,
+        func: ComponentFuncIndex,
         options: &[wasmparser::CanonicalOption],
     ) -> Func<'data> {
         let options = self.canonical_options(options);
-        match self.result.funcs[func].clone() {
-            Func::Import(import) => {
+        match self.result.component_funcs[func].clone() {
+            ComponentFunc::Import(import) => {
                 let import = self.runtime_import_index(import);
                 let index = LoweredIndex::from_u32(self.result.component.num_lowerings);
                 self.result.component.num_lowerings += 1;
@@ -961,10 +1030,7 @@ impl<'a, 'data> Translator<'a, 'data> {
             // function that lifts the arguments and then afterwards
             // unconditionally traps. That would mean that this validates the
             // arguments within the context of `options` and then traps.
-            Func::Lifted { .. } => unimplemented!("lower a lifted function"),
-
-            // should not be possible after validation
-            Func::Core(_) | Func::Lowered(_) => unreachable!(),
+            ComponentFunc::Lifted { .. } => unimplemented!("lower a lifted function"),
         }
     }
 
@@ -981,24 +1047,24 @@ impl<'a, 'data> Translator<'a, 'data> {
                 wasmparser::CanonicalOption::CompactUTF16 => {
                     ret.string_encoding = StringEncoding::CompactUtf16;
                 }
-                wasmparser::CanonicalOption::Into(instance) => {
-                    let instance = InstanceIndex::from_u32(*instance);
-
-                    // Note that the `unreachable!()` should not happen for
-                    // components which have passed validation.
-                    let memory =
-                        self.lookup_core_def(instance, "memory")
-                            .unwrap_export(|i| match i {
-                                EntityIndex::Memory(i) => i,
-                                _ => unreachable!(),
-                            });
+                wasmparser::CanonicalOption::Memory(idx) => {
+                    let idx = MemoryIndex::from_u32(*idx);
+                    let memory = self.result.memories[idx].to_core_export(|i| match i {
+                        EntityIndex::Memory(i) => i,
+                        _ => unreachable!(),
+                    });
                     let memory = self.runtime_memory(memory);
                     ret.memory = Some(memory);
-
-                    let realloc = self.lookup_core_def(instance, "canonical_abi_realloc");
+                }
+                wasmparser::CanonicalOption::Realloc(idx) => {
+                    let idx = FuncIndex::from_u32(*idx);
+                    let realloc = self.result.funcs[idx].to_core_def();
                     let realloc = self.runtime_realloc(realloc);
                     ret.realloc = Some(realloc);
                 }
+                wasmparser::CanonicalOption::PostReturn(_) => {
+                    unimplemented!("post-return");
+                }
             }
         }
         return ret;
@@ -1065,22 +1131,11 @@ impl CoreSource<'_> {
     }
 }
 
-impl CoreDef {
-    fn unwrap_export<T>(self, get_index: impl FnOnce(EntityIndex) -> T) -> CoreExport<T> {
-        let export = match self {
-            CoreDef::Export(export) => export,
-            CoreDef::Lowered(_) => unreachable!(),
-        };
-        let instance = export.instance;
-        match export.item {
-            ExportItem::Index(idx) => CoreExport {
-                instance,
-                item: ExportItem::Index(get_index(idx)),
-            },
-            ExportItem::Name(name) => CoreExport {
-                instance,
-                item: ExportItem::Name(name),
-            },
+impl Func<'_> {
+    fn to_core_def(&self) -> CoreDef {
+        match self {
+            Func::Core(src) => src.to_core_def(),
+            Func::Lowered(idx) => CoreDef::Lowered(*idx),
         }
     }
 }
diff --git a/crates/environ/src/component/types.rs b/crates/environ/src/component/types.rs
index f2fe67117d..d447984337 100644
--- a/crates/environ/src/component/types.rs
+++ b/crates/environ/src/component/types.rs
@@ -8,6 +8,9 @@ use serde::{Deserialize, Serialize};
 use std::collections::HashMap;
 use std::hash::Hash;
 use std::ops::Index;
+use wasmparser::{
+    ComponentAlias, ComponentOuterAliasKind, ComponentTypeDeclaration, InstanceTypeDeclaration,
+};
 
 macro_rules! indices {
     ($(
@@ -31,14 +34,23 @@ indices! {
     // compile phase to when we're actually working with the component at
     // runtime.
 
+    /// Index within a component's component type index space.
+    pub struct ComponentTypeIndex(u32);
+
     /// Index within a component's module index space.
     pub struct ModuleIndex(u32);
 
     /// Index within a component's component index space.
     pub struct ComponentIndex(u32);
 
-    /// Index within a component's instance index space.
-    pub struct InstanceIndex(u32);
+    /// Index within a component's module instance index space.
+    pub struct ModuleInstanceIndex(u32);
+
+    /// Index within a component's component instance index space.
+    pub struct ComponentInstanceIndex(u32);
+
+    /// Index within a component's component function index space.
+    pub struct ComponentFuncIndex(u32);
 
     // ========================================================================
     // These indices are used to lookup type information within a `TypeTables`
@@ -47,39 +59,39 @@ indices! {
 
     /// Index pointing to a component's type (exports/imports with
     /// component-model types)
-    pub struct ComponentTypeIndex(u32);
+    pub struct TypeComponentIndex(u32);
 
     /// Index pointing to a component instance's type (exports with
     /// component-model types, no imports)
-    pub struct ComponentInstanceTypeIndex(u32);
+    pub struct TypeComponentInstanceIndex(u32);
 
     /// Index pointing to a core wasm module's type (exports/imports with
     /// core wasm types)
-    pub struct ModuleTypeIndex(u32);
+    pub struct TypeModuleIndex(u32);
 
     /// Index pointing to a component model function type with arguments/result
     /// as interface types.
-    pub struct FuncTypeIndex(u32);
+    pub struct TypeFuncIndex(u32);
 
     /// Index pointing to an interface type, used for recursive types such as
     /// `List<T>`.
-    pub struct InterfaceTypeIndex(u32);
+    pub struct TypeInterfaceIndex(u32);
 
     /// Index pointing to a record type in the component model (aka a struct).
-    pub struct RecordTypeIndex(u32);
+    pub struct TypeRecordIndex(u32);
     /// Index pointing to a variant type in the component model (aka an enum).
-    pub struct VariantTypeIndex(u32);
+    pub struct TypeVariantIndex(u32);
     /// Index pointing to a tuple type in the component model.
-    pub struct TupleTypeIndex(u32);
+    pub struct TypeTupleIndex(u32);
     /// Index pointing to a flags type in the component model.
-    pub struct FlagsTypeIndex(u32);
+    pub struct TypeFlagsIndex(u32);
     /// Index pointing to an enum type in the component model.
-    pub struct EnumTypeIndex(u32);
+    pub struct TypeEnumIndex(u32);
     /// Index pointing to a union type in the component model.
-    pub struct UnionTypeIndex(u32);
+    pub struct TypeUnionIndex(u32);
     /// Index pointing to an expected type in the component model (aka a
     /// `Result<T, E>`)
-    pub struct ExpectedTypeIndex(u32);
+    pub struct TypeExpectedIndex(u32);
 
     // ========================================================================
     // These indices are actually used at runtime when managing a component at
@@ -147,8 +159,8 @@ pub use crate::{FuncIndex, GlobalIndex, MemoryIndex, TableIndex, TypeIndex};
 pub enum ComponentItem {
     Func(FuncIndex),
     Module(ModuleIndex),
-    Instance(InstanceIndex),
     Component(ComponentIndex),
+    ComponentInstance(ComponentInstanceIndex),
 }
 
 /// Runtime information about the type information contained within a component.
@@ -158,18 +170,18 @@ pub enum ComponentItem {
 /// will have a pointer to this value as well.
 #[derive(Default, Serialize, Deserialize)]
 pub struct ComponentTypes {
-    modules: PrimaryMap<ModuleTypeIndex, ModuleType>,
-    components: PrimaryMap<ComponentTypeIndex, ComponentType>,
-    component_instances: PrimaryMap<ComponentInstanceTypeIndex, ComponentInstanceType>,
-    functions: PrimaryMap<FuncTypeIndex, FuncType>,
-    interface_types: PrimaryMap<InterfaceTypeIndex, InterfaceType>,
-    records: PrimaryMap<RecordTypeIndex, RecordType>,
-    variants: PrimaryMap<VariantTypeIndex, VariantType>,
-    tuples: PrimaryMap<TupleTypeIndex, TupleType>,
-    enums: PrimaryMap<EnumTypeIndex, EnumType>,
-    flags: PrimaryMap<FlagsTypeIndex, FlagsType>,
-    unions: PrimaryMap<UnionTypeIndex, UnionType>,
-    expecteds: PrimaryMap<ExpectedTypeIndex, ExpectedType>,
+    modules: PrimaryMap<TypeModuleIndex, TypeModule>,
+    components: PrimaryMap<TypeComponentIndex, TypeComponent>,
+    component_instances: PrimaryMap<TypeComponentInstanceIndex, TypeComponentInstance>,
+    functions: PrimaryMap<TypeFuncIndex, TypeFunc>,
+    interface_types: PrimaryMap<TypeInterfaceIndex, InterfaceType>,
+    records: PrimaryMap<TypeRecordIndex, TypeRecord>,
+    variants: PrimaryMap<TypeVariantIndex, TypeVariant>,
+    tuples: PrimaryMap<TypeTupleIndex, TypeTuple>,
+    enums: PrimaryMap<TypeEnumIndex, TypeEnum>,
+    flags: PrimaryMap<TypeFlagsIndex, TypeFlags>,
+    unions: PrimaryMap<TypeUnionIndex, TypeUnion>,
+    expecteds: PrimaryMap<TypeExpectedIndex, TypeExpected>,
 
     module_types: ModuleTypes,
 }
@@ -193,18 +205,18 @@ macro_rules! impl_index {
 }
 
 impl_index! {
-    impl Index<ModuleTypeIndex> for ComponentTypes { ModuleType => modules }
-    impl Index<ComponentTypeIndex> for ComponentTypes { ComponentType => components }
-    impl Index<ComponentInstanceTypeIndex> for ComponentTypes { ComponentInstanceType => component_instances }
-    impl Index<FuncTypeIndex> for ComponentTypes { FuncType => functions }
-    impl Index<InterfaceTypeIndex> for ComponentTypes { InterfaceType => interface_types }
-    impl Index<RecordTypeIndex> for ComponentTypes { RecordType => records }
-    impl Index<VariantTypeIndex> for ComponentTypes { VariantType => variants }
-    impl Index<TupleTypeIndex> for ComponentTypes { TupleType => tuples }
-    impl Index<EnumTypeIndex> for ComponentTypes { EnumType => enums }
-    impl Index<FlagsTypeIndex> for ComponentTypes { FlagsType => flags }
-    impl Index<UnionTypeIndex> for ComponentTypes { UnionType => unions }
-    impl Index<ExpectedTypeIndex> for ComponentTypes { ExpectedType => expecteds }
+    impl Index<TypeModuleIndex> for ComponentTypes { TypeModule => modules }
+    impl Index<TypeComponentIndex> for ComponentTypes { TypeComponent => components }
+    impl Index<TypeComponentInstanceIndex> for ComponentTypes { TypeComponentInstance => component_instances }
+    impl Index<TypeFuncIndex> for ComponentTypes { TypeFunc => functions }
+    impl Index<TypeInterfaceIndex> for ComponentTypes { InterfaceType => interface_types }
+    impl Index<TypeRecordIndex> for ComponentTypes { TypeRecord => records }
+    impl Index<TypeVariantIndex> for ComponentTypes { TypeVariant => variants }
+    impl Index<TypeTupleIndex> for ComponentTypes { TypeTuple => tuples }
+    impl Index<TypeEnumIndex> for ComponentTypes { TypeEnum => enums }
+    impl Index<TypeFlagsIndex> for ComponentTypes { TypeFlags => flags }
+    impl Index<TypeUnionIndex> for ComponentTypes { TypeUnion => unions }
+    impl Index<TypeExpectedIndex> for ComponentTypes { TypeExpected => expecteds }
 }
 
 // Additionally forward anything that can index `ModuleTypes` to `ModuleTypes`
@@ -225,21 +237,27 @@ where
 /// managing building up core wasm [`ModuleTypes`] as well.
 #[derive(Default)]
 pub struct ComponentTypesBuilder {
-    type_scopes: Vec<PrimaryMap<TypeIndex, TypeDef>>,
-    functions: HashMap<FuncType, FuncTypeIndex>,
-    interface_types: HashMap<InterfaceType, InterfaceTypeIndex>,
-    records: HashMap<RecordType, RecordTypeIndex>,
-    variants: HashMap<VariantType, VariantTypeIndex>,
-    tuples: HashMap<TupleType, TupleTypeIndex>,
-    enums: HashMap<EnumType, EnumTypeIndex>,
-    flags: HashMap<FlagsType, FlagsTypeIndex>,
-    unions: HashMap<UnionType, UnionTypeIndex>,
-    expecteds: HashMap<ExpectedType, ExpectedTypeIndex>,
+    type_scopes: Vec<TypeScope>,
+    functions: HashMap<TypeFunc, TypeFuncIndex>,
+    interface_types: HashMap<InterfaceType, TypeInterfaceIndex>,
+    records: HashMap<TypeRecord, TypeRecordIndex>,
+    variants: HashMap<TypeVariant, TypeVariantIndex>,
+    tuples: HashMap<TypeTuple, TypeTupleIndex>,
+    enums: HashMap<TypeEnum, TypeEnumIndex>,
+    flags: HashMap<TypeFlags, TypeFlagsIndex>,
+    unions: HashMap<TypeUnion, TypeUnionIndex>,
+    expecteds: HashMap<TypeExpected, TypeExpectedIndex>,
 
     component_types: ComponentTypes,
     module_types: ModuleTypesBuilder,
 }
 
+#[derive(Default)]
+struct TypeScope {
+    core: PrimaryMap<TypeIndex, TypeDef>,
+    component: PrimaryMap<ComponentTypeIndex, TypeDef>,
+}
+
 impl ComponentTypesBuilder {
     /// Finishes this list of component types and returns the finished
     /// structure.
@@ -261,20 +279,36 @@ impl ComponentTypesBuilder {
     ///
     /// This happens when a component is recursed into or a module/instance
     /// type is recursed into.
-    pub fn push_component_types_scope(&mut self) {
-        self.type_scopes.push(PrimaryMap::new());
+    pub fn push_type_scope(&mut self) {
+        self.type_scopes.push(Default::default());
     }
 
     /// Adds a new `TypeDef` definition within the current component types
     /// scope.
     ///
-    /// Returns the `TypeIndex` associated with the type being pushed..
+    /// Returns the `ComponentTypeIndex` associated with the type being pushed.
     ///
     /// # Panics
     ///
-    /// Requires that `push_component_types_scope` was called previously.
-    pub fn push_component_typedef(&mut self, ty: TypeDef) -> TypeIndex {
-        self.type_scopes.last_mut().unwrap().push(ty)
+    /// Requires that `push_type_scope` was called previously.
+    pub fn push_component_typedef(&mut self, ty: TypeDef) -> ComponentTypeIndex {
+        debug_assert!(!matches!(ty, TypeDef::Module(_) | TypeDef::CoreFunc(_)));
+        self.type_scopes.last_mut().unwrap().component.push(ty)
+    }
+
+    /// Adds a new `TypeDef` definition within the current core types
+    /// scope.
+    ///
+    /// Returns the `TypeIndex` associated with the type being pushed. Note that
+    /// this should only be used with core-wasm-related `TypeDef` instances such
+    /// as `TypeDef::Module` and `TypeDef::CoreFunc`.
+    ///
+    /// # Panics
+    ///
+    /// Requires that `push_type_scope` was called previously.
+    pub fn push_core_typedef(&mut self, ty: TypeDef) -> TypeIndex {
+        debug_assert!(matches!(ty, TypeDef::Module(_) | TypeDef::CoreFunc(_)));
+        self.type_scopes.last_mut().unwrap().core.push(ty)
     }
 
     /// Looks up an "outer" type in this builder to handle outer aliases.
@@ -285,52 +319,89 @@ impl ComponentTypesBuilder {
     /// # Panics
     ///
     /// Assumes that `count` and `ty` are valid.
-    pub fn component_outer_type(&self, count: u32, ty: TypeIndex) -> TypeDef {
+    pub fn component_outer_type(&self, count: u32, ty: ComponentTypeIndex) -> TypeDef {
         // Reverse the index and 0 means the "current scope"
         let idx = self.type_scopes.len() - (count as usize) - 1;
-        self.type_scopes[idx][ty]
+        self.type_scopes[idx].component[ty]
     }
 
-    /// Pops a scope pushed by `push_component_types_scope`.
-    pub fn pop_component_types_scope(&mut self) {
+    /// Same as `component_outer_type` but for core wasm types instead.
+    pub fn core_outer_type(&self, count: u32, ty: TypeIndex) -> TypeDef {
+        // Reverse the index and 0 means the "current scope"
+        let idx = self.type_scopes.len() - (count as usize) - 1;
+        self.type_scopes[idx].core[ty]
+    }
+
+    /// Pops a scope pushed by `push_type_scope`.
+    pub fn pop_type_scope(&mut self) {
         self.type_scopes.pop().unwrap();
     }
 
-    /// Translates a wasmparser `ComponentTypeDef` into a Wasmtime `TypeDef`,
+    /// Translates a wasmparser `TypeComponent` into a Wasmtime `TypeDef`,
     /// interning types along the way.
-    pub fn component_type_def(&mut self, ty: &wasmparser::ComponentTypeDef<'_>) -> Result<TypeDef> {
+    pub fn intern_component_type(&mut self, ty: &wasmparser::ComponentType<'_>) -> Result<TypeDef> {
         Ok(match ty {
-            wasmparser::ComponentTypeDef::Module(ty) => TypeDef::Module(self.module_type(ty)?),
-            wasmparser::ComponentTypeDef::Component(ty) => {
+            wasmparser::ComponentType::Defined(ty) => TypeDef::Interface(self.defined_type(ty)),
+            wasmparser::ComponentType::Func(ty) => TypeDef::ComponentFunc(self.func_type(ty)),
+            wasmparser::ComponentType::Component(ty) => {
                 TypeDef::Component(self.component_type(ty)?)
             }
-            wasmparser::ComponentTypeDef::Instance(ty) => {
+            wasmparser::ComponentType::Instance(ty) => {
                 TypeDef::ComponentInstance(self.component_instance_type(ty)?)
             }
-            wasmparser::ComponentTypeDef::Function(ty) => TypeDef::Func(self.func_type(ty)),
-            wasmparser::ComponentTypeDef::Value(_ty) => unimplemented!("value types"),
-            wasmparser::ComponentTypeDef::Interface(ty) => {
-                TypeDef::Interface(self.interface_type(ty))
-            }
         })
     }
 
-    fn module_type(&mut self, ty: &[wasmparser::ModuleType<'_>]) -> Result<ModuleTypeIndex> {
-        let mut result = ModuleType::default();
+    /// Translates a wasmparser `CoreType` into a Wasmtime `TypeDef`,
+    /// interning types along the way.
+    pub fn intern_core_type(&mut self, ty: &wasmparser::CoreType<'_>) -> Result<TypeDef> {
+        Ok(match ty {
+            wasmparser::CoreType::Func(ty) => {
+                TypeDef::CoreFunc(self.module_types.wasm_func_type(ty.clone().try_into()?))
+            }
+            wasmparser::CoreType::Module(ty) => TypeDef::Module(self.module_type(ty)?),
+        })
+    }
+
+    /// Translates a wasmparser `ComponentTypeRef` into a Wasmtime `TypeDef`.
+    pub fn component_type_ref(&self, ty: &wasmparser::ComponentTypeRef) -> TypeDef {
+        match ty {
+            wasmparser::ComponentTypeRef::Module(ty) => {
+                self.core_outer_type(0, TypeIndex::from_u32(*ty))
+            }
+            wasmparser::ComponentTypeRef::Func(ty)
+            | wasmparser::ComponentTypeRef::Instance(ty)
+            | wasmparser::ComponentTypeRef::Component(ty) => {
+                self.component_outer_type(0, ComponentTypeIndex::from_u32(*ty))
+            }
+            wasmparser::ComponentTypeRef::Value(..) => {
+                unimplemented!("references to value types");
+            }
+            wasmparser::ComponentTypeRef::Type(..) => {
+                unimplemented!("references to types");
+            }
+        }
+    }
+
+    fn module_type(
+        &mut self,
+        ty: &[wasmparser::ModuleTypeDeclaration<'_>],
+    ) -> Result<TypeModuleIndex> {
+        let mut result = TypeModule::default();
         let mut functypes: PrimaryMap<TypeIndex, SignatureIndex> = PrimaryMap::default();
 
         for item in ty {
             match item {
-                wasmparser::ModuleType::Type(wasmparser::TypeDef::Func(f)) => {
+                wasmparser::ModuleTypeDeclaration::Type(wasmparser::Type::Func(f)) => {
                     functypes.push(self.module_types.wasm_func_type(f.clone().try_into()?));
                 }
-                wasmparser::ModuleType::Export { name, ty } => {
+                wasmparser::ModuleTypeDeclaration::Export { name, ty } => {
                     let prev = result
                         .exports
                         .insert(name.to_string(), type_ref(ty, &functypes)?);
                     assert!(prev.is_none());
                 }
-                wasmparser::ModuleType::Import(import) => {
+                wasmparser::ModuleTypeDeclaration::Import(import) => {
                     let prev = result.imports.insert(
                         (import.module.to_string(), import.name.to_string()),
                         type_ref(&import.ty, &functypes)?,
@@ -362,112 +433,135 @@ impl ComponentTypesBuilder {
 
     fn component_type(
         &mut self,
-        ty: &[wasmparser::ComponentType<'_>],
-    ) -> Result<ComponentTypeIndex> {
-        let mut result = ComponentType::default();
-        self.push_component_types_scope();
+        ty: &[ComponentTypeDeclaration<'_>],
+    ) -> Result<TypeComponentIndex> {
+        let mut result = TypeComponent::default();
+        self.push_type_scope();
 
         for item in ty {
             match item {
-                wasmparser::ComponentType::Type(ty) => {
-                    let ty = self.component_type_def(ty)?;
-                    self.push_component_typedef(ty);
+                ComponentTypeDeclaration::Type(ty) => self.type_declaration_type(ty)?,
+                ComponentTypeDeclaration::CoreType(ty) => self.type_declaration_core_type(ty)?,
+                ComponentTypeDeclaration::Alias(alias) => self.type_declaration_alias(alias)?,
+                ComponentTypeDeclaration::Export { name, ty } => {
+                    let ty = self.component_type_ref(ty);
+                    result.exports.insert(name.to_string(), ty);
                 }
-                wasmparser::ComponentType::OuterType { count, index } => {
-                    let ty = self.component_outer_type(*count, TypeIndex::from_u32(*index));
-                    self.push_component_typedef(ty);
-                }
-                wasmparser::ComponentType::Export { name, ty } => {
-                    result.exports.insert(
-                        name.to_string(),
-                        self.component_outer_type(0, TypeIndex::from_u32(*ty)),
-                    );
-                }
-                wasmparser::ComponentType::Import(import) => {
-                    result.imports.insert(
-                        import.name.to_string(),
-                        self.component_outer_type(0, TypeIndex::from_u32(import.ty)),
-                    );
+                ComponentTypeDeclaration::Import(import) => {
+                    let ty = self.component_type_ref(&import.ty);
+                    result.imports.insert(import.name.to_string(), ty);
                 }
             }
         }
 
-        self.pop_component_types_scope();
+        self.pop_type_scope();
 
         Ok(self.component_types.components.push(result))
     }
 
     fn component_instance_type(
         &mut self,
-        ty: &[wasmparser::InstanceType<'_>],
-    ) -> Result<ComponentInstanceTypeIndex> {
-        let mut result = ComponentInstanceType::default();
-        self.push_component_types_scope();
+        ty: &[InstanceTypeDeclaration<'_>],
+    ) -> Result<TypeComponentInstanceIndex> {
+        let mut result = TypeComponentInstance::default();
+        self.push_type_scope();
 
         for item in ty {
             match item {
-                wasmparser::InstanceType::Type(ty) => {
-                    let ty = self.component_type_def(ty)?;
-                    self.push_component_typedef(ty);
-                }
-                wasmparser::InstanceType::OuterType { count, index } => {
-                    let ty = self.component_outer_type(*count, TypeIndex::from_u32(*index));
-                    self.push_component_typedef(ty);
-                }
-                wasmparser::InstanceType::Export { name, ty } => {
-                    result.exports.insert(
-                        name.to_string(),
-                        self.component_outer_type(0, TypeIndex::from_u32(*ty)),
-                    );
+                InstanceTypeDeclaration::Type(ty) => self.type_declaration_type(ty)?,
+                InstanceTypeDeclaration::CoreType(ty) => self.type_declaration_core_type(ty)?,
+                InstanceTypeDeclaration::Alias(alias) => self.type_declaration_alias(alias)?,
+                InstanceTypeDeclaration::Export { name, ty } => {
+                    let ty = self.component_type_ref(ty);
+                    result.exports.insert(name.to_string(), ty);
                 }
             }
         }
 
-        self.pop_component_types_scope();
+        self.pop_type_scope();
 
         Ok(self.component_types.component_instances.push(result))
     }
 
-    fn func_type(&mut self, ty: &wasmparser::ComponentFuncType<'_>) -> FuncTypeIndex {
-        let ty = FuncType {
+    fn type_declaration_type(&mut self, ty: &wasmparser::ComponentType<'_>) -> Result<()> {
+        let ty = self.intern_component_type(ty)?;
+        self.push_component_typedef(ty);
+        Ok(())
+    }
+
+    fn type_declaration_core_type(&mut self, ty: &wasmparser::CoreType<'_>) -> Result<()> {
+        let ty = self.intern_core_type(ty)?;
+        self.push_core_typedef(ty);
+        Ok(())
+    }
+
+    fn type_declaration_alias(&mut self, alias: &wasmparser::ComponentAlias<'_>) -> Result<()> {
+        match alias {
+            ComponentAlias::Outer {
+                kind: ComponentOuterAliasKind::CoreType,
+                count,
+                index,
+            } => {
+                let ty = self.core_outer_type(*count, TypeIndex::from_u32(*index));
+                self.push_core_typedef(ty);
+            }
+            ComponentAlias::Outer {
+                kind: ComponentOuterAliasKind::Type,
+                count,
+                index,
+            } => {
+                let ty = self.component_outer_type(*count, ComponentTypeIndex::from_u32(*index));
+                self.push_component_typedef(ty);
+            }
+            a => unreachable!("invalid alias {a:?}"),
+        }
+        Ok(())
+    }
+
+    fn func_type(&mut self, ty: &wasmparser::ComponentFuncType<'_>) -> TypeFuncIndex {
+        let ty = TypeFunc {
             params: ty
                 .params
                 .iter()
-                .map(|(name, ty)| (name.map(|s| s.to_string()), self.interface_type_ref(ty)))
+                .map(|(name, ty)| (name.map(|s| s.to_string()), self.valtype(ty)))
                 .collect(),
-            result: self.interface_type_ref(&ty.result),
+            result: self.valtype(&ty.result),
         };
         intern(&mut self.functions, &mut self.component_types.functions, ty)
     }
 
-    fn interface_type(&mut self, ty: &wasmparser::InterfaceType<'_>) -> InterfaceType {
+    fn defined_type(&mut self, ty: &wasmparser::ComponentDefinedType<'_>) -> InterfaceType {
         match ty {
-            wasmparser::InterfaceType::Primitive(ty) => ty.into(),
-            wasmparser::InterfaceType::Record(e) => InterfaceType::Record(self.record_type(e)),
-            wasmparser::InterfaceType::Variant(e) => InterfaceType::Variant(self.variant_type(e)),
-            wasmparser::InterfaceType::List(e) => {
-                let ty = self.interface_type_ref(e);
+            wasmparser::ComponentDefinedType::Primitive(ty) => ty.into(),
+            wasmparser::ComponentDefinedType::Record(e) => {
+                InterfaceType::Record(self.record_type(e))
+            }
+            wasmparser::ComponentDefinedType::Variant(e) => {
+                InterfaceType::Variant(self.variant_type(e))
+            }
+            wasmparser::ComponentDefinedType::List(e) => {
+                let ty = self.valtype(e);
                 InterfaceType::List(self.intern_interface_type(ty))
             }
-            wasmparser::InterfaceType::Tuple(e) => InterfaceType::Tuple(self.tuple_type(e)),
-            wasmparser::InterfaceType::Flags(e) => InterfaceType::Flags(self.flags_type(e)),
-            wasmparser::InterfaceType::Enum(e) => InterfaceType::Enum(self.enum_type(e)),
-            wasmparser::InterfaceType::Union(e) => InterfaceType::Union(self.union_type(e)),
-            wasmparser::InterfaceType::Option(e) => {
-                let ty = self.interface_type_ref(e);
+            wasmparser::ComponentDefinedType::Tuple(e) => InterfaceType::Tuple(self.tuple_type(e)),
+            wasmparser::ComponentDefinedType::Flags(e) => InterfaceType::Flags(self.flags_type(e)),
+            wasmparser::ComponentDefinedType::Enum(e) => InterfaceType::Enum(self.enum_type(e)),
+            wasmparser::ComponentDefinedType::Union(e) => InterfaceType::Union(self.union_type(e)),
+            wasmparser::ComponentDefinedType::Option(e) => {
+                let ty = self.valtype(e);
                 InterfaceType::Option(self.intern_interface_type(ty))
             }
-            wasmparser::InterfaceType::Expected { ok, error } => {
+            wasmparser::ComponentDefinedType::Expected { ok, error } => {
                 InterfaceType::Expected(self.expected_type(ok, error))
             }
         }
     }
 
-    fn interface_type_ref(&mut self, ty: &wasmparser::InterfaceTypeRef) -> InterfaceType {
+    fn valtype(&mut self, ty: &wasmparser::ComponentValType) -> InterfaceType {
         match ty {
-            wasmparser::InterfaceTypeRef::Primitive(p) => p.into(),
-            wasmparser::InterfaceTypeRef::Type(idx) => {
-                let idx = TypeIndex::from_u32(*idx);
+            wasmparser::ComponentValType::Primitive(p) => p.into(),
+            wasmparser::ComponentValType::Type(idx) => {
+                let idx = ComponentTypeIndex::from_u32(*idx);
                 match self.component_outer_type(0, idx) {
                     TypeDef::Interface(ty) => ty,
                     // this should not be possible if the module validated
@@ -477,7 +571,7 @@ impl ComponentTypesBuilder {
         }
     }
 
-    fn intern_interface_type(&mut self, ty: InterfaceType) -> InterfaceTypeIndex {
+    fn intern_interface_type(&mut self, ty: InterfaceType) -> TypeInterfaceIndex {
         intern(
             &mut self.interface_types,
             &mut self.component_types.interface_types,
@@ -485,30 +579,30 @@ impl ComponentTypesBuilder {
         )
     }
 
-    fn record_type(&mut self, record: &[(&str, wasmparser::InterfaceTypeRef)]) -> RecordTypeIndex {
-        let record = RecordType {
+    fn record_type(&mut self, record: &[(&str, wasmparser::ComponentValType)]) -> TypeRecordIndex {
+        let record = TypeRecord {
             fields: record
                 .iter()
                 .map(|(name, ty)| RecordField {
                     name: name.to_string(),
-                    ty: self.interface_type_ref(ty),
+                    ty: self.valtype(ty),
                 })
                 .collect(),
         };
         intern(&mut self.records, &mut self.component_types.records, record)
     }
 
-    fn variant_type(&mut self, cases: &[wasmparser::VariantCase<'_>]) -> VariantTypeIndex {
-        let variant = VariantType {
+    fn variant_type(&mut self, cases: &[wasmparser::VariantCase<'_>]) -> TypeVariantIndex {
+        let variant = TypeVariant {
             cases: cases
                 .iter()
                 .map(|case| {
-                    // FIXME: need to implement `default_to`, not sure what that
+                    // FIXME: need to implement `refines`, not sure what that
                     // is at this time.
-                    assert!(case.default_to.is_none());
+                    assert!(case.refines.is_none());
                     VariantCase {
                         name: case.name.to_string(),
-                        ty: self.interface_type_ref(&case.ty),
+                        ty: self.valtype(&case.ty),
                     }
                 })
                 .collect(),
@@ -520,42 +614,42 @@ impl ComponentTypesBuilder {
         )
     }
 
-    fn tuple_type(&mut self, types: &[wasmparser::InterfaceTypeRef]) -> TupleTypeIndex {
-        let tuple = TupleType {
-            types: types.iter().map(|ty| self.interface_type_ref(ty)).collect(),
+    fn tuple_type(&mut self, types: &[wasmparser::ComponentValType]) -> TypeTupleIndex {
+        let tuple = TypeTuple {
+            types: types.iter().map(|ty| self.valtype(ty)).collect(),
         };
         intern(&mut self.tuples, &mut self.component_types.tuples, tuple)
     }
 
-    fn flags_type(&mut self, flags: &[&str]) -> FlagsTypeIndex {
-        let flags = FlagsType {
+    fn flags_type(&mut self, flags: &[&str]) -> TypeFlagsIndex {
+        let flags = TypeFlags {
             names: flags.iter().map(|s| s.to_string()).collect(),
         };
         intern(&mut self.flags, &mut self.component_types.flags, flags)
     }
 
-    fn enum_type(&mut self, variants: &[&str]) -> EnumTypeIndex {
-        let e = EnumType {
+    fn enum_type(&mut self, variants: &[&str]) -> TypeEnumIndex {
+        let e = TypeEnum {
             names: variants.iter().map(|s| s.to_string()).collect(),
         };
         intern(&mut self.enums, &mut self.component_types.enums, e)
     }
 
-    fn union_type(&mut self, types: &[wasmparser::InterfaceTypeRef]) -> UnionTypeIndex {
-        let union = UnionType {
-            types: types.iter().map(|ty| self.interface_type_ref(ty)).collect(),
+    fn union_type(&mut self, types: &[wasmparser::ComponentValType]) -> TypeUnionIndex {
+        let union = TypeUnion {
+            types: types.iter().map(|ty| self.valtype(ty)).collect(),
         };
         intern(&mut self.unions, &mut self.component_types.unions, union)
     }
 
     fn expected_type(
         &mut self,
-        ok: &wasmparser::InterfaceTypeRef,
-        err: &wasmparser::InterfaceTypeRef,
-    ) -> ExpectedTypeIndex {
-        let expected = ExpectedType {
-            ok: self.interface_type_ref(ok),
-            err: self.interface_type_ref(err),
+        ok: &wasmparser::ComponentValType,
+        err: &wasmparser::ComponentValType,
+    ) -> TypeExpectedIndex {
+        let expected = TypeExpected {
+            ok: self.valtype(ok),
+            err: self.valtype(err),
         };
         intern(
             &mut self.expecteds,
@@ -597,16 +691,18 @@ where
 /// through a sibling `ComponentTypes` structure.
 #[derive(Copy, Clone, Debug, Serialize, Deserialize)]
 pub enum TypeDef {
-    /// A core wasm module and its type.
-    Module(ModuleTypeIndex),
     /// A component and its type.
-    Component(ComponentTypeIndex),
+    Component(TypeComponentIndex),
     /// An instance of a component.
-    ComponentInstance(ComponentInstanceTypeIndex),
+    ComponentInstance(TypeComponentInstanceIndex),
     /// A component function, not to be confused with a core wasm function.
-    Func(FuncTypeIndex),
+    ComponentFunc(TypeFuncIndex),
     /// An interface type.
     Interface(InterfaceType),
+    /// A core wasm module and its type.
+    Module(TypeModuleIndex),
+    /// A core wasm function using only core wasm types.
+    CoreFunc(SignatureIndex),
 }
 
 // NB: Note that maps below are stored as an `IndexMap` now but the order
@@ -616,10 +712,10 @@ pub enum TypeDef {
 
 /// The type of a module in the component model.
 ///
-/// Note that this is not to be confused with `ComponentType` below. This is
+/// Note that this is not to be confused with `TypeComponent` below. This is
 /// intended only for core wasm modules, not for components.
 #[derive(Serialize, Deserialize, Default)]
-pub struct ModuleType {
+pub struct TypeModule {
     /// The values that this module imports.
     ///
     /// Note that the value of this map is a core wasm `EntityType`, not a
@@ -638,7 +734,7 @@ pub struct ModuleType {
 
 /// The type of a component in the component model.
 #[derive(Serialize, Deserialize, Default)]
-pub struct ComponentType {
+pub struct TypeComponent {
     /// The named values that this component imports.
     pub imports: IndexMap<String, TypeDef>,
     /// The named values that this component exports.
@@ -650,14 +746,14 @@ pub struct ComponentType {
 ///
 /// Component instances only have exports of types in the component model.
 #[derive(Serialize, Deserialize, Default)]
-pub struct ComponentInstanceType {
+pub struct TypeComponentInstance {
     /// The list of exports that this component has along with their types.
     pub exports: IndexMap<String, TypeDef>,
 }
 
 /// A component function type in the component model.
 #[derive(Serialize, Deserialize, Clone, Hash, Eq, PartialEq, Debug)]
-pub struct FuncType {
+pub struct TypeFunc {
     /// The list of optionally named parameters for this function, and their
     /// types.
     pub params: Box<[(Option<String>, InterfaceType)]>,
@@ -688,34 +784,34 @@ pub enum InterfaceType {
     Float64,
     Char,
     String,
-    Record(RecordTypeIndex),
-    Variant(VariantTypeIndex),
-    List(InterfaceTypeIndex),
-    Tuple(TupleTypeIndex),
-    Flags(FlagsTypeIndex),
-    Enum(EnumTypeIndex),
-    Union(UnionTypeIndex),
-    Option(InterfaceTypeIndex),
-    Expected(ExpectedTypeIndex),
+    Record(TypeRecordIndex),
+    Variant(TypeVariantIndex),
+    List(TypeInterfaceIndex),
+    Tuple(TypeTupleIndex),
+    Flags(TypeFlagsIndex),
+    Enum(TypeEnumIndex),
+    Union(TypeUnionIndex),
+    Option(TypeInterfaceIndex),
+    Expected(TypeExpectedIndex),
 }
 
-impl From<&wasmparser::PrimitiveInterfaceType> for InterfaceType {
-    fn from(ty: &wasmparser::PrimitiveInterfaceType) -> InterfaceType {
+impl From<&wasmparser::PrimitiveValType> for InterfaceType {
+    fn from(ty: &wasmparser::PrimitiveValType) -> InterfaceType {
         match ty {
-            wasmparser::PrimitiveInterfaceType::Unit => InterfaceType::Unit,
-            wasmparser::PrimitiveInterfaceType::Bool => InterfaceType::Bool,
-            wasmparser::PrimitiveInterfaceType::S8 => InterfaceType::S8,
-            wasmparser::PrimitiveInterfaceType::U8 => InterfaceType::U8,
-            wasmparser::PrimitiveInterfaceType::S16 => InterfaceType::S16,
-            wasmparser::PrimitiveInterfaceType::U16 => InterfaceType::U16,
-            wasmparser::PrimitiveInterfaceType::S32 => InterfaceType::S32,
-            wasmparser::PrimitiveInterfaceType::U32 => InterfaceType::U32,
-            wasmparser::PrimitiveInterfaceType::S64 => InterfaceType::S64,
-            wasmparser::PrimitiveInterfaceType::U64 => InterfaceType::U64,
-            wasmparser::PrimitiveInterfaceType::Float32 => InterfaceType::Float32,
-            wasmparser::PrimitiveInterfaceType::Float64 => InterfaceType::Float64,
-            wasmparser::PrimitiveInterfaceType::Char => InterfaceType::Char,
-            wasmparser::PrimitiveInterfaceType::String => InterfaceType::String,
+            wasmparser::PrimitiveValType::Unit => InterfaceType::Unit,
+            wasmparser::PrimitiveValType::Bool => InterfaceType::Bool,
+            wasmparser::PrimitiveValType::S8 => InterfaceType::S8,
+            wasmparser::PrimitiveValType::U8 => InterfaceType::U8,
+            wasmparser::PrimitiveValType::S16 => InterfaceType::S16,
+            wasmparser::PrimitiveValType::U16 => InterfaceType::U16,
+            wasmparser::PrimitiveValType::S32 => InterfaceType::S32,
+            wasmparser::PrimitiveValType::U32 => InterfaceType::U32,
+            wasmparser::PrimitiveValType::S64 => InterfaceType::S64,
+            wasmparser::PrimitiveValType::U64 => InterfaceType::U64,
+            wasmparser::PrimitiveValType::Float32 => InterfaceType::Float32,
+            wasmparser::PrimitiveValType::Float64 => InterfaceType::Float64,
+            wasmparser::PrimitiveValType::Char => InterfaceType::Char,
+            wasmparser::PrimitiveValType::String => InterfaceType::String,
         }
     }
 }
@@ -724,7 +820,7 @@ impl From<&wasmparser::PrimitiveInterfaceType> for InterfaceType {
 ///
 /// This is equivalent to a `struct` in Rust.
 #[derive(Serialize, Deserialize, Clone, Hash, Eq, PartialEq, Debug)]
-pub struct RecordType {
+pub struct TypeRecord {
     /// The fields that are contained within this struct type.
     pub fields: Box<[RecordField]>,
 }
@@ -744,7 +840,7 @@ pub struct RecordField {
 /// cases and each case has a unique name and an optional payload associated
 /// with it.
 #[derive(Serialize, Deserialize, Clone, Hash, Eq, PartialEq, Debug)]
-pub struct VariantType {
+pub struct TypeVariant {
     /// The list of cases that this variant can take.
     pub cases: Box<[VariantCase]>,
 }
@@ -764,7 +860,7 @@ pub struct VariantCase {
 /// This is largely the same as a tuple in Rust, basically a record with
 /// unnamed fields.
 #[derive(Serialize, Deserialize, Clone, Hash, Eq, PartialEq, Debug)]
-pub struct TupleType {
+pub struct TypeTuple {
     /// The types that are contained within this tuple.
     pub types: Box<[InterfaceType]>,
 }
@@ -774,7 +870,7 @@ pub struct TupleType {
 /// This can be thought of as a record-of-bools, although the representation is
 /// more efficient as bitflags.
 #[derive(Serialize, Deserialize, Clone, Hash, Eq, PartialEq, Debug)]
-pub struct FlagsType {
+pub struct TypeFlags {
     /// The names of all flags, all of which are unique.
     pub names: Box<[String]>,
 }
@@ -785,7 +881,7 @@ pub struct FlagsType {
 /// In interface types enums are simply a bag of names, and can be seen as a
 /// variant where all payloads are `Unit`.
 #[derive(Serialize, Deserialize, Clone, Hash, Eq, PartialEq, Debug)]
-pub struct EnumType {
+pub struct TypeEnum {
     /// The names of this enum, all of which are unique.
     pub names: Box<[String]>,
 }
@@ -796,14 +892,14 @@ pub struct EnumType {
 /// type where each type here has a name that's numbered. This is still a
 /// tagged union.
 #[derive(Serialize, Deserialize, Clone, Hash, Eq, PartialEq, Debug)]
-pub struct UnionType {
+pub struct TypeUnion {
     /// The list of types this is a union over.
     pub types: Box<[InterfaceType]>,
 }
 
 /// Shape of an "expected" interface type.
 #[derive(Serialize, Deserialize, Clone, Hash, Eq, PartialEq, Debug)]
-pub struct ExpectedType {
+pub struct TypeExpected {
     /// The `T` in `Result<T, E>`
     pub ok: InterfaceType,
     /// The `E` in `Result<T, E>`
diff --git a/crates/environ/src/module_environ.rs b/crates/environ/src/module_environ.rs
index c5e6f7ca37..7429a348ab 100644
--- a/crates/environ/src/module_environ.rs
+++ b/crates/environ/src/module_environ.rs
@@ -15,8 +15,8 @@ use std::path::PathBuf;
 use std::sync::Arc;
 use wasmparser::{
     CustomSectionReader, DataKind, ElementItem, ElementKind, Encoding, ExternalKind, FuncValidator,
-    FunctionBody, NameSectionReader, Naming, Operator, Parser, Payload, TypeDef, TypeRef,
-    Validator, ValidatorResources,
+    FunctionBody, NameSectionReader, Naming, Operator, Parser, Payload, Type, TypeRef, Validator,
+    ValidatorResources,
 };
 
 /// Object containing the standalone environment information.
@@ -130,8 +130,8 @@ pub struct WasmFileInfo {
 #[derive(Debug)]
 #[allow(missing_docs)]
 pub struct FunctionMetadata {
-    pub params: Box<[wasmparser::Type]>,
-    pub locals: Box<[(u32, wasmparser::Type)]>,
+    pub params: Box<[wasmparser::ValType]>,
+    pub locals: Box<[(u32, wasmparser::ValType)]>,
 }
 
 impl<'a, 'data> ModuleEnvironment<'a, 'data> {
@@ -216,7 +216,7 @@ impl<'a, 'data> ModuleEnvironment<'a, 'data> {
 
                 for ty in types {
                     match ty? {
-                        TypeDef::Func(wasm_func_ty) => {
+                        Type::Func(wasm_func_ty) => {
                             self.declare_type_func(wasm_func_ty.try_into()?)?;
                         }
                     }
diff --git a/crates/fuzzing/Cargo.toml b/crates/fuzzing/Cargo.toml
index 9813667c75..7f4d758e0f 100644
--- a/crates/fuzzing/Cargo.toml
+++ b/crates/fuzzing/Cargo.toml
@@ -15,13 +15,13 @@ log = "0.4.8"
 rayon = "1.2.1"
 target-lexicon = "0.12.3"
 tempfile = "3.3.0"
-wasmparser = "0.85.0"
-wasmprinter = "0.2.35"
+wasmparser = "0.86.0"
+wasmprinter = "0.2.36"
 wasmtime = { path = "../wasmtime" }
 wasmtime-wast = { path = "../wast" }
-wasm-encoder = "0.12.0"
-wasm-smith = "0.10.1"
-wasm-mutate = "0.2.3"
+wasm-encoder = "0.13.0"
+wasm-smith = "0.11.0"
+wasm-mutate = "0.2.4"
 wasm-spec-interpreter = { path = "./wasm-spec-interpreter", optional = true }
 wasmi = "0.7.0"
 
diff --git a/crates/fuzzing/src/generators/table_ops.rs b/crates/fuzzing/src/generators/table_ops.rs
index e2c833889f..6ee6eb401c 100644
--- a/crates/fuzzing/src/generators/table_ops.rs
+++ b/crates/fuzzing/src/generators/table_ops.rs
@@ -3,7 +3,7 @@
 use arbitrary::{Arbitrary, Result, Unstructured};
 use std::ops::RangeInclusive;
 use wasm_encoder::{
-    CodeSection, EntityType, Export, ExportSection, Function, FunctionSection, GlobalSection,
+    CodeSection, EntityType, ExportKind, ExportSection, Function, FunctionSection, GlobalSection,
     ImportSection, Instruction, Module, TableSection, TableType, TypeSection, ValType,
 };
 
@@ -103,7 +103,7 @@ impl TableOps {
         functions.function(1);
 
         let mut exports = ExportSection::new();
-        exports.export("run", Export::Function(3));
+        exports.export("run", ExportKind::Func, 3);
 
         // Give ourselves one scratch local that we can use in various `TableOp`
         // implementations.
diff --git a/crates/types/Cargo.toml b/crates/types/Cargo.toml
index 7391b04431..94569eb742 100644
--- a/crates/types/Cargo.toml
+++ b/crates/types/Cargo.toml
@@ -12,4 +12,4 @@ edition = "2021"
 cranelift-entity = { path = "../../cranelift/entity", version = "0.86.0", features = ['enable-serde'] }
 serde = { version = "1.0.94", features = ["derive"] }
 thiserror = "1.0.4"
-wasmparser = { version = "0.85.0", default-features = false }
+wasmparser = { version = "0.86.0", default-features = false }
diff --git a/crates/types/src/lib.rs b/crates/types/src/lib.rs
index a41ec5ad0c..d0e9d06a65 100644
--- a/crates/types/src/lib.rs
+++ b/crates/types/src/lib.rs
@@ -31,10 +31,10 @@ pub enum WasmType {
     ExternRef,
 }
 
-impl TryFrom<wasmparser::Type> for WasmType {
+impl TryFrom<wasmparser::ValType> for WasmType {
     type Error = WasmError;
-    fn try_from(ty: wasmparser::Type) -> Result<Self, Self::Error> {
-        use wasmparser::Type::*;
+    fn try_from(ty: wasmparser::ValType) -> Result<Self, Self::Error> {
+        use wasmparser::ValType::*;
         match ty {
             I32 => Ok(WasmType::I32),
             I64 => Ok(WasmType::I64),
@@ -47,16 +47,16 @@ impl TryFrom<wasmparser::Type> for WasmType {
     }
 }
 
-impl From<WasmType> for wasmparser::Type {
-    fn from(ty: WasmType) -> wasmparser::Type {
+impl From<WasmType> for wasmparser::ValType {
+    fn from(ty: WasmType) -> wasmparser::ValType {
         match ty {
-            WasmType::I32 => wasmparser::Type::I32,
-            WasmType::I64 => wasmparser::Type::I64,
-            WasmType::F32 => wasmparser::Type::F32,
-            WasmType::F64 => wasmparser::Type::F64,
-            WasmType::V128 => wasmparser::Type::V128,
-            WasmType::FuncRef => wasmparser::Type::FuncRef,
-            WasmType::ExternRef => wasmparser::Type::ExternRef,
+            WasmType::I32 => wasmparser::ValType::I32,
+            WasmType::I64 => wasmparser::ValType::I64,
+            WasmType::F32 => wasmparser::ValType::F32,
+            WasmType::F64 => wasmparser::ValType::F64,
+            WasmType::V128 => wasmparser::ValType::V128,
+            WasmType::FuncRef => wasmparser::ValType::FuncRef,
+            WasmType::ExternRef => wasmparser::ValType::ExternRef,
         }
     }
 }
diff --git a/crates/wasmtime/Cargo.toml b/crates/wasmtime/Cargo.toml
index 2f369fd335..9026591a0a 100644
--- a/crates/wasmtime/Cargo.toml
+++ b/crates/wasmtime/Cargo.toml
@@ -20,7 +20,7 @@ wasmtime-cache = { path = "../cache", version = "=0.39.0", optional = true }
 wasmtime-fiber = { path = "../fiber", version = "=0.39.0", optional = true }
 wasmtime-cranelift = { path = "../cranelift", version = "=0.39.0", optional = true }
 target-lexicon = { version = "0.12.0", default-features = false }
-wasmparser = "0.85.0"
+wasmparser = "0.86.0"
 anyhow = "1.0.19"
 region = "2.2.0"
 libc = "0.2"
diff --git a/crates/wasmtime/src/component/func.rs b/crates/wasmtime/src/component/func.rs
index 44cb74e60f..ccf8fb996b 100644
--- a/crates/wasmtime/src/component/func.rs
+++ b/crates/wasmtime/src/component/func.rs
@@ -5,7 +5,7 @@ use anyhow::{Context, Result};
 use std::mem::MaybeUninit;
 use std::ptr::NonNull;
 use std::sync::Arc;
-use wasmtime_environ::component::{CanonicalOptions, ComponentTypes, CoreExport, FuncTypeIndex};
+use wasmtime_environ::component::{CanonicalOptions, ComponentTypes, CoreExport, TypeFuncIndex};
 use wasmtime_environ::FuncIndex;
 use wasmtime_runtime::{Export, ExportFunction, VMTrampoline};
 
@@ -78,7 +78,7 @@ pub struct Func(Stored<FuncData>);
 pub struct FuncData {
     trampoline: VMTrampoline,
     export: ExportFunction,
-    ty: FuncTypeIndex,
+    ty: TypeFuncIndex,
     types: Arc<ComponentTypes>,
     options: Options,
     instance: Instance,
@@ -89,7 +89,7 @@ impl Func {
         store: &mut StoreOpaque,
         instance: &Instance,
         data: &InstanceData,
-        ty: FuncTypeIndex,
+        ty: TypeFuncIndex,
         func: &CoreExport<FuncIndex>,
         options: &CanonicalOptions,
     ) -> Func {
diff --git a/crates/wasmtime/src/component/func/host.rs b/crates/wasmtime/src/component/func/host.rs
index 45bbe3bd63..04c0c37b81 100644
--- a/crates/wasmtime/src/component/func/host.rs
+++ b/crates/wasmtime/src/component/func/host.rs
@@ -7,7 +7,7 @@ use std::mem::MaybeUninit;
 use std::panic::{self, AssertUnwindSafe};
 use std::ptr::NonNull;
 use std::sync::Arc;
-use wasmtime_environ::component::{ComponentTypes, FuncTypeIndex, StringEncoding};
+use wasmtime_environ::component::{ComponentTypes, StringEncoding, TypeFuncIndex};
 use wasmtime_runtime::component::{VMComponentContext, VMLowering, VMLoweringCallee};
 use wasmtime_runtime::{VMCallerCheckedAnyfunc, VMMemoryDefinition, VMOpaqueContext};
 
@@ -38,7 +38,7 @@ pub trait IntoComponentFunc<T, Params, Return> {
 
 pub struct HostFunc {
     entrypoint: VMLoweringCallee,
-    typecheck: fn(FuncTypeIndex, &ComponentTypes) -> Result<()>,
+    typecheck: fn(TypeFuncIndex, &ComponentTypes) -> Result<()>,
     func: Box<dyn Any + Send + Sync>,
 }
 
@@ -56,7 +56,7 @@ impl HostFunc {
         })
     }
 
-    pub fn typecheck(&self, ty: FuncTypeIndex, types: &ComponentTypes) -> Result<()> {
+    pub fn typecheck(&self, ty: TypeFuncIndex, types: &ComponentTypes) -> Result<()> {
         (self.typecheck)(ty, types)
     }
 
@@ -69,7 +69,7 @@ impl HostFunc {
     }
 }
 
-fn typecheck<P, R>(ty: FuncTypeIndex, types: &ComponentTypes) -> Result<()>
+fn typecheck<P, R>(ty: TypeFuncIndex, types: &ComponentTypes) -> Result<()>
 where
     P: ComponentParams + Lift,
     R: Lower,
diff --git a/crates/wasmtime/src/component/matching.rs b/crates/wasmtime/src/component/matching.rs
index 02e3c076b6..7a6a8aca2d 100644
--- a/crates/wasmtime/src/component/matching.rs
+++ b/crates/wasmtime/src/component/matching.rs
@@ -4,7 +4,7 @@ use crate::types::matching;
 use crate::Module;
 use anyhow::{anyhow, bail, Context, Result};
 use wasmtime_environ::component::{
-    ComponentInstanceType, ComponentTypes, FuncTypeIndex, ModuleType, TypeDef,
+    ComponentTypes, TypeComponentInstance, TypeDef, TypeFuncIndex, TypeModule,
 };
 
 pub struct TypeChecker<'a> {
@@ -23,16 +23,19 @@ impl TypeChecker<'_> {
                 Definition::Instance(actual) => self.instance(&self.types[t], actual),
                 _ => bail!("expected instance found {}", actual.desc()),
             },
-            TypeDef::Func(t) => match actual {
+            TypeDef::ComponentFunc(t) => match actual {
                 Definition::Func(actual) => self.func(t, actual),
                 _ => bail!("expected func found {}", actual.desc()),
             },
             TypeDef::Component(_) => bail!("expected component found {}", actual.desc()),
             TypeDef::Interface(_) => bail!("expected type found {}", actual.desc()),
+
+            // not possible for valid components to import
+            TypeDef::CoreFunc(_) => unreachable!(),
         }
     }
 
-    fn module(&self, expected: &ModuleType, actual: &Module) -> Result<()> {
+    fn module(&self, expected: &TypeModule, actual: &Module) -> Result<()> {
         let actual_types = actual.types();
         let actual = actual.env_module();
 
@@ -63,7 +66,7 @@ impl TypeChecker<'_> {
         Ok(())
     }
 
-    fn instance(&self, expected: &ComponentInstanceType, actual: &NameMap) -> Result<()> {
+    fn instance(&self, expected: &TypeComponentInstance, actual: &NameMap) -> Result<()> {
         // Like modules, every export in the expected type must be present in
         // the actual type. It's ok, though, to have extra exports in the actual
         // type.
@@ -79,7 +82,7 @@ impl TypeChecker<'_> {
         Ok(())
     }
 
-    fn func(&self, expected: FuncTypeIndex, actual: &HostFunc) -> Result<()> {
+    fn func(&self, expected: TypeFuncIndex, actual: &HostFunc) -> Result<()> {
         actual.typecheck(expected, self.types)
     }
 }
diff --git a/crates/wast/Cargo.toml b/crates/wast/Cargo.toml
index cbcd0c5cfa..85e4739923 100644
--- a/crates/wast/Cargo.toml
+++ b/crates/wast/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2021"
 [dependencies]
 anyhow = "1.0.19"
 wasmtime = { path = "../wasmtime", version = "0.39.0", default-features = false, features = ['cranelift'] }
-wast = "41.0.0"
+wast = "42.0.0"
 
 [badges]
 maintenance = { status = "actively-developed" }
diff --git a/tests/all/component_model.rs b/tests/all/component_model.rs
index 54a86999e6..87c39ca80e 100644
--- a/tests/all/component_model.rs
+++ b/tests/all/component_model.rs
@@ -8,7 +8,7 @@ mod import;
 // A simple bump allocator which can be used with modules
 const REALLOC_AND_FREE: &str = r#"
     (global $last (mut i32) (i32.const 8))
-    (func $realloc (export "canonical_abi_realloc")
+    (func $realloc (export "realloc")
         (param $old_ptr i32)
         (param $old_size i32)
         (param $align i32)
@@ -62,8 +62,6 @@ const REALLOC_AND_FREE: &str = r#"
                 (global.get $last)
                 (local.get $new_size)))
     )
-
-    (func (export "canonical_abi_free") (param i32 i32 i32))
 "#;
 
 fn engine() -> Engine {
@@ -83,7 +81,7 @@ fn components_importing_modules() -> Result<()> {
         &engine,
         r#"
             (component
-                (import "" (module))
+                (import "" (core module))
             )
         "#,
     )?;
@@ -92,7 +90,7 @@ fn components_importing_modules() -> Result<()> {
         &engine,
         r#"
             (component
-                (import "" (module $m1
+                (import "" (core module $m1
                     (import "" "" (func))
                     (import "" "x" (global i32))
 
@@ -102,21 +100,21 @@ fn components_importing_modules() -> Result<()> {
                     (export "d" (global i64))
                 ))
 
-                (module $m2
+                (core module $m2
                     (func (export ""))
                     (global (export "x") i32 i32.const 0)
                 )
-                (instance $i2 (instantiate (module $m2)))
-                (instance $i1 (instantiate (module $m1) (with "" (instance $i2))))
+                (core instance $i2 (instantiate (module $m2)))
+                (core instance $i1 (instantiate (module $m1) (with "" (instance $i2))))
 
-                (module $m3
+                (core module $m3
                     (import "mod" "1" (memory 1))
                     (import "mod" "2" (table 1 funcref))
                     (import "mod" "3" (global i64))
                     (import "mod" "4" (func (result f32)))
                 )
 
-                (instance $i3 (instantiate (module $m3)
+                (core instance $i3 (instantiate (module $m3)
                     (with "mod" (instance
                         (export "1" (memory $i1 "b"))
                         (export "2" (table $i1 "a"))
diff --git a/tests/all/component_model/func.rs b/tests/all/component_model/func.rs
index 5e0019adbe..f5666d0ac9 100644
--- a/tests/all/component_model/func.rs
+++ b/tests/all/component_model/func.rs
@@ -12,16 +12,16 @@ const CANON_64BIT_NAN: u64 = 0b0111111111111000000000000000000000000000000000000
 fn thunks() -> Result<()> {
     let component = r#"
         (component
-            (module $m
+            (core module $m
                 (func (export "thunk"))
                 (func (export "thunk-trap") unreachable)
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
             (func (export "thunk")
-                (canon.lift (func) (func $i "thunk"))
+                (canon lift (core func $i "thunk"))
             )
             (func (export "thunk-trap")
-                (canon.lift (func) (func $i "thunk-trap"))
+                (canon lift (core func $i "thunk-trap"))
             )
         )
     "#;
@@ -46,42 +46,40 @@ fn thunks() -> Result<()> {
 fn typecheck() -> Result<()> {
     let component = r#"
         (component
-            (module $m
+            (core module $m
                 (func (export "thunk"))
                 (func (export "take-string") (param i32 i32))
                 (func (export "two-args") (param i32 i32 i32))
                 (func (export "ret-one") (result i32) unreachable)
 
                 (memory (export "memory") 1)
-                (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
-                    unreachable)
-                (func (export "canonical_abi_free") (param i32 i32 i32)
+                (func (export "realloc") (param i32 i32 i32 i32) (result i32)
                     unreachable)
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate (module $m)))
             (func (export "thunk")
-                (canon.lift (func) (func $i "thunk"))
+                (canon lift (core func $i "thunk"))
             )
-            (func (export "tuple-thunk")
-                (canon.lift (func (param (tuple)) (result (tuple))) (func $i "thunk"))
+            (func (export "tuple-thunk") (param (tuple)) (result (tuple))
+                (canon lift (core func $i "thunk"))
             )
-            (func (export "take-string")
-                (canon.lift (func (param string)) (into $i) (func $i "take-string"))
+            (func (export "take-string") (param string)
+                (canon lift (core func $i "take-string") (memory $i "memory") (realloc (func $i "realloc")))
             )
-            (func (export "take-two-args")
-                (canon.lift (func (param s32) (param (list u8))) (into $i) (func $i "two-args"))
+            (func (export "take-two-args") (param s32) (param (list u8))
+                (canon lift (core func $i "two-args") (memory $i "memory") (realloc (func $i "realloc")))
             )
-            (func (export "ret-tuple")
-                (canon.lift (func (result (tuple u8 s8))) (into $i) (func $i "ret-one"))
+            (func (export "ret-tuple") (result (tuple u8 s8))
+                (canon lift (core func $i "ret-one") (memory $i "memory") (realloc (func $i "realloc")))
             )
-            (func (export "ret-tuple1")
-                (canon.lift (func (result (tuple u32))) (into $i) (func $i "ret-one"))
+            (func (export "ret-tuple1") (result (tuple u32))
+                (canon lift (core func $i "ret-one") (memory $i "memory") (realloc (func $i "realloc")))
             )
-            (func (export "ret-string")
-                (canon.lift (func (result string)) (into $i) (func $i "ret-one"))
+            (func (export "ret-string") (result string)
+                (canon lift (core func $i "ret-one") (memory $i "memory") (realloc (func $i "realloc")))
             )
-            (func (export "ret-list-u8")
-                (canon.lift (func (result (list u8))) (into $i) (func $i "ret-one"))
+            (func (export "ret-list-u8") (result (list u8))
+                (canon lift (core func $i "ret-one") (memory $i "memory") (realloc (func $i "realloc")))
             )
         )
     "#;
@@ -129,7 +127,7 @@ fn typecheck() -> Result<()> {
 fn integers() -> Result<()> {
     let component = r#"
         (component
-            (module $m
+            (core module $m
                 (func (export "take-i32-100") (param i32)
                     local.get 0
                     i32.const 100
@@ -150,40 +148,40 @@ fn integers() -> Result<()> {
                 (func (export "ret-i64-minus-1") (result i64) i64.const -1)
                 (func (export "ret-i32-100000") (result i32) i32.const 100000)
             )
-            (instance $i (instantiate (module $m)))
-            (func (export "take-u8") (canon.lift (func (param u8)) (func $i "take-i32-100")))
-            (func (export "take-s8") (canon.lift (func (param s8)) (func $i "take-i32-100")))
-            (func (export "take-u16") (canon.lift (func (param u16)) (func $i "take-i32-100")))
-            (func (export "take-s16") (canon.lift (func (param s16)) (func $i "take-i32-100")))
-            (func (export "take-u32") (canon.lift (func (param u32)) (func $i "take-i32-100")))
-            (func (export "take-s32") (canon.lift (func (param s32)) (func $i "take-i32-100")))
-            (func (export "take-u64") (canon.lift (func (param u64)) (func $i "take-i64-100")))
-            (func (export "take-s64") (canon.lift (func (param s64)) (func $i "take-i64-100")))
+            (core instance $i (instantiate (module $m)))
+            (func (export "take-u8") (param u8) (canon lift (core func $i "take-i32-100")))
+            (func (export "take-s8") (param s8) (canon lift (core func $i "take-i32-100")))
+            (func (export "take-u16") (param u16) (canon lift (core func $i "take-i32-100")))
+            (func (export "take-s16") (param s16) (canon lift (core func $i "take-i32-100")))
+            (func (export "take-u32") (param u32) (canon lift (core func $i "take-i32-100")))
+            (func (export "take-s32") (param s32) (canon lift (core func $i "take-i32-100")))
+            (func (export "take-u64") (param u64) (canon lift (core func $i "take-i64-100")))
+            (func (export "take-s64") (param s64) (canon lift (core func $i "take-i64-100")))
 
-            (func (export "ret-u8") (canon.lift (func (result u8)) (func $i "ret-i32-0")))
-            (func (export "ret-s8") (canon.lift (func (result s8)) (func $i "ret-i32-0")))
-            (func (export "ret-u16") (canon.lift (func (result u16)) (func $i "ret-i32-0")))
-            (func (export "ret-s16") (canon.lift (func (result s16)) (func $i "ret-i32-0")))
-            (func (export "ret-u32") (canon.lift (func (result u32)) (func $i "ret-i32-0")))
-            (func (export "ret-s32") (canon.lift (func (result s32)) (func $i "ret-i32-0")))
-            (func (export "ret-u64") (canon.lift (func (result u64)) (func $i "ret-i64-0")))
-            (func (export "ret-s64") (canon.lift (func (result s64)) (func $i "ret-i64-0")))
+            (func (export "ret-u8") (result u8) (canon lift (core func $i "ret-i32-0")))
+            (func (export "ret-s8") (result s8) (canon lift (core func $i "ret-i32-0")))
+            (func (export "ret-u16") (result u16) (canon lift (core func $i "ret-i32-0")))
+            (func (export "ret-s16") (result s16) (canon lift (core func $i "ret-i32-0")))
+            (func (export "ret-u32") (result u32) (canon lift (core func $i "ret-i32-0")))
+            (func (export "ret-s32") (result s32) (canon lift (core func $i "ret-i32-0")))
+            (func (export "ret-u64") (result u64) (canon lift (core func $i "ret-i64-0")))
+            (func (export "ret-s64") (result s64) (canon lift (core func $i "ret-i64-0")))
 
-            (func (export "retm1-u8") (canon.lift (func (result u8)) (func $i "ret-i32-minus-1")))
-            (func (export "retm1-s8") (canon.lift (func (result s8)) (func $i "ret-i32-minus-1")))
-            (func (export "retm1-u16") (canon.lift (func (result u16)) (func $i "ret-i32-minus-1")))
-            (func (export "retm1-s16") (canon.lift (func (result s16)) (func $i "ret-i32-minus-1")))
-            (func (export "retm1-u32") (canon.lift (func (result u32)) (func $i "ret-i32-minus-1")))
-            (func (export "retm1-s32") (canon.lift (func (result s32)) (func $i "ret-i32-minus-1")))
-            (func (export "retm1-u64") (canon.lift (func (result u64)) (func $i "ret-i64-minus-1")))
-            (func (export "retm1-s64") (canon.lift (func (result s64)) (func $i "ret-i64-minus-1")))
+            (func (export "retm1-u8") (result u8) (canon lift (core func $i "ret-i32-minus-1")))
+            (func (export "retm1-s8") (result s8) (canon lift (core func $i "ret-i32-minus-1")))
+            (func (export "retm1-u16") (result u16) (canon lift (core func $i "ret-i32-minus-1")))
+            (func (export "retm1-s16") (result s16) (canon lift (core func $i "ret-i32-minus-1")))
+            (func (export "retm1-u32") (result u32) (canon lift (core func $i "ret-i32-minus-1")))
+            (func (export "retm1-s32") (result s32) (canon lift (core func $i "ret-i32-minus-1")))
+            (func (export "retm1-u64") (result u64) (canon lift (core func $i "ret-i64-minus-1")))
+            (func (export "retm1-s64") (result s64) (canon lift (core func $i "ret-i64-minus-1")))
 
-            (func (export "retbig-u8") (canon.lift (func (result u8)) (func $i "ret-i32-100000")))
-            (func (export "retbig-s8") (canon.lift (func (result s8)) (func $i "ret-i32-100000")))
-            (func (export "retbig-u16") (canon.lift (func (result u16)) (func $i "ret-i32-100000")))
-            (func (export "retbig-s16") (canon.lift (func (result s16)) (func $i "ret-i32-100000")))
-            (func (export "retbig-u32") (canon.lift (func (result u32)) (func $i "ret-i32-100000")))
-            (func (export "retbig-s32") (canon.lift (func (result s32)) (func $i "ret-i32-100000")))
+            (func (export "retbig-u8") (result u8) (canon lift (core func $i "ret-i32-100000")))
+            (func (export "retbig-s8") (result s8) (canon lift (core func $i "ret-i32-100000")))
+            (func (export "retbig-u16") (result u16) (canon lift (core func $i "ret-i32-100000")))
+            (func (export "retbig-s16") (result s16) (canon lift (core func $i "ret-i32-100000")))
+            (func (export "retbig-u32") (result u32) (canon lift (core func $i "ret-i32-100000")))
+            (func (export "retbig-s32") (result s32) (canon lift (core func $i "ret-i32-100000")))
         )
     "#;
 
@@ -406,7 +404,7 @@ fn integers() -> Result<()> {
 fn type_layers() -> Result<()> {
     let component = r#"
         (component
-            (module $m
+            (core module $m
                 (func (export "take-i32-100") (param i32)
                     local.get 0
                     i32.const 2
@@ -415,8 +413,8 @@ fn type_layers() -> Result<()> {
                     unreachable
                 )
             )
-            (instance $i (instantiate (module $m)))
-            (func (export "take-u32") (canon.lift (func (param u32)) (func $i "take-i32-100")))
+            (core instance $i (instantiate $m))
+            (func (export "take-u32") (param u32) (canon lift (core func $i "take-i32-100")))
         )
     "#;
 
@@ -448,7 +446,7 @@ fn type_layers() -> Result<()> {
 fn floats() -> Result<()> {
     let component = r#"
         (component
-            (module $m
+            (core module $m
                 (func (export "i32.reinterpret_f32") (param f32) (result i32)
                     local.get 0
                     i32.reinterpret_f32
@@ -466,19 +464,19 @@ fn floats() -> Result<()> {
                     f64.reinterpret_i64
                 )
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
-            (func (export "f32-to-u32")
-                (canon.lift (func (param float32) (result u32)) (func $i "i32.reinterpret_f32"))
+            (func (export "f32-to-u32") (param float32) (result u32)
+                (canon lift (core func $i "i32.reinterpret_f32"))
             )
-            (func (export "f64-to-u64")
-                (canon.lift (func (param float64) (result u64)) (func $i "i64.reinterpret_f64"))
+            (func (export "f64-to-u64") (param float64) (result u64)
+                (canon lift (core func $i "i64.reinterpret_f64"))
             )
-            (func (export "u32-to-f32")
-                (canon.lift (func (param u32) (result float32)) (func $i "f32.reinterpret_i32"))
+            (func (export "u32-to-f32") (param u32) (result float32)
+                (canon lift (core func $i "f32.reinterpret_i32"))
             )
-            (func (export "u64-to-f64")
-                (canon.lift (func (param u64) (result float64)) (func $i "f64.reinterpret_i64"))
+            (func (export "u64-to-f64") (param u64) (result float64)
+                (canon lift (core func $i "f64.reinterpret_i64"))
             )
         )
     "#;
@@ -526,16 +524,16 @@ fn floats() -> Result<()> {
 fn bools() -> Result<()> {
     let component = r#"
         (component
-            (module $m
+            (core module $m
                 (func (export "pass") (param i32) (result i32) local.get 0)
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
-            (func (export "u32-to-bool")
-                (canon.lift (func (param u32) (result bool)) (func $i "pass"))
+            (func (export "u32-to-bool") (param u32) (result bool)
+                (canon lift (core func $i "pass"))
             )
-            (func (export "bool-to-u32")
-                (canon.lift (func (param bool) (result u32)) (func $i "pass"))
+            (func (export "bool-to-u32") (param bool) (result u32)
+                (canon lift (core func $i "pass"))
             )
         )
     "#;
@@ -560,16 +558,16 @@ fn bools() -> Result<()> {
 fn chars() -> Result<()> {
     let component = r#"
         (component
-            (module $m
+            (core module $m
                 (func (export "pass") (param i32) (result i32) local.get 0)
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
-            (func (export "u32-to-char")
-                (canon.lift (func (param u32) (result char)) (func $i "pass"))
+            (func (export "u32-to-char") (param u32) (result char)
+                (canon lift (core func $i "pass"))
             )
-            (func (export "char-to-u32")
-                (canon.lift (func (param char) (result u32)) (func $i "pass"))
+            (func (export "char-to-u32") (param char) (result u32)
+                (canon lift (core func $i "pass"))
             )
         )
     "#;
@@ -609,7 +607,7 @@ fn chars() -> Result<()> {
 fn tuple_result() -> Result<()> {
     let component = r#"
         (component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
                 (func (export "foo") (param i32 i32 f32 f64) (result i32)
                     (local $base i32)
@@ -624,24 +622,16 @@ fn tuple_result() -> Result<()> {
                 (func (export "invalid") (result i32)
                     i32.const -8
                 )
-
-                (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
-                    unreachable)
-                (func (export "canonical_abi_free") (param i32 i32 i32)
-                    unreachable)
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
             (type $result (tuple s8 u16 float32 float64))
             (func (export "tuple")
-                (canon.lift
-                    (func (param s8) (param u16) (param float32) (param float64) (result $result))
-                    (into $i)
-                    (func $i "foo")
-                )
+                (param s8) (param u16) (param float32) (param float64) (result $result)
+                (canon lift (core func $i "foo") (memory $i "memory"))
             )
-            (func (export "invalid")
-                (canon.lift (func (result $result)) (into $i) (func $i "invalid"))
+            (func (export "invalid") (result $result)
+                (canon lift (core func $i "invalid") (memory $i "memory"))
             )
         )
     "#;
@@ -673,7 +663,7 @@ fn tuple_result() -> Result<()> {
 fn strings() -> Result<()> {
     let component = format!(
         r#"(component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
                 (func (export "roundtrip") (param i32 i32) (result i32)
                     (local $base i32)
@@ -694,36 +684,36 @@ fn strings() -> Result<()> {
 
                 {REALLOC_AND_FREE}
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
-            (func (export "list8-to-str")
-                (canon.lift
-                    (func (param (list u8)) (result string))
-                    (into $i)
-                    (func $i "roundtrip")
+            (func (export "list8-to-str") (param (list u8)) (result string)
+                (canon lift
+                    (core func $i "roundtrip")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
                 )
             )
-            (func (export "str-to-list8")
-                (canon.lift
-                    (func (param string) (result (list u8)))
-                    (into $i)
-                    (func $i "roundtrip")
+            (func (export "str-to-list8") (param string) (result (list u8))
+                (canon lift
+                    (core func $i "roundtrip")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
                 )
             )
-            (func (export "list16-to-str")
-                (canon.lift
-                    (func (param (list u16)) (result string))
-                    string=utf16
-                    (into $i)
-                    (func $i "roundtrip")
+            (func (export "list16-to-str") (param (list u16)) (result string)
+                (canon lift
+                    (core func $i "roundtrip")
+                    string-encoding=utf16
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
                 )
             )
-            (func (export "str-to-list16")
-                (canon.lift
-                    (func (param string) (result (list u16)))
-                    string=utf16
-                    (into $i)
-                    (func $i "roundtrip")
+            (func (export "str-to-list16") (param string) (result (list u16))
+                (canon lift
+                    (core func $i "roundtrip")
+                    string-encoding=utf16
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
                 )
             )
         )"#
@@ -792,7 +782,7 @@ fn strings() -> Result<()> {
 fn many_parameters() -> Result<()> {
     let component = format!(
         r#"(component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
                 (func (export "foo") (param i32) (result i32)
                     (local $base i32)
@@ -826,7 +816,7 @@ fn many_parameters() -> Result<()> {
 
                 {REALLOC_AND_FREE}
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
             (type $result (tuple (list u8) u32))
             (type $t (func
@@ -847,8 +837,12 @@ fn many_parameters() -> Result<()> {
 
                 (result $result)
             ))
-            (func (export "many-param")
-                (canon.lift (type $t) (into $i) (func $i "foo"))
+            (func (export "many-param") (type $t)
+                (canon lift
+                    (core func $i "foo")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
+                )
             )
         )"#
     );
@@ -950,23 +944,21 @@ fn some_traps() -> Result<()> {
     let middle_of_memory = (i32::MAX / 2) & (!0xff);
     let component = format!(
         r#"(component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
                 (func (export "take-many") (param i32))
                 (func (export "take-list") (param i32 i32))
 
-                (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
-                    unreachable)
-                (func (export "canonical_abi_free") (param i32 i32 i32)
+                (func (export "realloc") (param i32 i32 i32 i32) (result i32)
                     unreachable)
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
-            (func (export "take-list-unreachable")
-                (canon.lift (func (param (list u8))) (into $i) (func $i "take-list"))
+            (func (export "take-list-unreachable") (param (list u8))
+                (canon lift (core func $i "take-list") (memory $i "memory") (realloc (func $i "realloc")))
             )
-            (func (export "take-string-unreachable")
-                (canon.lift (func (param string)) (into $i) (func $i "take-list"))
+            (func (export "take-string-unreachable") (param string)
+                (canon lift (core func $i "take-list") (memory $i "memory") (realloc (func $i "realloc")))
             )
 
             (type $t (func
@@ -981,60 +973,56 @@ fn some_traps() -> Result<()> {
                 (param string)
                 (param string)
             ))
-            (func (export "take-many-unreachable")
-                (canon.lift (type $t) (into $i) (func $i "take-many"))
+            (func (export "take-many-unreachable") (type $t)
+                (canon lift (core func $i "take-many") (memory $i "memory") (realloc (func $i "realloc")))
             )
 
-            (module $m2
+            (core module $m2
                 (memory (export "memory") 1)
                 (func (export "take-many") (param i32))
                 (func (export "take-list") (param i32 i32))
 
-                (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
+                (func (export "realloc") (param i32 i32 i32 i32) (result i32)
                     i32.const {middle_of_memory})
-                (func (export "canonical_abi_free") (param i32 i32 i32)
-                    unreachable)
             )
-            (instance $i2 (instantiate (module $m2)))
+            (core instance $i2 (instantiate $m2))
 
-            (func (export "take-list-base-oob")
-                (canon.lift (func (param (list u8))) (into $i2) (func $i2 "take-list"))
+            (func (export "take-list-base-oob") (param (list u8))
+                (canon lift (core func $i2 "take-list") (memory $i2 "memory") (realloc (func $i2 "realloc")))
             )
-            (func (export "take-string-base-oob")
-                (canon.lift (func (param string)) (into $i2) (func $i2 "take-list"))
+            (func (export "take-string-base-oob") (param string)
+                (canon lift (core func $i2 "take-list") (memory $i2 "memory") (realloc (func $i2 "realloc")))
             )
-            (func (export "take-many-base-oob")
-                (canon.lift (type $t) (into $i2) (func $i2 "take-many"))
+            (func (export "take-many-base-oob") (type $t)
+                (canon lift (core func $i2 "take-many") (memory $i2 "memory") (realloc (func $i2 "realloc")))
             )
 
-            (module $m3
+            (core module $m3
                 (memory (export "memory") 1)
                 (func (export "take-many") (param i32))
                 (func (export "take-list") (param i32 i32))
 
-                (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
+                (func (export "realloc") (param i32 i32 i32 i32) (result i32)
                     i32.const 65532)
-                (func (export "canonical_abi_free") (param i32 i32 i32)
-                    unreachable)
             )
-            (instance $i3 (instantiate (module $m3)))
+            (core instance $i3 (instantiate $m3))
 
-            (func (export "take-list-end-oob")
-                (canon.lift (func (param (list u8))) (into $i3) (func $i3 "take-list"))
+            (func (export "take-list-end-oob") (param (list u8))
+                (canon lift (core func $i3 "take-list") (memory $i3 "memory") (realloc (func $i3 "realloc")))
             )
-            (func (export "take-string-end-oob")
-                (canon.lift (func (param string)) (into $i3) (func $i3 "take-list"))
+            (func (export "take-string-end-oob") (param string)
+                (canon lift (core func $i3 "take-list") (memory $i3 "memory") (realloc (func $i3 "realloc")))
             )
-            (func (export "take-many-end-oob")
-                (canon.lift (type $t) (into $i3) (func $i3 "take-many"))
+            (func (export "take-many-end-oob") (type $t)
+                (canon lift (core func $i3 "take-many") (memory $i3 "memory") (realloc (func $i3 "realloc")))
             )
 
-            (module $m4
+            (core module $m4
                 (memory (export "memory") 1)
                 (func (export "take-many") (param i32))
 
                 (global $cnt (mut i32) (i32.const 0))
-                (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
+                (func (export "realloc") (param i32 i32 i32 i32) (result i32)
                     global.get $cnt
                     if (result i32)
                         i32.const 100000
@@ -1044,13 +1032,11 @@ fn some_traps() -> Result<()> {
                         i32.const 0
                     end
                 )
-                (func (export "canonical_abi_free") (param i32 i32 i32)
-                    unreachable)
             )
-            (instance $i4 (instantiate (module $m4)))
+            (core instance $i4 (instantiate $m4))
 
-            (func (export "take-many-second-oob")
-                (canon.lift (type $t) (into $i4) (func $i4 "take-many"))
+            (func (export "take-many-second-oob") (type $t)
+                (canon lift (core func $i4 "take-many") (memory $i4 "memory") (realloc (func $i4 "realloc")))
             )
         )"#
     );
@@ -1184,7 +1170,7 @@ fn some_traps() -> Result<()> {
 fn char_bool_memory() -> Result<()> {
     let component = format!(
         r#"(component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
                 (func (export "ret-tuple") (param i32 i32) (result i32)
                     (local $base i32)
@@ -1212,10 +1198,12 @@ fn char_bool_memory() -> Result<()> {
 
                 {REALLOC_AND_FREE}
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
-            (func (export "ret-tuple")
-                (canon.lift (func (param u32) (param u32) (result (tuple bool char))) (into $i) (func $i "ret-tuple"))
+            (func (export "ret-tuple") (param u32) (param u32) (result (tuple bool char))
+                (canon lift (core func $i "ret-tuple")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc")))
             )
         )"#
     );
@@ -1244,7 +1232,7 @@ fn char_bool_memory() -> Result<()> {
 fn string_list_oob() -> Result<()> {
     let component = format!(
         r#"(component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
                 (func (export "ret-list") (result i32)
                     (local $base i32)
@@ -1269,13 +1257,19 @@ fn string_list_oob() -> Result<()> {
 
                 {REALLOC_AND_FREE}
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
-            (func (export "ret-list-u8")
-                (canon.lift (func (result (list u8))) (into $i) (func $i "ret-list"))
+            (func (export "ret-list-u8") (result (list u8))
+                (canon lift (core func $i "ret-list")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
+                )
             )
-            (func (export "ret-string")
-                (canon.lift (func (result string)) (into $i) (func $i "ret-list"))
+            (func (export "ret-string") (result string)
+                (canon lift (core func $i "ret-list")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
+                )
             )
         )"#
     );
@@ -1300,7 +1294,7 @@ fn string_list_oob() -> Result<()> {
 fn tuples() -> Result<()> {
     let component = format!(
         r#"(component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
                 (func (export "foo")
                     (param i32 f64 i32)
@@ -1323,23 +1317,14 @@ fn tuples() -> Result<()> {
 
                     i32.const 3
                 )
-
-                (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
-                    unreachable)
-                (func (export "canonical_abi_free") (param i32 i32 i32)
-                    unreachable)
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
             (func (export "foo")
-                (canon.lift
-                    (func
-                        (param (tuple s32 float64))
-                        (param (tuple s8))
-                        (result (tuple u16))
-                    )
-                    (func $i "foo")
-                )
+                (param (tuple s32 float64))
+                (param (tuple s8))
+                (result (tuple u16))
+                (canon lift (core func $i "foo"))
             )
         )"#
     );
@@ -1358,7 +1343,7 @@ fn tuples() -> Result<()> {
 fn option() -> Result<()> {
     let component = format!(
         r#"(component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
                 (func (export "pass0") (param i32) (result i32)
                     local.get 0
@@ -1405,60 +1390,41 @@ fn option() -> Result<()> {
 
                 {REALLOC_AND_FREE}
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
-            (func (export "option-unit-to-u32")
-                (canon.lift
-                    (func (param (option unit)) (result u32))
-                    (func $i "pass0")
+            (func (export "option-unit-to-u32") (param (option unit)) (result u32)
+                (canon lift (core func $i "pass0"))
+            )
+            (func (export "option-u8-to-tuple") (param (option u8)) (result (tuple u32 u32))
+                (canon lift (core func $i "pass1") (memory $i "memory"))
+            )
+            (func (export "option-u32-to-tuple") (param (option u32)) (result (tuple u32 u32))
+                (canon lift (core func $i "pass1") (memory $i "memory"))
+            )
+            (func (export "option-string-to-tuple") (param (option string)) (result (tuple u32 string))
+                (canon lift
+                    (core func $i "pass2")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
                 )
             )
-            (func (export "option-u8-to-tuple")
-                (canon.lift
-                    (func (param (option u8)) (result (tuple u32 u32)))
-                    (into $i)
-                    (func $i "pass1")
+            (func (export "to-option-unit") (param u32) (result (option unit))
+                (canon lift (core func $i "pass0"))
+            )
+            (func (export "to-option-u8") (param u32) (param u32) (result (option u8))
+                (canon lift (core func $i "pass1") (memory $i "memory"))
+            )
+            (func (export "to-option-u32") (param u32) (param u32) (result (option u32))
+                (canon lift
+                    (core func $i "pass1")
+                    (memory $i "memory")
                 )
             )
-            (func (export "option-u32-to-tuple")
-                (canon.lift
-                    (func (param (option u32)) (result (tuple u32 u32)))
-                    (into $i)
-                    (func $i "pass1")
-                )
-            )
-            (func (export "option-string-to-tuple")
-                (canon.lift
-                    (func (param (option string)) (result (tuple u32 string)))
-                    (into $i)
-                    (func $i "pass2")
-                )
-            )
-            (func (export "to-option-unit")
-                (canon.lift
-                    (func (param u32) (result (option unit)))
-                    (func $i "pass0")
-                )
-            )
-            (func (export "to-option-u8")
-                (canon.lift
-                    (func (param u32) (param u32) (result (option u8)))
-                    (into $i)
-                    (func $i "pass1")
-                )
-            )
-            (func (export "to-option-u32")
-                (canon.lift
-                    (func (param u32) (param u32) (result (option u32)))
-                    (into $i)
-                    (func $i "pass1")
-                )
-            )
-            (func (export "to-option-string")
-                (canon.lift
-                    (func (param u32) (param string) (result (option string)))
-                    (into $i)
-                    (func $i "pass2")
+            (func (export "to-option-string") (param u32) (param string) (result (option string))
+                (canon lift
+                    (core func $i "pass2")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
                 )
             )
         )"#
@@ -1543,7 +1509,7 @@ fn option() -> Result<()> {
 fn expected() -> Result<()> {
     let component = format!(
         r#"(component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
                 (func (export "pass0") (param i32) (result i32)
                     local.get 0
@@ -1590,40 +1556,30 @@ fn expected() -> Result<()> {
 
                 {REALLOC_AND_FREE}
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
-            (func (export "take-expected-unit")
-                (canon.lift
-                    (func (param (expected unit unit)) (result u32))
-                    (func $i "pass0")
-                )
+            (func (export "take-expected-unit") (param (expected unit unit)) (result u32)
+                (canon lift (core func $i "pass0"))
             )
-            (func (export "take-expected-u8-f32")
-                (canon.lift
-                    (func (param (expected u8 float32)) (result (tuple u32 u32)))
-                    (into $i)
-                    (func $i "pass1")
-                )
+            (func (export "take-expected-u8-f32") (param (expected u8 float32)) (result (tuple u32 u32))
+                (canon lift (core func $i "pass1") (memory $i "memory"))
             )
             (type $list (list u8))
-            (func (export "take-expected-string")
-                (canon.lift
-                    (func (param (expected string $list)) (result (tuple u32 string)))
-                    (into $i)
-                    (func $i "pass2")
+            (func (export "take-expected-string") (param (expected string $list)) (result (tuple u32 string))
+                (canon lift
+                    (core func $i "pass2")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
                 )
             )
-            (func (export "to-expected-unit")
-                (canon.lift
-                    (func (param u32) (result (expected unit unit)))
-                    (func $i "pass0")
-                )
+            (func (export "to-expected-unit") (param u32) (result (expected unit unit))
+                (canon lift (core func $i "pass0"))
             )
-            (func (export "to-expected-s16-f32")
-                (canon.lift
-                    (func (param u32) (param u32) (result (expected s16 float32)))
-                    (into $i)
-                    (func $i "pass1")
+            (func (export "to-expected-s16-f32") (param u32) (param u32) (result (expected s16 float32))
+                (canon lift
+                    (core func $i "pass1")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
                 )
             )
         )"#
@@ -1684,7 +1640,7 @@ fn expected() -> Result<()> {
 fn fancy_list() -> Result<()> {
     let component = format!(
         r#"(component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
                 (func (export "take") (param i32 i32) (result i32)
                     (local $base i32)
@@ -1715,17 +1671,17 @@ fn fancy_list() -> Result<()> {
 
                 {REALLOC_AND_FREE}
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
             (type $a (option u8))
             (type $b (expected unit string))
             (type $input (list (tuple $a $b)))
             (type $output (tuple u32 u32 (list u8)))
-            (func (export "take")
-                (canon.lift
-                    (func (param $input) (result $output))
-                    (into $i)
-                    (func $i "take")
+            (func (export "take") (param $input) (result $output)
+                (canon lift
+                    (core func $i "take")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
                 )
             )
         )"#
@@ -1808,13 +1764,10 @@ impl<'a> SliceExt<'a> for &'a [u8] {
 fn invalid_alignment() -> Result<()> {
     let component = format!(
         r#"(component
-            (module $m
+            (core module $m
                 (memory (export "memory") 1)
-                (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
+                (func (export "realloc") (param i32 i32 i32 i32) (result i32)
                     i32.const 1)
-                (func (export "canonical_abi_free") (param i32 i32 i32)
-                    unreachable)
-
 
                 (func (export "take-i32") (param i32))
                 (func (export "ret-1") (result i32) i32.const 1)
@@ -1823,24 +1776,31 @@ fn invalid_alignment() -> Result<()> {
                     (i32.store offset=4 (i32.const 8) (i32.const 1))
                     i32.const 8)
             )
-            (instance $i (instantiate (module $m)))
+            (core instance $i (instantiate $m))
 
             (func (export "many-params")
-                (canon.lift
-                    (func
-                        (param string) (param string) (param string) (param string)
-                        (param string) (param string) (param string) (param string)
-                        (param string) (param string) (param string) (param string)
-                    )
-                    (into $i)
-                    (func $i "take-i32")
+                (param string) (param string) (param string) (param string)
+                (param string) (param string) (param string) (param string)
+                (param string) (param string) (param string) (param string)
+                (canon lift
+                    (core func $i "take-i32")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
                 )
             )
-            (func (export "string-ret")
-                (canon.lift (func (result string)) (into $i) (func $i "ret-1"))
+            (func (export "string-ret") (result string)
+                (canon lift
+                    (core func $i "ret-1")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
+                )
             )
-            (func (export "list-u32-ret")
-                (canon.lift (func (result (list u32))) (into $i) (func $i "ret-unaligned-list"))
+            (func (export "list-u32-ret") (result (list u32))
+                (canon lift
+                    (core func $i "ret-unaligned-list")
+                    (memory $i "memory")
+                    (realloc (func $i "realloc"))
+                )
             )
         )"#
     );
diff --git a/tests/all/component_model/import.rs b/tests/all/component_model/import.rs
index 364792cf5e..00a516d8ff 100644
--- a/tests/all/component_model/import.rs
+++ b/tests/all/component_model/import.rs
@@ -7,20 +7,18 @@ use wasmtime::{Store, StoreContextMut, Trap};
 fn can_compile() -> Result<()> {
     let engine = super::engine();
     let libc = r#"
-        (module $libc
+        (core module $libc
             (memory (export "memory") 1)
-            (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
-                unreachable)
-            (func (export "canonical_abi_free") (param i32 i32 i32)
+            (func (export "realloc") (param i32 i32 i32 i32) (result i32)
                 unreachable)
         )
-        (instance $libc (instantiate (module $libc)))
+        (core instance $libc (instantiate $libc))
     "#;
     Component::new(
         &engine,
         r#"(component
             (import "" (func $f))
-            (func (canon.lower (func $f)))
+            (core func (canon lower (func $f)))
         )"#,
     )?;
     Component::new(
@@ -29,7 +27,7 @@ fn can_compile() -> Result<()> {
             r#"(component
                 (import "" (func $f (param string)))
                 {libc}
-                (func (canon.lower (into $libc) (func $f)))
+                (core func (canon lower (func $f) (memory $libc "memory") (realloc (func $libc "realloc"))))
             )"#
         ),
     )?;
@@ -39,14 +37,14 @@ fn can_compile() -> Result<()> {
             r#"(component
                 (import "f1" (func $f1 (param string) (result string)))
                 {libc}
-                (func (canon.lower (into $libc) (func $f1)))
+                (core func (canon lower (func $f1) (memory $libc "memory") (realloc (func $libc "realloc"))))
 
                 (import "f2" (func $f2 (param u32) (result (list u8))))
-                (instance $libc2 (instantiate (module $libc)))
-                (func (canon.lower (into $libc2) (func $f2)))
+                (core instance $libc2 (instantiate $libc))
+                (core func (canon lower (func $f2) (memory $libc2 "memory") (realloc (func $libc2 "realloc"))))
 
-                (func (canon.lower (into $libc2) (func $f1)))
-                (func (canon.lower (into $libc) (func $f2)))
+                (core func (canon lower (func $f1) (memory $libc2 "memory") (realloc (func $libc2 "realloc"))))
+                (core func (canon lower (func $f2) (memory $libc "memory") (realloc (func $libc "realloc"))))
             )"#
         ),
     )?;
@@ -56,9 +54,9 @@ fn can_compile() -> Result<()> {
             r#"(component
                 (import "log" (func $log (param string)))
                 {libc}
-                (func $log_lower (canon.lower (into $libc) (func $log)))
+                (core func $log_lower (canon lower (func $log) (memory $libc "memory") (realloc (func $libc "realloc"))))
 
-                (module $logger
+                (core module $logger
                     (import "host" "log" (func $log (param i32 i32)))
                     (import "libc" "memory" (memory 1))
 
@@ -67,13 +65,13 @@ fn can_compile() -> Result<()> {
                         i32.const 0
                         call $log)
                 )
-                (instance $logger (instantiate (module $logger)
+                (core instance $logger (instantiate $logger
                     (with "host" (instance (export "log" (func $log_lower))))
                     (with "libc" (instance $libc))
                 ))
 
                 (func (export "call")
-                    (canon.lift (func) (func $logger "call"))
+                    (canon lift (core func $logger "call"))
                 )
             )"#
         ),
@@ -87,19 +85,17 @@ fn simple() -> Result<()> {
         (component
             (import "" (func $log (param string)))
 
-            (module $libc
+            (core module $libc
                 (memory (export "memory") 1)
 
-                (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
-                    unreachable)
-                (func (export "canonical_abi_free") (param i32 i32 i32)
+                (func (export "realloc") (param i32 i32 i32 i32) (result i32)
                     unreachable)
             )
-            (instance $libc (instantiate (module $libc)))
-            (func $log_lower
-                (canon.lower (into $libc) (func $log))
+            (core instance $libc (instantiate $libc))
+            (core func $log_lower
+                (canon lower (func $log) (memory $libc "memory") (realloc (func $libc "realloc")))
             )
-            (module $m
+            (core module $m
                 (import "libc" "memory" (memory 1))
                 (import "host" "log" (func $log (param i32 i32)))
 
@@ -110,12 +106,12 @@ fn simple() -> Result<()> {
 
                 (data (i32.const 5) "hello world")
             )
-            (instance $i (instantiate (module $m)
+            (core instance $i (instantiate $m
                 (with "libc" (instance $libc))
                 (with "host" (instance (export "log" (func $log_lower))))
             ))
             (func (export "call")
-                (canon.lift (func) (func $i "call"))
+                (canon lift (core func $i "call"))
             )
         )
     "#;
@@ -150,7 +146,7 @@ fn attempt_to_leave_during_malloc() -> Result<()> {
   (import "thunk" (func $thunk))
   (import "ret-string" (func $ret_string (result string)))
 
-  (module $host_shim
+  (core module $host_shim
     (table (export "table") 2 funcref)
     (func $shim_thunk (export "thunk")
       i32.const 0
@@ -160,21 +156,18 @@ fn attempt_to_leave_during_malloc() -> Result<()> {
       i32.const 1
       call_indirect (param i32))
   )
-  (instance $host_shim (instantiate (module $host_shim)))
+  (core instance $host_shim (instantiate $host_shim))
 
-  (module $m
+  (core module $m
     (import "host" "thunk" (func $thunk))
     (import "host" "ret-string" (func $ret_string (param i32)))
 
     (memory (export "memory") 1)
 
-    (func $realloc (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
+    (func $realloc (export "realloc") (param i32 i32 i32 i32) (result i32)
       call $thunk
       unreachable)
 
-    (func (export "canonical_abi_free") (param i32 i32 i32)
-      unreachable)
-
     (func $run (export "run")
       i32.const 8
       call $ret_string)
@@ -182,24 +175,24 @@ fn attempt_to_leave_during_malloc() -> Result<()> {
     (func (export "take-string") (param i32 i32)
         unreachable)
   )
-  (instance $m (instantiate (module $m) (with "host" (instance $host_shim))))
+  (core instance $m (instantiate $m (with "host" (instance $host_shim))))
 
-  (module $host_shim_filler_inner
+  (core module $host_shim_filler_inner
     (import "shim" "table" (table 2 funcref))
     (import "host" "thunk" (func $thunk))
     (import "host" "ret-string" (func $ret_string (param i32)))
     (elem (i32.const 0) $thunk $ret_string)
   )
 
-  (func $thunk_lower
-    (canon.lower (into $m) (func $thunk))
+  (core func $thunk_lower
+    (canon lower (func $thunk) (memory $m "memory") (realloc (func $m "realloc")))
   )
 
-  (func $ret_string_lower
-    (canon.lower (into $m) (func $ret_string))
+  (core func $ret_string_lower
+    (canon lower (func $ret_string) (memory $m "memory") (realloc (func $m "realloc")))
   )
 
-  (instance (instantiate (module $host_shim_filler_inner)
+  (core instance (instantiate $host_shim_filler_inner
     (with "shim" (instance $host_shim))
     (with "host" (instance
       (export "thunk" (func $thunk_lower))
@@ -208,10 +201,10 @@ fn attempt_to_leave_during_malloc() -> Result<()> {
   ))
 
   (func (export "run")
-    (canon.lift (func) (func $m "run"))
+    (canon lift (core func $m "run"))
   )
-  (func (export "take-string")
-    (canon.lift (func (param string)) (into $m) (func $m "take-string"))
+  (func (export "take-string") (param string)
+    (canon lift (core func $m "take-string") (memory $m "memory") (realloc (func $m "realloc")))
   )
 )
     "#;
@@ -287,20 +280,20 @@ fn attempt_to_reenter_during_host() -> Result<()> {
     let component = r#"
 (component
   (import "thunk" (func $thunk))
-  (func $thunk_lower (canon.lower (func $thunk)))
+  (core func $thunk_lower (canon lower (func $thunk)))
 
-  (module $m
+  (core module $m
     (import "host" "thunk" (func $thunk))
 
     (func $run (export "run")
       call $thunk)
   )
-  (instance $m (instantiate (module $m)
+  (core instance $m (instantiate $m
     (with "host" (instance (export "thunk" (func $thunk_lower))))
   ))
 
   (func (export "run")
-    (canon.lift (func) (func $m "run"))
+    (canon lift (core func $m "run"))
   )
 )
     "#;
@@ -348,18 +341,18 @@ fn stack_and_heap_args_and_rets() -> Result<()> {
   (import "f3" (func $f3 (param u32) (result string)))
   (import "f4" (func $f4 (param $many_params) (result string)))
 
-  (module $libc
+  (core module $libc
     {REALLOC_AND_FREE}
     (memory (export "memory") 1)
   )
-  (instance $libc (instantiate (module $libc)))
+  (core instance $libc (instantiate (module $libc)))
 
-  (func $f1_lower (canon.lower (into $libc) (func $f1)))
-  (func $f2_lower (canon.lower (into $libc) (func $f2)))
-  (func $f3_lower (canon.lower (into $libc) (func $f3)))
-  (func $f4_lower (canon.lower (into $libc) (func $f4)))
+  (core func $f1_lower (canon lower (func $f1) (memory $libc "memory") (realloc (func $libc "realloc"))))
+  (core func $f2_lower (canon lower (func $f2) (memory $libc "memory") (realloc (func $libc "realloc"))))
+  (core func $f3_lower (canon lower (func $f3) (memory $libc "memory") (realloc (func $libc "realloc"))))
+  (core func $f4_lower (canon lower (func $f4) (memory $libc "memory") (realloc (func $libc "realloc"))))
 
-  (module $m
+  (core module $m
     (import "host" "f1" (func $f1 (param i32) (result i32)))
     (import "host" "f2" (func $f2 (param i32) (result i32)))
     (import "host" "f3" (func $f3 (param i32 i32)))
@@ -454,7 +447,7 @@ fn stack_and_heap_args_and_rets() -> Result<()> {
 
     (data (i32.const 1000) "abc")
   )
-  (instance $m (instantiate (module $m)
+  (core instance $m (instantiate $m
     (with "libc" (instance $libc))
     (with "host" (instance
       (export "f1" (func $f1_lower))
@@ -465,7 +458,7 @@ fn stack_and_heap_args_and_rets() -> Result<()> {
   ))
 
   (func (export "run")
-    (canon.lift (func) (func $m "run"))
+    (canon lift (core func $m "run"))
   )
 )
         "#
@@ -542,23 +535,21 @@ fn bad_import_alignment() -> Result<()> {
     string
   ))
   (import "unaligned-argptr" (func $unaligned_argptr (param $many_arg)))
-  (module $libc_panic
+  (core module $libc_panic
     (memory (export "memory") 1)
-    (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
-      unreachable)
-    (func (export "canonical_abi_free") (param i32 i32 i32)
+    (func (export "realloc") (param i32 i32 i32 i32) (result i32)
       unreachable)
   )
-  (instance $libc_panic (instantiate (module $libc_panic)))
+  (core instance $libc_panic (instantiate $libc_panic))
 
-  (func $unaligned_retptr_lower
-    (canon.lower (into $libc_panic) (func $unaligned_retptr))
+  (core func $unaligned_retptr_lower
+    (canon lower (func $unaligned_retptr) (memory $libc_panic "memory") (realloc (func $libc_panic "realloc")))
   )
-  (func $unaligned_argptr_lower
-    (canon.lower (into $libc_panic) (func $unaligned_argptr))
+  (core func $unaligned_argptr_lower
+    (canon lower (func $unaligned_argptr) (memory $libc_panic "memory") (realloc (func $libc_panic "realloc")))
   )
 
-  (module $m
+  (core module $m
     (import "host" "unaligned-retptr" (func $unaligned_retptr (param i32)))
     (import "host" "unaligned-argptr" (func $unaligned_argptr (param i32)))
 
@@ -567,7 +558,7 @@ fn bad_import_alignment() -> Result<()> {
     (func (export "unaligned-argptr")
      (call $unaligned_argptr (i32.const 1)))
   )
-  (instance $m (instantiate (module $m)
+  (core instance $m (instantiate $m
     (with "host" (instance
       (export "unaligned-retptr" (func $unaligned_retptr_lower))
       (export "unaligned-argptr" (func $unaligned_argptr_lower))
@@ -575,10 +566,10 @@ fn bad_import_alignment() -> Result<()> {
   ))
 
   (func (export "unaligned-retptr")
-    (canon.lift (func) (func $m "unaligned-retptr"))
+    (canon lift (core func $m "unaligned-retptr"))
   )
   (func (export "unaligned-argptr")
-    (canon.lift (func) (func $m "unaligned-argptr"))
+    (canon lift (core func $m "unaligned-argptr"))
   )
 )
         "#
diff --git a/tests/misc_testsuite/component-model/adapter.wast b/tests/misc_testsuite/component-model/adapter.wast
index a7bb7ceddd..e28b39b6b0 100644
--- a/tests/misc_testsuite/component-model/adapter.wast
+++ b/tests/misc_testsuite/component-model/adapter.wast
@@ -1,54 +1,72 @@
 ;; basic function lifting
 (component
-  (module $m
+  (core module $m
     (func (export ""))
   )
-  (instance $i (instantiate (module $m)))
+  (core instance $i (instantiate $m))
 
   (func (export "thunk")
-    (canon.lift (func) (func $i ""))
+    (canon lift (core func $i ""))
   )
 )
 
 ;; use an aliased type
 (component $c
-  (module $m
+  (core module $m
     (func (export ""))
   )
-  (instance $i (instantiate (module $m)))
+  (core instance $i (instantiate $m))
 
   (type $to_alias (func))
   (alias outer $c $to_alias (type $alias))
 
-  (func (export "thunk")
-    (canon.lift (type $alias) (func $i ""))
+  (func (export "thunk") (type $alias)
+    (canon lift (core func $i ""))
   )
 )
 
 ;; test out some various canonical abi
 (component $c
-  (module $m
+  (core module $m
     (func (export "") (param i32 i32))
     (memory (export "memory") 1)
-    (func (export "canonical_abi_realloc") (param i32 i32 i32 i32) (result i32)
+    (func (export "realloc") (param i32 i32 i32 i32) (result i32)
       unreachable)
-    (func (export "canonical_abi_free") (param i32 i32 i32))
   )
-  (instance $i (instantiate (module $m)))
+  (core instance $i (instantiate $m))
 
-  (func (export "thunk")
-    (canon.lift (func (param string)) (into $i) (func $i ""))
+  (func (export "thunk") (param string)
+    (canon lift
+      (core func $i "")
+      (memory $i "memory")
+      (realloc (func $i "realloc"))
+    )
   )
 
-  (func (export "thunk8")
-    (canon.lift (func (param string)) string=utf8 (into $i) (func $i ""))
+  (func (export "thunk8") (param string)
+    (canon lift
+      (core func $i "")
+      string-encoding=utf8
+      (memory $i "memory")
+      (realloc (func $i "realloc"))
+    )
   )
 
-  (func (export "thunk16")
-    (canon.lift (func (param string)) string=utf16 (into $i) (func $i ""))
+  (func (export "thunk16") (param string)
+    (canon lift
+      (core func $i "")
+      string-encoding=utf16
+      (memory $i "memory")
+      (realloc (func $i "realloc"))
+    )
   )
 
-  (func (export "thunklatin16")
-    (canon.lift (func (param string)) string=latin1+utf16 (into $i) (func $i ""))
+  (func (export "thunklatin16") (param string)
+    (canon lift
+      (core func $i "")
+      string-encoding=latin1+utf16
+      (memory $i "memory")
+      (realloc (func $i "realloc"))
+    )
   )
 )
diff --git a/tests/misc_testsuite/component-model/instance.wast b/tests/misc_testsuite/component-model/instance.wast
index d10c1ee9b5..efd239dd24 100644
--- a/tests/misc_testsuite/component-model/instance.wast
+++ b/tests/misc_testsuite/component-model/instance.wast
@@ -1,30 +1,30 @@
 (component
-  (module $m)
-  (instance (instantiate (module $m)))
+  (core module $m)
+  (core instance (instantiate $m))
 )
 
 (component
-  (module $m
+  (core module $m
     (func (export ""))
   )
-  (instance $i (instantiate (module $m)))
+  (core instance $i (instantiate $m))
 
-  (module $m2
+  (core module $m2
     (func (import "" ""))
   )
-  (instance (instantiate (module $m2) (with "" (instance $i))))
+  (core instance (instantiate $m2 (with "" (instance $i))))
 )
 
 (component
-  (module $m
+  (core module $m
     (func (export "a"))
   )
-  (instance $i (instantiate (module $m)))
+  (core instance $i (instantiate $m))
 
-  (module $m2
+  (core module $m2
     (func (import "" "b"))
   )
-  (instance (instantiate (module $m2)
+  (core instance (instantiate $m2
     (with "" (instance (export "b" (func $i "a"))))
   ))
 )
@@ -32,15 +32,15 @@
 ;; all kinds of imports for core wasm modules, and register a start function on
 ;; one module to ensure that everything is correct
 (component
-  (module $m
+  (core module $m
     (func (export "a"))
     (table (export "b") 1 funcref)
     (memory (export "c") 1)
     (global (export "d") i32 i32.const 1)
   )
-  (instance $i (instantiate (module $m)))
+  (core instance $i (instantiate $m))
 
-  (module $m2
+  (core module $m2
     (import "" "a" (func $f))
     (import "" "b" (table 1 funcref))
     (import "" "c" (memory 1))
@@ -62,7 +62,7 @@
     (data (i32.const 0) "hello")
     (elem (i32.const 0) $start)
   )
-  (instance (instantiate (module $m2)
+  (core instance (instantiate $m2
     (with "" (instance $i))
   ))
 )
@@ -71,12 +71,12 @@
 ;; sees the wrong value for the global import
 (assert_trap
   (component
-    (module $m
+    (core module $m
       (global (export "g") i32 i32.const 1)
     )
-    (instance $i (instantiate (module $m)))
+    (core instance $i (instantiate $m))
 
-    (module $m2
+    (core module $m2
       (import "" "g" (global $g i32))
 
       (func $start
@@ -90,27 +90,27 @@
 
       (start $start)
     )
-    (instance (instantiate (module $m2) (with "" (instance $i))))
+    (core instance (instantiate $m2 (with "" (instance $i))))
   )
   "unreachable")
 
 ;; shuffle around imports to get to what the target core wasm module needs
 (component
-  (module $m
+  (core module $m
     (func (export "1"))
     (table (export "2") 1 funcref)
     (memory (export "3") 1)
     (global (export "4") i32 i32.const 1)
   )
-  (instance $i (instantiate (module $m)))
+  (core instance $i (instantiate $m))
 
-  (module $m2
+  (core module $m2
     (import "" "a" (func $f))
     (import "" "b" (table 1 funcref))
     (import "" "c" (memory 1))
     (import "" "d" (global $g i32))
   )
-  (instance (instantiate (module $m2)
+  (core instance (instantiate $m2
     (with "" (instance
       (export "a" (func $i "1"))
       (export "b" (table $i "2"))
diff --git a/tests/misc_testsuite/component-model/linking.wast b/tests/misc_testsuite/component-model/linking.wast
index 651961b5f7..ee9eb304cc 100644
--- a/tests/misc_testsuite/component-model/linking.wast
+++ b/tests/misc_testsuite/component-model/linking.wast
@@ -1,6 +1,6 @@
 (assert_unlinkable
   (component
-    (import "undefined-name" (module))
+    (import "undefined-name" (core module))
   )
   "import `undefined-name` not defined")
 (component $i)
@@ -8,7 +8,7 @@
   (import "i" (instance))
 )
 (assert_unlinkable
-  (component (import "i" (module)))
+  (component (import "i" (core module)))
   "expected module found instance")
 (assert_unlinkable
   (component (import "i" (func)))
diff --git a/tests/misc_testsuite/component-model/modules.wast b/tests/misc_testsuite/component-model/modules.wast
index 0485c75c8c..80ea13d40f 100644
--- a/tests/misc_testsuite/component-model/modules.wast
+++ b/tests/misc_testsuite/component-model/modules.wast
@@ -1,18 +1,18 @@
 (component $foo
-  (module (export "a-module"))
+  (core module (export "a-module"))
 )
 
 ;; the above instance can be imported into this component
 (component
   (import "foo" (instance
-    (export "a-module" (module))
+    (export "a-module" (core module))
   ))
 )
 
 ;; specifying extra imports is ok
 (component
   (import "foo" (instance
-    (export "a-module" (module
+    (export "a-module" (core module
       (import "foo" "bar" (func))
     ))
   ))
@@ -22,7 +22,7 @@
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "a-module" (module
+      (export "a-module" (core module
         (export "the-export" (func))
       ))
     ))
@@ -30,7 +30,7 @@
   "module export `the-export` not defined")
 
 (component $foo
-  (module (export "a-module")
+  (core module (export "a-module")
     (import "env" "something" (func))
   )
 )
@@ -39,14 +39,14 @@
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "a-module" (module))
+      (export "a-module" (core module))
     ))
   )
   "module import `env::something` not defined")
 
 (component
   (import "foo" (instance
-    (export "a-module" (module
+    (export "a-module" (core module
       (import "env" "something" (func))
     ))
   ))
@@ -55,7 +55,7 @@
 ;; extra imports still ok
 (component
   (import "foo" (instance
-    (export "a-module" (module
+    (export "a-module" (core module
       (import "env" "something" (func))
       (import "env" "other" (global i32))
     ))
@@ -63,7 +63,7 @@
 )
 
 (component $foo
-  (module (export "a-module")
+  (core module (export "a-module")
     (func (export "f"))
   )
 )
@@ -71,13 +71,13 @@
 ;; dropping exports is ok
 (component
   (import "foo" (instance
-    (export "a-module" (module))
+    (export "a-module" (core module))
   ))
 )
 
 (component
   (import "foo" (instance
-    (export "a-module" (module
+    (export "a-module" (core module
       (export "f" (func))
     ))
   ))
@@ -86,7 +86,7 @@
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "a-module" (module
+      (export "a-module" (core module
         (export "f" (func (param i32)))
       ))
     ))
@@ -96,7 +96,7 @@
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "a-module" (module
+      (export "a-module" (core module
         (export "f" (global i32))
       ))
     ))
@@ -104,7 +104,7 @@
   "expected global found func")
 
 (component $foo
-  (module (export "m")
+  (core module (export "m")
     (func (export "f"))
     (table (export "t") 1 funcref)
     (memory (export "m") 1)
@@ -116,28 +116,28 @@
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (export "f" (global i32))))
+      (export "m" (core module (export "f" (global i32))))
     ))
   )
   "expected global found func")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (export "t" (func))))
+      (export "m" (core module (export "t" (func))))
     ))
   )
   "expected func found table")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (export "m" (func))))
+      (export "m" (core module (export "m" (func))))
     ))
   )
   "expected func found memory")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (export "g" (func))))
+      (export "m" (core module (export "g" (func))))
     ))
   )
   "expected func found global")
@@ -146,42 +146,42 @@
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (export "f" (func (param i32)))))
+      (export "m" (core module (export "f" (func (param i32)))))
     ))
   )
   "export `f` has the wrong type")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (export "t" (table 1 externref))))
+      (export "m" (core module (export "t" (table 1 externref))))
     ))
   )
   "export `t` has the wrong type")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (export "t" (table 2 funcref))))
+      (export "m" (core module (export "t" (table 2 funcref))))
     ))
   )
   "export `t` has the wrong type")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (export "m" (memory 2))))
+      (export "m" (core module (export "m" (memory 2))))
     ))
   )
   "export `m` has the wrong type")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (export "g" (global f32))))
+      (export "m" (core module (export "g" (global f32))))
     ))
   )
   "export `g` has the wrong type")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (export "g" (global (mut i32)))))
+      (export "m" (core module (export "g" (global (mut i32)))))
     ))
   )
   "export `g` has the wrong type")
@@ -189,7 +189,7 @@
 ;; subtyping ok
 (component
   (import "foo" (instance
-    (export "m" (module
+    (export "m" (core module
       (export "t" (table 0 funcref))
       (export "m" (memory 0))
     ))
@@ -197,38 +197,38 @@
 )
 
 (component $foo
-  (module (export "f") (func (import "" "")))
-  (module (export "t") (table (import "" "") 1 funcref))
-  (module (export "m") (memory (import "" "") 1))
-  (module (export "g") (global (import "" "") i32))
+  (core module (export "f") (func (import "" "")))
+  (core module (export "t") (table (import "" "") 1 funcref))
+  (core module (export "m") (memory (import "" "") 1))
+  (core module (export "g") (global (import "" "") i32))
 )
 
 ;; wrong class of item
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "f" (module (import "" "" (global i32))))
+      (export "f" (core module (import "" "" (global i32))))
     ))
   )
   "expected func found global")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "t" (module (import "" "" (func))))
+      (export "t" (core module (import "" "" (func))))
     ))
   )
   "expected table found func")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (import "" "" (func))))
+      (export "m" (core module (import "" "" (func))))
     ))
   )
   "expected memory found func")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "g" (module (import "" "" (func))))
+      (export "g" (core module (import "" "" (func))))
     ))
   )
   "expected global found func")
@@ -237,42 +237,42 @@
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "f" (module (import "" "" (func (param i32)))))
+      (export "f" (core module (import "" "" (func (param i32)))))
     ))
   )
   "module import `::` has the wrong type")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "t" (module (import "" "" (table 1 externref))))
+      (export "t" (core module (import "" "" (table 1 externref))))
     ))
   )
   "module import `::` has the wrong type")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "t" (module (import "" "" (table 0 funcref))))
+      (export "t" (core module (import "" "" (table 0 funcref))))
     ))
   )
   "module import `::` has the wrong type")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "m" (module (import "" "" (memory 0))))
+      (export "m" (core module (import "" "" (memory 0))))
     ))
   )
   "module import `::` has the wrong type")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "g" (module (import "" "" (global f32))))
+      (export "g" (core module (import "" "" (global f32))))
     ))
   )
   "module import `::` has the wrong type")
 (assert_unlinkable
   (component
     (import "foo" (instance
-      (export "g" (module (import "" "" (global (mut i32)))))
+      (export "g" (core module (import "" "" (global (mut i32)))))
     ))
   )
   "module import `::` has the wrong type")
@@ -280,45 +280,45 @@
 ;; subtyping ok, but in the opposite direction of imports
 (component
   (import "foo" (instance
-    (export "t" (module (import "" "" (table 2 funcref))))
-    (export "m" (module (import "" "" (memory 2))))
+    (export "t" (core module (import "" "" (table 2 funcref))))
+    (export "m" (core module (import "" "" (memory 2))))
   ))
 )
 
 ;; An instance can reexport a module, define a module, and everything can be
 ;; used by something else
 (component $src
-  (module (export "m")
+  (core module (export "m")
     (global (export "g") i32 i32.const 2)
   )
 )
 
 (component $reexport
-  (module $m1
+  (core module $m1
     (global (export "g") i32 i32.const 1)
   )
   (import "src" (instance $src
-    (export "m" (module (export "g" (global i32))))
+    (export "m" (core module (export "g" (global i32))))
   ))
 
-  (module $m3
+  (core module $m3
     (global (export "g") i32 i32.const 3)
   )
 
-  (export "m1" (module $m1))
-  (export "m2" (module $src "m"))
-  (export "m3" (module $m3))
+  (export "m1" (core module $m1))
+  (export "m2" (core module $src "m"))
+  (export "m3" (core module $m3))
 )
 
 (component
-  (type $modulety (module (export "g" (global i32))))
+  (core type $modulety (module (export "g" (global i32))))
   (import "reexport" (instance $reexport
-    (export "m1" (module (type $modulety)))
-    (export "m2" (module (type $modulety)))
-    (export "m3" (module (type $modulety)))
+    (export "m1" (core module (type $modulety)))
+    (export "m2" (core module (type $modulety)))
+    (export "m3" (core module (type $modulety)))
   ))
 
-  (module $assert_ok
+  (core module $assert_ok
     (import "m1" "g" (global $m1 i32))
     (import "m2" "g" (global $m2 i32))
     (import "m3" "g" (global $m3 i32))
@@ -350,11 +350,11 @@
     (start $assert_ok)
   )
 
-  (instance $m1 (instantiate (module $reexport "m1")))
-  (instance $m2 (instantiate (module $reexport "m2")))
-  (instance $m3 (instantiate (module $reexport "m3")))
+  (core instance $m1 (instantiate (module $reexport "m1")))
+  (core instance $m2 (instantiate (module $reexport "m2")))
+  (core instance $m3 (instantiate (module $reexport "m3")))
 
-  (instance (instantiate (module $assert_ok)
+  (core instance (instantiate $assert_ok
     (with "m1" (instance $m1))
     (with "m2" (instance $m2))
     (with "m3" (instance $m3))
@@ -364,7 +364,7 @@
 ;; order of imports and exports can be shuffled between definition site and
 ;; use-site
 (component $provider
-  (module (export "m")
+  (core module (export "m")
     (import "" "1" (global $i1 i32))
     (import "" "2" (global $i2 i32))
     (import "" "3" (global $i3 i32))
@@ -413,7 +413,7 @@
 
 (component
   (import "provider" (instance $provider
-    (export "m" (module
+    (export "m" (core module
       (import "" "4" (global i32))
       (import "" "3" (global i32))
       (import "" "2" (global i32))
@@ -426,18 +426,18 @@
     ))
   ))
 
-  (module $imports
+  (core module $imports
     (global (export "1") i32 (i32.const 1))
     (global (export "3") i32 (i32.const 3))
     (global (export "2") i32 (i32.const 2))
     (global (export "4") i32 (i32.const 4))
   )
-  (instance $imports (instantiate (module $imports)))
-  (instance $m (instantiate (module $provider "m")
+  (core instance $imports (instantiate $imports))
+  (core instance $m (instantiate (module $provider "m")
     (with "" (instance $imports))
   ))
 
-  (module $import_globals
+  (core module $import_globals
     (import "" "g4" (global $g4 i32))
     (import "" "g3" (global $g3 i32))
     (import "" "g2" (global $g2 i32))
@@ -473,5 +473,5 @@
     (start $assert_imports)
   )
 
-  (instance (instantiate (module $import_globals) (with "" (instance $m))))
+  (core instance (instantiate $import_globals (with "" (instance $m))))
 )
diff --git a/tests/misc_testsuite/component-model/simple.wast b/tests/misc_testsuite/component-model/simple.wast
index 00c5379163..af65e7b1d1 100644
--- a/tests/misc_testsuite/component-model/simple.wast
+++ b/tests/misc_testsuite/component-model/simple.wast
@@ -1,21 +1,21 @@
 (component)
 
 (component
-  (module)
+  (core module)
 )
 
 (component
-  (module)
-  (module)
-  (module)
+  (core module)
+  (core module)
+  (core module)
 )
 
 (component
-  (module
+  (core module
     (func (export "a") (result i32) i32.const 0)
     (func (export "b") (result i64) i64.const 0)
   )
-  (module
+  (core module
     (func (export "c") (result f32) f32.const 0)
     (func (export "d") (result f64) f64.const 0)
   )
diff --git a/tests/misc_testsuite/component-model/types.wast b/tests/misc_testsuite/component-model/types.wast
index 9a20b1d751..5d5d4beccd 100644
--- a/tests/misc_testsuite/component-model/types.wast
+++ b/tests/misc_testsuite/component-model/types.wast
@@ -52,7 +52,8 @@
   (type $empty (func))
   (type (func (param string) (result u32)))
   (type (component))
-  (type (module))
+  (core type (module))
+  (core type (func))
   (type (instance))
 
   (type (component
@@ -62,7 +63,7 @@
 
     (type $t (instance))
 
-    (export "a" (module))
+    (export "a" (core module))
     (export "b" (instance (type $t)))
   ))
 
@@ -73,11 +74,11 @@
 
     (type $t (instance))
 
-    (export "a" (module))
+    (export "a" (core module))
     (export "b" (instance (type $t)))
   ))
 
-  (type (module
+  (core type (module
     (import "" "" (func (param i32)))
     (import "" "1" (func (result i32)))
     (export "1" (global i32))