diff --git a/tests/compiler/test_opcodes.py b/tests/compiler/test_opcodes.py
index f36fcfac6f..3c595dee44 100644
--- a/tests/compiler/test_opcodes.py
+++ b/tests/compiler/test_opcodes.py
@@ -45,11 +45,14 @@ def test_version_check(evm_version):
 
 def test_get_opcodes(evm_version):
     ops = opcodes.get_opcodes()
-    if evm_version in ("paris", "berlin", "shanghai"):
+    if evm_version in ("paris", "berlin", "shanghai", "cancun"):
         assert "CHAINID" in ops
         assert ops["SLOAD"][-1] == 2100
-        if evm_version in ("shanghai",):
+        if evm_version in ("shanghai", "cancun"):
             assert "PUSH0" in ops
+        if evm_version in ("cancun",):
+            assert "TLOAD" in ops
+            assert "TSTORE" in ops
     elif evm_version == "istanbul":
         assert "CHAINID" in ops
         assert ops["SLOAD"][-1] == 800
diff --git a/tests/parser/ast_utils/test_ast_dict.py b/tests/parser/ast_utils/test_ast_dict.py
index 214af50f9f..f483d0cbe8 100644
--- a/tests/parser/ast_utils/test_ast_dict.py
+++ b/tests/parser/ast_utils/test_ast_dict.py
@@ -73,6 +73,7 @@ def test_basic_ast():
         "is_constant": False,
         "is_immutable": False,
         "is_public": False,
+        "is_transient": False,
     }
 
 
diff --git a/tests/parser/features/decorators/test_nonreentrant.py b/tests/parser/features/decorators/test_nonreentrant.py
index 0577313b88..ac73b35bec 100644
--- a/tests/parser/features/decorators/test_nonreentrant.py
+++ b/tests/parser/features/decorators/test_nonreentrant.py
@@ -3,6 +3,8 @@
 from vyper.exceptions import FunctionDeclarationException
 
 
+# TODO test functions in this module across all evm versions
+# once we have cancun support.
 def test_nonreentrant_decorator(get_contract, assert_tx_failed):
     calling_contract_code = """
 interface SpecialContract:
diff --git a/tests/parser/features/test_transient.py b/tests/parser/features/test_transient.py
new file mode 100644
index 0000000000..53354beca8
--- /dev/null
+++ b/tests/parser/features/test_transient.py
@@ -0,0 +1,61 @@
+import pytest
+
+from vyper.compiler import compile_code
+from vyper.evm.opcodes import EVM_VERSIONS
+from vyper.exceptions import StructureException
+
+post_cancun = {k: v for k, v in EVM_VERSIONS.items() if v >= EVM_VERSIONS["cancun"]}
+
+
+@pytest.mark.parametrize("evm_version", list(EVM_VERSIONS.keys()))
+def test_transient_blocked(evm_version):
+    # test transient is blocked on pre-cancun and compiles post-cancun
+    code = """
+my_map: transient(HashMap[address, uint256])
+    """
+    if EVM_VERSIONS[evm_version] >= EVM_VERSIONS["cancun"]:
+        assert compile_code(code, evm_version=evm_version) is not None
+    else:
+        with pytest.raises(StructureException):
+            compile_code(code, evm_version=evm_version)
+
+
+@pytest.mark.parametrize("evm_version", list(post_cancun.keys()))
+def test_transient_compiles(evm_version):
+    # test transient keyword at least generates TLOAD/TSTORE opcodes
+    getter_code = """
+my_map: public(transient(HashMap[address, uint256]))
+    """
+    t = compile_code(getter_code, evm_version=evm_version, output_formats=["opcodes_runtime"])
+    t = t["opcodes_runtime"].split(" ")
+
+    assert "TLOAD" in t
+    assert "TSTORE" not in t
+
+    setter_code = """
+my_map: transient(HashMap[address, uint256])
+
+@external
+def setter(k: address, v: uint256):
+    self.my_map[k] = v
+    """
+    t = compile_code(setter_code, evm_version=evm_version, output_formats=["opcodes_runtime"])
+    t = t["opcodes_runtime"].split(" ")
+
+    assert "TLOAD" not in t
+    assert "TSTORE" in t
+
+    getter_setter_code = """
+my_map: public(transient(HashMap[address, uint256]))
+
+@external
+def setter(k: address, v: uint256):
+    self.my_map[k] = v
+    """
+    t = compile_code(
+        getter_setter_code, evm_version=evm_version, output_formats=["opcodes_runtime"]
+    )
+    t = t["opcodes_runtime"].split(" ")
+
+    assert "TLOAD" in t
+    assert "TSTORE" in t
diff --git a/vyper/ast/nodes.py b/vyper/ast/nodes.py
index 03f2d713c1..7c907b4d08 100644
--- a/vyper/ast/nodes.py
+++ b/vyper/ast/nodes.py
@@ -1344,7 +1344,15 @@ class VariableDecl(VyperNode):
         If true, indicates that the variable is an immutable variable.
     """
 
-    __slots__ = ("target", "annotation", "value", "is_constant", "is_public", "is_immutable")
+    __slots__ = (
+        "target",
+        "annotation",
+        "value",
+        "is_constant",
+        "is_public",
+        "is_immutable",
+        "is_transient",
+    )
 
     def __init__(self, *args, **kwargs):
         super().__init__(*args, **kwargs)
@@ -1352,6 +1360,7 @@ def __init__(self, *args, **kwargs):
         self.is_constant = False
         self.is_public = False
         self.is_immutable = False
+        self.is_transient = False
 
         def _check_args(annotation, call_name):
             # do the same thing as `validate_call_args`
@@ -1369,9 +1378,10 @@ def _check_args(annotation, call_name):
             # unwrap one layer
             self.annotation = self.annotation.args[0]
 
-        if self.annotation.get("func.id") in ("immutable", "constant"):
-            _check_args(self.annotation, self.annotation.func.id)
-            setattr(self, f"is_{self.annotation.func.id}", True)
+        func_id = self.annotation.get("func.id")
+        if func_id in ("immutable", "constant", "transient"):
+            _check_args(self.annotation, func_id)
+            setattr(self, f"is_{func_id}", True)
             # unwrap one layer
             self.annotation = self.annotation.args[0]
 
diff --git a/vyper/cli/vyper_compile.py b/vyper/cli/vyper_compile.py
index 9ab884a6d0..4dfc87639a 100755
--- a/vyper/cli/vyper_compile.py
+++ b/vyper/cli/vyper_compile.py
@@ -101,7 +101,8 @@ def _parse_args(argv):
     )
     parser.add_argument(
         "--evm-version",
-        help=f"Select desired EVM version (default {DEFAULT_EVM_VERSION})",
+        help=f"Select desired EVM version (default {DEFAULT_EVM_VERSION}). "
+        " note: cancun support is EXPERIMENTAL",
         choices=list(EVM_VERSIONS),
         default=DEFAULT_EVM_VERSION,
         dest="evm_version",
diff --git a/vyper/codegen/context.py b/vyper/codegen/context.py
index 6e8d02c9b3..e4b41adbc0 100644
--- a/vyper/codegen/context.py
+++ b/vyper/codegen/context.py
@@ -28,6 +28,7 @@ class VariableRecord:
     defined_at: Any = None
     is_internal: bool = False
     is_immutable: bool = False
+    is_transient: bool = False
     data_offset: Optional[int] = None
 
     def __hash__(self):
diff --git a/vyper/codegen/core.py b/vyper/codegen/core.py
index a9a91ec9d8..06140f3f52 100644
--- a/vyper/codegen/core.py
+++ b/vyper/codegen/core.py
@@ -1,6 +1,6 @@
 from vyper import ast as vy_ast
 from vyper.codegen.ir_node import Encoding, IRnode
-from vyper.evm.address_space import CALLDATA, DATA, IMMUTABLES, MEMORY, STORAGE
+from vyper.evm.address_space import CALLDATA, DATA, IMMUTABLES, MEMORY, STORAGE, TRANSIENT
 from vyper.evm.opcodes import version_check
 from vyper.exceptions import CompilerPanic, StructureException, TypeCheckFailure, TypeMismatch
 from vyper.semantics.types import (
@@ -562,10 +562,10 @@ def _get_element_ptr_mapping(parent, key):
     key = unwrap_location(key)
 
     # TODO when is key None?
-    if key is None or parent.location != STORAGE:
-        raise TypeCheckFailure(f"bad dereference on mapping {parent}[{key}]")
+    if key is None or parent.location not in (STORAGE, TRANSIENT):
+        raise TypeCheckFailure("bad dereference on mapping {parent}[{key}]")
 
-    return IRnode.from_list(["sha3_64", parent, key], typ=subtype, location=STORAGE)
+    return IRnode.from_list(["sha3_64", parent, key], typ=subtype, location=parent.location)
 
 
 # Take a value representing a memory or storage location, and descend down to
diff --git a/vyper/codegen/expr.py b/vyper/codegen/expr.py
index 4a18a16e1b..ac7290836b 100644
--- a/vyper/codegen/expr.py
+++ b/vyper/codegen/expr.py
@@ -23,7 +23,7 @@
 )
 from vyper.codegen.ir_node import IRnode
 from vyper.codegen.keccak256_helper import keccak256_helper
-from vyper.evm.address_space import DATA, IMMUTABLES, MEMORY, STORAGE
+from vyper.evm.address_space import DATA, IMMUTABLES, MEMORY, STORAGE, TRANSIENT
 from vyper.evm.opcodes import version_check
 from vyper.exceptions import (
     CompilerPanic,
@@ -259,10 +259,12 @@ def parse_Attribute(self):
         # self.x: global attribute
         elif isinstance(self.expr.value, vy_ast.Name) and self.expr.value.id == "self":
             varinfo = self.context.globals[self.expr.attr]
+            location = TRANSIENT if varinfo.is_transient else STORAGE
+
             ret = IRnode.from_list(
                 varinfo.position.position,
                 typ=varinfo.typ,
-                location=STORAGE,
+                location=location,
                 annotation="self." + self.expr.attr,
             )
             ret._referenced_variables = {varinfo}
diff --git a/vyper/codegen/function_definitions/utils.py b/vyper/codegen/function_definitions/utils.py
index 7129388c58..f524ec6e88 100644
--- a/vyper/codegen/function_definitions/utils.py
+++ b/vyper/codegen/function_definitions/utils.py
@@ -8,6 +8,10 @@ def get_nonreentrant_lock(func_type):
 
     nkey = func_type.reentrancy_key_position.position
 
+    LOAD, STORE = "sload", "sstore"
+    if version_check(begin="cancun"):
+        LOAD, STORE = "tload", "tstore"
+
     if version_check(begin="berlin"):
         # any nonzero values would work here (see pricing as of net gas
         # metering); these values are chosen so that downgrading to the
@@ -16,12 +20,12 @@ def get_nonreentrant_lock(func_type):
     else:
         final_value, temp_value = 0, 1
 
-    check_notset = ["assert", ["ne", temp_value, ["sload", nkey]]]
+    check_notset = ["assert", ["ne", temp_value, [LOAD, nkey]]]
 
     if func_type.mutability == StateMutability.VIEW:
         return [check_notset], [["seq"]]
 
     else:
-        pre = ["seq", check_notset, ["sstore", nkey, temp_value]]
-        post = ["sstore", nkey, final_value]
+        pre = ["seq", check_notset, [STORE, nkey, temp_value]]
+        post = [STORE, nkey, final_value]
         return [pre], [post]
diff --git a/vyper/evm/address_space.py b/vyper/evm/address_space.py
index 855e98b5c8..85a75c3c23 100644
--- a/vyper/evm/address_space.py
+++ b/vyper/evm/address_space.py
@@ -48,6 +48,7 @@ def byte_addressable(self) -> bool:
 
 MEMORY = AddrSpace("memory", 32, "mload", "mstore")
 STORAGE = AddrSpace("storage", 1, "sload", "sstore")
+TRANSIENT = AddrSpace("transient", 1, "tload", "tstore")
 CALLDATA = AddrSpace("calldata", 32, "calldataload")
 # immutables address space: "immutables" section of memory
 # which is read-write in deploy code but then gets turned into
diff --git a/vyper/evm/opcodes.py b/vyper/evm/opcodes.py
index 7ff56df772..c447fd863c 100644
--- a/vyper/evm/opcodes.py
+++ b/vyper/evm/opcodes.py
@@ -24,6 +24,7 @@
     "berlin": 3,
     "paris": 4,
     "shanghai": 5,
+    "cancun": 6,
     # ETC Forks
     "atlantis": 0,
     "agharta": 1,
@@ -184,6 +185,8 @@
     "INVALID": (0xFE, 0, 0, 0),
     "DEBUG": (0xA5, 1, 0, 0),
     "BREAKPOINT": (0xA6, 0, 0, 0),
+    "TLOAD": (0xB3, 1, 1, 100),
+    "TSTORE": (0xB4, 2, 0, 100),
 }
 
 PSEUDO_OPCODES: OpcodeMap = {
diff --git a/vyper/semantics/analysis/base.py b/vyper/semantics/analysis/base.py
index 5065131f29..449e6ca338 100644
--- a/vyper/semantics/analysis/base.py
+++ b/vyper/semantics/analysis/base.py
@@ -162,6 +162,7 @@ class VarInfo:
     is_constant: bool = False
     is_public: bool = False
     is_immutable: bool = False
+    is_transient: bool = False
     is_local_var: bool = False
     decl_node: Optional[vy_ast.VyperNode] = None
 
diff --git a/vyper/semantics/analysis/module.py b/vyper/semantics/analysis/module.py
index 188005e365..cb8e93ff28 100644
--- a/vyper/semantics/analysis/module.py
+++ b/vyper/semantics/analysis/module.py
@@ -4,6 +4,7 @@
 
 import vyper.builtins.interfaces
 from vyper import ast as vy_ast
+from vyper.evm.opcodes import version_check
 from vyper.exceptions import (
     CallViolation,
     CompilerPanic,
@@ -189,10 +190,17 @@ def visit_VariableDecl(self, node):
             if node.is_immutable
             else DataLocation.UNSET
             if node.is_constant
+            # XXX: needed if we want separate transient allocator
+            # else DataLocation.TRANSIENT
+            # if node.is_transient
             else DataLocation.STORAGE
         )
 
         type_ = type_from_annotation(node.annotation, data_loc)
+
+        if node.is_transient and not version_check(begin="cancun"):
+            raise StructureException("`transient` is not available pre-cancun", node.annotation)
+
         var_info = VarInfo(
             type_,
             decl_node=node,
@@ -200,6 +208,7 @@ def visit_VariableDecl(self, node):
             is_constant=node.is_constant,
             is_public=node.is_public,
             is_immutable=node.is_immutable,
+            is_transient=node.is_transient,
         )
         node.target._metadata["varinfo"] = var_info  # TODO maybe put this in the global namespace
         node._metadata["type"] = type_
diff --git a/vyper/semantics/data_locations.py b/vyper/semantics/data_locations.py
index 0ec374e42f..2f259b1766 100644
--- a/vyper/semantics/data_locations.py
+++ b/vyper/semantics/data_locations.py
@@ -7,3 +7,5 @@ class DataLocation(enum.Enum):
     STORAGE = 2
     CALLDATA = 3
     CODE = 4
+    # XXX: needed for separate transient storage allocator
+    # TRANSIENT = 5
diff --git a/vyper/semantics/namespace.py b/vyper/semantics/namespace.py
index d760f66972..82a5d5cf3e 100644
--- a/vyper/semantics/namespace.py
+++ b/vyper/semantics/namespace.py
@@ -176,6 +176,7 @@ def validate_identifier(attr):
     "nonpayable",
     "constant",
     "immutable",
+    "transient",
     "internal",
     "payable",
     "nonreentrant",