diff --git a/babel.config.js b/babel.config.js
new file mode 100644
index 000000000..f0db10d56
--- /dev/null
+++ b/babel.config.js
@@ -0,0 +1,32 @@
+const isDevelopment =
+  process.env.NODE_ENV === 'test' || // jest
+  process.env.NODE_ENV === 'development' // cosmos
+
+module.exports = {
+  compact: false,
+  presets: [
+    '@babel/preset-env',
+    [
+      '@babel/preset-react',
+      {
+        development: isDevelopment,
+        // Ship with 'classic' runtime for compatibility with React >=17, otherwise ESM module resolution differs
+        // between versions (see https://github.com/facebook/react/issues/20235); develop with 'automatic' runtime for
+        // ease of development, so that React does not need to be top-level imported everywhere.
+        runtime: isDevelopment ? 'automatic' : 'classic',
+      },
+    ],
+    ['@babel/preset-typescript', { isTSX: true, allExtensions: true }],
+  ],
+  plugins: [
+    '@babel/plugin-transform-runtime',
+    'macros',
+    [
+      'module-resolver',
+      {
+        root: ['src'],
+        extensions: ['.js', '.jsx', '.ts', '.tsx'],
+      },
+    ],
+  ],
+}
diff --git a/babel.config.json b/babel.config.json
deleted file mode 100644
index ca5dae272..000000000
--- a/babel.config.json
+++ /dev/null
@@ -1,19 +0,0 @@
-{
-  "compact": false,
-  "presets": [
-    "@babel/preset-env",
-    ["@babel/preset-react", { "runtime": "automatic" }],
-    ["@babel/preset-typescript", { "isTSX": true, "allExtensions": true }]
-  ],
-  "plugins": [
-    "@babel/plugin-transform-runtime",
-    "macros",
-    [
-      "module-resolver",
-      {
-        "root": ["src"],
-        "extensions": [".js", ".jsx", ".ts", ".tsx"]
-      }
-    ]
-  ]
-}
diff --git a/package.json b/package.json
index 86b918e46..d55891d41 100644
--- a/package.json
+++ b/package.json
@@ -98,9 +98,9 @@
   },
   "peerDependencies": {
     "@babel/runtime": "^7.17.0",
-    "react": "^17.0.1",
-    "react-dom": "^17.0.1",
-    "react-redux": "^7.2.2",
+    "react": ">=17.0.1",
+    "react-dom": ">=17.0.1",
+    "react-redux": ">=7.2.2",
     "redux": "^4.1.2"
   },
   "optionalDependencies": {
@@ -120,9 +120,9 @@
     "@nomiclabs/hardhat-ethers": "^2.0.6",
     "@rollup/plugin-babel": "^5.3.0",
     "@rollup/plugin-commonjs": "^21.0.1",
+    "@rollup/plugin-inject": "^4.0.4",
     "@rollup/plugin-json": "^4.1.0",
     "@rollup/plugin-node-resolve": "^13.1.3",
-    "@rollup/plugin-replace": "^3.0.1",
     "@rollup/plugin-url": "^6.1.0",
     "@semantic-release/changelog": "^6.0.1",
     "@semantic-release/git": "^10.0.1",
diff --git a/rollup.config.js b/rollup.config.js
index ed6202a07..2c209c263 100644
--- a/rollup.config.js
+++ b/rollup.config.js
@@ -6,9 +6,9 @@
 /* eslint-disable @typescript-eslint/no-var-requires */
 const { babel } = require('@rollup/plugin-babel')
 const commonjs = require('@rollup/plugin-commonjs')
+const inject = require('@rollup/plugin-inject')
 const json = require('@rollup/plugin-json')
 const { nodeResolve: resolve } = require('@rollup/plugin-node-resolve')
-const replace = require('@rollup/plugin-replace')
 const { default: dts } = require('rollup-plugin-dts')
 const url = require('@rollup/plugin-url')
 const svgr = require('@svgr/rollup')
@@ -35,7 +35,10 @@ const EXTENSIONS = ['.js', '.jsx', '.ts', '.tsx']
  */
 const transpile = {
   input: 'src/index.tsx',
-  external: isEthers,
+  external: (source) => {
+    // @ethersproject/* modules are provided by ethers
+    return source.startsWith('@ethersproject/')
+  },
   plugins: [
     // Dependency resolution
     externals({
@@ -50,14 +53,9 @@ const transpile = {
     resolve({ extensions: EXTENSIONS }), // resolves third-party modules within node_modules/
 
     // Source code transformation
-    replace({
-      // esm requires fully-specified paths:
-      'react/jsx-runtime': 'react/jsx-runtime.js',
-      preventAssignment: true,
-    }),
     json(), // imports json as ES6; doing so enables module resolution
     url({ include: ['**/*.png', '**/*.svg'], limit: Infinity }), // imports assets as data URIs
-    svgr(), // imports svgs as React components
+    svgr({ jsxRuntime: 'automatic' }), // imports svgs as React components (without re-importing React)
     sass({ output: 'dist/fonts.css', verbose: false }), // generates fonts.css
     commonjs(), // transforms cjs dependencies into tree-shakeable ES modules
 
@@ -65,8 +63,15 @@ const transpile = {
       babelHelpers: 'runtime',
       extensions: EXTENSIONS,
     }),
+    inject({ React: 'react' }), // imports React (on the top-level, un-renamed), for the classic runtime
   ],
-  onwarn: squelchTypeWarnings, // this pipeline is only for transpilation
+  onwarn: (warning, warn) => {
+    // This pipeline is for transpilation - checking is done through tsc.
+    if (warning.code === 'UNUSED_EXTERNAL_IMPORT') return
+
+    warn(warning)
+    console.log(warning.loc, '\n')
+  },
 }
 
 const esm = {
@@ -130,13 +135,3 @@ const config = [esm, cjs, types, locales]
 config.config = { ...esm, output: { ...esm.output, sourcemap: true } }
 config.assets = assets
 module.exports = config
-
-function isEthers(source) {
-  // @ethersproject/* modules are provided by ethers
-  return source.startsWith('@ethersproject/')
-}
-
-function squelchTypeWarnings(warning, warn) {
-  if (warning.code === 'UNUSED_EXTERNAL_IMPORT') return
-  warn(warning)
-}
diff --git a/src/components/Swap/Settings/MaxSlippageSelect.tsx b/src/components/Swap/Settings/MaxSlippageSelect.tsx
index 68401faa1..1037d5e07 100644
--- a/src/components/Swap/Settings/MaxSlippageSelect.tsx
+++ b/src/components/Swap/Settings/MaxSlippageSelect.tsx
@@ -15,14 +15,6 @@ import { DecimalInput, inputCss } from '../../Input'
 import Row from '../../Row'
 import { Label, optionCss } from './components'
 
-const tooltip = (
-  <Trans>Your transaction will revert if the price changes unfavorably by more than this percentage.</Trans>
-)
-const highSlippage = <Trans>High slippage increases the risk of price movement</Trans>
-const invalidSlippage = <Trans>Please enter a valid slippage %</Trans>
-
-const placeholder = '0.10'
-
 const Button = styled(TextButton)<{ selected: boolean }>`
   ${({ selected }) => optionCss(selected)}
 `
@@ -63,12 +55,12 @@ const Warning = memo(function Warning({ state, showTooltip }: { state?: 'warning
   switch (state) {
     case 'error':
       icon = XOctagon
-      content = invalidSlippage
+      content = <Trans>Please enter a valid slippage %</Trans>
       show = true
       break
     case 'warning':
       icon = AlertTriangle
-      content = highSlippage
+      content = <Trans>High slippage increases the risk of price movement</Trans>
       break
   }
   return (
@@ -120,7 +112,12 @@ export default function MaxSlippageSelect() {
 
   return (
     <Column gap={0.75}>
-      <Label name={<Trans>Max slippage</Trans>} tooltip={tooltip} />
+      <Label
+        name={<Trans>Max slippage</Trans>}
+        tooltip={
+          <Trans>Your transaction will revert if the price changes unfavorably by more than this percentage.</Trans>
+        }
+      />
       <Row gap={0.5} grow="last">
         <Option wrapper={Button} selected={autoSlippage} onSelect={() => setAutoSlippage(true)}>
           <ThemedText.ButtonMedium>
@@ -140,7 +137,7 @@ export default function MaxSlippageSelect() {
               size={Math.max(maxSlippageInput.length, 4)}
               value={maxSlippageInput}
               onChange={(input) => processValue(+input)}
-              placeholder={placeholder}
+              placeholder={'0.10'}
               ref={input}
             />
             %
diff --git a/src/components/Swap/Settings/TransactionTtlInput.tsx b/src/components/Swap/Settings/TransactionTtlInput.tsx
index e53550a81..1d97c857e 100644
--- a/src/components/Swap/Settings/TransactionTtlInput.tsx
+++ b/src/components/Swap/Settings/TransactionTtlInput.tsx
@@ -9,8 +9,6 @@ import { inputCss, IntegerInput } from '../../Input'
 import Row from '../../Row'
 import { Label } from './components'
 
-const tooltip = <Trans>Your transaction will revert if it has been pending for longer than this period of time.</Trans>
-
 const Input = styled(Row)`
   ${inputCss}
 `
@@ -22,7 +20,12 @@ export default function TransactionTtlInput() {
   const input = useRef<HTMLInputElement>(null)
   return (
     <Column gap={0.75}>
-      <Label name={<Trans>Transaction deadline</Trans>} tooltip={tooltip} />
+      <Label
+        name={<Trans>Transaction deadline</Trans>}
+        tooltip={
+          <Trans>Your transaction will revert if it has been pending for longer than this period of time.</Trans>
+        }
+      />
       <ThemedText.Body1>
         <Input justify="start" onClick={() => input.current?.focus()}>
           <IntegerInput
diff --git a/src/components/Swap/Status/StatusDialog.tsx b/src/components/Swap/Status/StatusDialog.tsx
index 789915a85..e0efb11fb 100644
--- a/src/components/Swap/Status/StatusDialog.tsx
+++ b/src/components/Swap/Status/StatusDialog.tsx
@@ -16,14 +16,6 @@ import ActionButton from '../../ActionButton'
 import Column from '../../Column'
 import Row from '../../Row'
 
-const errorMessage = (
-  <Trans>
-    Try increasing your slippage tolerance.
-    <br />
-    NOTE: Fee on transfer and rebase tokens are incompatible with Uniswap V3.
-  </Trans>
-)
-
 const TransactionRow = styled(Row)`
   flex-direction: row-reverse;
 `
@@ -105,7 +97,13 @@ function TransactionStatus({ tx, onClose }: TransactionStatusProps) {
 export default function TransactionStatusDialog({ tx, onClose }: TransactionStatusProps) {
   return tx.receipt?.status === 0 ? (
     <ErrorDialog
-      header={errorMessage}
+      header={
+        <Trans>
+          Try increasing your slippage tolerance.
+          <br />
+          NOTE: Fee on transfer and rebase tokens are incompatible with Uniswap V3.
+        </Trans>
+      }
       error={new Error('TODO(zzmp)')}
       action={<Trans>Dismiss</Trans>}
       onClick={onClose}
diff --git a/src/components/TokenImg.tsx b/src/components/TokenImg.tsx
index 2c4db2740..11dc3dde1 100644
--- a/src/components/TokenImg.tsx
+++ b/src/components/TokenImg.tsx
@@ -1,12 +1,17 @@
 import { Currency } from '@uniswap/sdk-core'
+import missingTokenSrc from 'assets/missing-token-image.png'
 import { useToken } from 'hooks/useCurrency'
 import useCurrencyLogoURIs from 'hooks/useCurrencyLogoURIs'
-import { MissingToken } from 'icons'
 import { useCallback, useMemo, useState } from 'react'
 import styled from 'styled-components/macro'
 
 const badSrcs = new Set<string>()
 
+const MissingTokenImg = styled.img`
+  height: 1em;
+  width: 1em;
+`
+
 interface BaseProps {
   token: Currency
 }
@@ -16,8 +21,8 @@ type TokenImgProps = BaseProps & Omit<React.ImgHTMLAttributes<HTMLImageElement>,
 function TokenImg({ token, ...rest }: TokenImgProps) {
   // Use the wrapped token info so that it includes the logoURI.
   const tokenInfo = useToken(token.isToken ? token.wrapped.address : undefined) ?? token
-
   const srcs = useCurrencyLogoURIs(tokenInfo)
+  const alt = tokenInfo.name || tokenInfo.symbol
 
   const [attempt, setAttempt] = useState(0)
   const src = useMemo(() => {
@@ -34,9 +39,7 @@ function TokenImg({ token, ...rest }: TokenImgProps) {
     [src]
   )
 
-  if (!src) return <MissingToken color="secondary" {...rest} />
-
-  const alt = tokenInfo.name || tokenInfo.symbol
+  if (!src) return <MissingTokenImg src={missingTokenSrc} alt={alt} color="secondary" {...rest} />
   return <img src={src} alt={alt} key={alt} onError={onError} {...rest} />
 }
 
diff --git a/src/icons/index.tsx b/src/icons/index.tsx
index 573908063..0a035d0a5 100644
--- a/src/icons/index.tsx
+++ b/src/icons/index.tsx
@@ -1,4 +1,3 @@
-import MissingTokenIcon from 'assets/missing-token-image.png'
 import { ReactComponent as RouterIcon } from 'assets/svg/auto_router.svg'
 import { ReactComponent as CheckIcon } from 'assets/svg/check.svg'
 import { ReactComponent as ExpandoIcon } from 'assets/svg/expando.svg'
@@ -34,10 +33,6 @@ import { Color } from 'theme'
 
 type SVGIcon = FunctionComponent<SVGProps<SVGSVGElement>>
 
-const StyledImage = styled.img`
-  height: 1em;
-  width: 1em;
-`
 function icon(Icon: FeatherIcon | SVGIcon) {
   return styled(Icon)<{ color?: Color }>`
     clip-path: stroke-box;
@@ -98,9 +93,6 @@ export const Trash2 = icon(Trash2Icon)
 export const Wallet = icon(WalletIcon)
 export const X = icon(XIcon)
 export const XOctagon = icon(XOctagonIcon)
-export const MissingToken = (props: React.ImgHTMLAttributes<HTMLImageElement>) => (
-  <StyledImage src={MissingTokenIcon} alt="Missing token" {...props} />
-)
 
 export const Check = styled(icon(CheckIcon))`
   circle {
diff --git a/tsconfig.json b/tsconfig.json
index 64f72fe85..ec02779cb 100644
--- a/tsconfig.json
+++ b/tsconfig.json
@@ -1,36 +1,10 @@
 {
+  "extends": "./tsconfig.build.json",
   "compilerOptions": {
-    "allowJs": true,
-    "alwaysStrict": true,
-    "allowSyntheticDefaultImports": true,
-    "baseUrl": "src",
-    "declaration": true,
-    "declarationDir": "dts",
-    "downlevelIteration": true,
-    "emitDeclarationOnly": true,
-    "esModuleInterop": true,
-    "forceConsistentCasingInFileNames": true,
-    "isolatedModules": true,
-    "jsx": "react-jsx",
-    "lib": ["dom", "dom.iterable", "esnext"],
-    "module": "esnext",
-    "moduleResolution": "node",
-    "noFallthroughCasesInSwitch": true,
-    "noImplicitAny": true,
-    "noImplicitReturns": true,
-    "noImplicitThis": true,
-    "noUnusedLocals": false,
     "paths": {
       "@uniswap/widgets": ["index"]
     },
-    "resolveJsonModule": true,
-    "skipLibCheck": true,
-    "strict": true,
-    "strictNullChecks": true,
-    "target": "es5",
-    "types": ["jest"],
-    "useUnknownInCatchVariables": false
+    "types": ["jest"]
   },
-  "exclude": ["node_modules"],
   "include": ["src/"]
 }
diff --git a/yarn.lock b/yarn.lock
index ca83400d4..0ae408a07 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2542,6 +2542,15 @@
     magic-string "^0.25.7"
     resolve "^1.17.0"
 
+"@rollup/plugin-inject@^4.0.4":
+  version "4.0.4"
+  resolved "https://registry.yarnpkg.com/@rollup/plugin-inject/-/plugin-inject-4.0.4.tgz#fbeee66e9a700782c4f65c8b0edbafe58678fbc2"
+  integrity sha512-4pbcU4J/nS+zuHk+c+OL3WtmEQhqxlZ9uqfjQMQDOHOPld7PsCd8k5LWs8h5wjwJN7MgnAn768F2sDxEP4eNFQ==
+  dependencies:
+    "@rollup/pluginutils" "^3.1.0"
+    estree-walker "^2.0.1"
+    magic-string "^0.25.7"
+
 "@rollup/plugin-json@^4.1.0":
   version "4.1.0"
   resolved "https://registry.yarnpkg.com/@rollup/plugin-json/-/plugin-json-4.1.0.tgz#54e09867ae6963c593844d8bd7a9c718294496f3"
@@ -2561,14 +2570,6 @@
     is-module "^1.0.0"
     resolve "^1.19.0"
 
-"@rollup/plugin-replace@^3.0.1":
-  version "3.0.1"
-  resolved "https://registry.yarnpkg.com/@rollup/plugin-replace/-/plugin-replace-3.0.1.tgz#f774550f482091719e52e9f14f67ffc0046a883d"
-  integrity sha512-989J5oRzf3mm0pO/0djTijdfEh9U3n63BIXN5X7T4U9BP+fN4oxQ6DvDuBvFaHA6scaHQRclqmKQEkBhB7k7Hg==
-  dependencies:
-    "@rollup/pluginutils" "^3.1.0"
-    magic-string "^0.25.7"
-
 "@rollup/plugin-url@^6.1.0":
   version "6.1.0"
   resolved "https://registry.yarnpkg.com/@rollup/plugin-url/-/plugin-url-6.1.0.tgz#1234bba9aa30b5972050bdfcf8fcbb1cb8070465"