diff --git a/Cargo.lock b/Cargo.lock
index ea301a3..75f050b 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -36,6 +36,15 @@ version = "0.1.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "250f629c0161ad8107cf89319e990051fae62832fd343083bea452d93e2205fd"
 
+[[package]]
+name = "alloca"
+version = "0.4.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "e5a7d05ea6aea7e9e64d25b9156ba2fee3fdd659e34e41063cd2fc7cd020d7f4"
+dependencies = [
+ "cc",
+]
+
 [[package]]
 name = "allocator-api2"
 version = "0.2.21"
@@ -51,6 +60,12 @@ dependencies = [
  "libc",
 ]
 
+[[package]]
+name = "anes"
+version = "0.1.6"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "4b46cbb362ab8752921c97e041f5e366ee6297bd428a31275b9fcf1e380f7299"
+
 [[package]]
 name = "anstream"
 version = "1.0.0"
@@ -331,6 +346,7 @@ dependencies = [
  "bobbin-slingshot-client",
  "bobbin-types",
  "bytes",
+ "criterion",
  "futures",
  "jacquard-common",
  "scc",
@@ -533,6 +549,12 @@ dependencies = [
  "serde",
 ]
 
+[[package]]
+name = "cast"
+version = "0.3.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "37b2a672a2cb129a2e41c10b1224bb368f9f37a2b16b612598138befd7b37eb5"
+
 [[package]]
 name = "cbor4ii"
 version = "0.2.14"
@@ -787,6 +809,39 @@ dependencies = [
  "cfg-if",
 ]
 
+[[package]]
+name = "criterion"
+version = "0.8.2"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "950046b2aa2492f9a536f5f4f9a3de7b9e2476e575e05bd6c333371add4d98f3"
+dependencies = [
+ "alloca",
+ "anes",
+ "cast",
+ "ciborium",
+ "clap",
+ "criterion-plot",
+ "itertools 0.13.0",
+ "num-traits",
+ "oorandom",
+ "page_size",
+ "regex",
+ "serde",
+ "serde_json",
+ "tinytemplate",
+ "walkdir",
+]
+
+[[package]]
+name = "criterion-plot"
+version = "0.8.2"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "d8d80a2f4f5b554395e47b5d8305bc3d27813bacb73493eb1001e8f76dae29ea"
+dependencies = [
+ "cast",
+ "itertools 0.13.0",
+]
+
 [[package]]
 name = "critical-section"
 version = "1.2.0"
@@ -1826,6 +1881,15 @@ version = "1.70.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "a6cb138bb79a146c1bd460005623e142ef0181e3d0219cb493e02f7d08a35695"
 
+[[package]]
+name = "itertools"
+version = "0.13.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "413ee7dfc52ee1a4949ceeb7dbc8a33f2d6c088194d9f922fb8318faf1f01186"
+dependencies = [
+ "either",
+]
+
 [[package]]
 name = "itertools"
 version = "0.14.0"
@@ -2299,6 +2363,12 @@ version = "0.1.13"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "269bca4c2591a28585d6bf10d9ed0332b7d76900a1b02bec41bdc3a2cdcda107"
 
+[[package]]
+name = "oorandom"
+version = "11.1.5"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "d6790f58c7ff633d8771f42965289203411a5e5c68388703c06e14f24770b41e"
+
 [[package]]
 name = "openssl-probe"
 version = "0.2.1"
@@ -2368,6 +2438,16 @@ dependencies = [
  "sha2",
 ]
 
+[[package]]
+name = "page_size"
+version = "0.6.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "30d5b2194ed13191c1999ae0704b7839fb18384fa22e49b57eeaa97d79ce40da"
+dependencies = [
+ "libc",
+ "winapi",
+]
+
 [[package]]
 name = "parking"
 version = "2.2.1"
@@ -3469,7 +3549,7 @@ dependencies = [
  "fnv",
  "fs4",
  "htmlescape",
- "itertools",
+ "itertools 0.14.0",
  "levenshtein_automata",
  "log",
  "lru",
@@ -3518,7 +3598,7 @@ checksum = "c57166f5bcfd478f370ab8445afb4678dce44801fa5ce5c451aaf8595583c5dc"
 dependencies = [
  "downcast-rs",
  "fastdivide",
- "itertools",
+ "itertools 0.14.0",
  "serde",
  "tantivy-bitpacker",
  "tantivy-common",
@@ -3570,7 +3650,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "8a2cfc3ac5164cbadc28965ffb145a8f47582a60ae5897859ad8d4316596c606"
 dependencies = [
  "futures-util",
- "itertools",
+ "itertools 0.14.0",
  "tantivy-bitpacker",
  "tantivy-common",
  "tantivy-fst",
@@ -3699,6 +3779,16 @@ dependencies = [
  "zerovec",
 ]
 
+[[package]]
+name = "tinytemplate"
+version = "1.2.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "be4d6b5f19ff7664e8c98d03e2139cb510db9b0a60b55f8e8709b689d939b6bc"
+dependencies = [
+ "serde",
+ "serde_json",
+]
+
 [[package]]
 name = "tinyvec"
 version = "1.11.0"
diff --git a/crates/ingest/Cargo.toml b/crates/ingest/Cargo.toml
index 2abb708..974afa1 100644
--- a/crates/ingest/Cargo.toml
+++ b/crates/ingest/Cargo.toml
@@ -30,3 +30,8 @@ tracing-subscriber = { workspace = true }
 tokio-util = { workspace = true }
 tokio = { workspace = true, features = ["test-util"] }
 wiremock = { workspace = true }
+criterion = { version = "0.8", default-features = false, features = ["cargo_bench_support"] }
+
+[[bench]]
+name = "json_decode"
+harness = false
diff --git a/crates/ingest/benches/json_decode.rs b/crates/ingest/benches/json_decode.rs
new file mode 100644
index 0000000..40717ed
--- /dev/null
+++ b/crates/ingest/benches/json_decode.rs
@@ -0,0 +1,246 @@
+use std::hint::black_box;
+
+use bobbin_types::edges::Record;
+use criterion::{Criterion, criterion_group, criterion_main};
+use serde::Deserialize;
+use serde_json::value::RawValue;
+
+#[derive(Deserialize)]
+struct ValueFrame {
+    record: ValueRecordFrame,
+}
+
+#[derive(Deserialize)]
+struct ValueRecordFrame {
+    collection: String,
+    #[serde(default)]
+    record: Option<serde_json::Value>,
+}
+
+#[derive(Deserialize)]
+struct BorrowedRawFrame<'a> {
+    #[serde(borrow)]
+    record: BorrowedRawRecordFrame<'a>,
+}
+
+#[derive(Deserialize)]
+struct BorrowedRawRecordFrame<'a> {
+    collection: String,
+    #[serde(borrow, default)]
+    record: Option<&'a RawValue>,
+}
+
+#[derive(Deserialize)]
+struct OwnedRawFrame {
+    record: OwnedRawRecordFrame,
+}
+
+#[derive(Deserialize)]
+struct OwnedRawRecordFrame {
+    collection: String,
+    #[serde(default)]
+    record: Option<Box<RawValue>>,
+}
+
+fn current_path(text: &str) -> Record {
+    let frame: ValueFrame = serde_json::from_str(text).expect("frame");
+    let value = frame.record.record.expect("upsert body");
+    let bytes = serde_json::to_vec(&value).expect("re-serialize Value");
+    Record::from_json_bytes(frame.record.collection.as_str(), &bytes).expect("decode record")
+}
+
+fn raw_value_borrowed(text: &str) -> Record {
+    let frame: BorrowedRawFrame<'_> = serde_json::from_str(text).expect("frame");
+    let raw = frame.record.record.expect("upsert body");
+    Record::from_json_bytes(frame.record.collection.as_str(), raw.get().as_bytes())
+        .expect("decode record")
+}
+
+fn raw_value_owned(text: &str) -> Record {
+    let frame: OwnedRawFrame = serde_json::from_str(text).expect("frame");
+    let raw = frame.record.record.expect("upsert body");
+    Record::from_json_bytes(frame.record.collection.as_str(), raw.get().as_bytes())
+        .expect("decode record")
+}
+
+fn floor_record_only(collection: &str, record_bytes: &[u8]) -> Record {
+    Record::from_json_bytes(collection, record_bytes).expect("decode record")
+}
+
+fn star_text() -> &'static str {
+    r#"{
+        "id": 1,
+        "type": "record",
+        "record": {
+            "live": false,
+            "did": "did:plc:olaren",
+            "rev": "3lq2zk5wqsh2k",
+            "collection": "sh.tangled.feed.star",
+            "rkey": "abcabcabcabcz",
+            "action": "create",
+            "record": {
+                "$type": "sh.tangled.feed.star",
+                "createdAt": "2026-05-01T00:00:00Z",
+                "subject": "at://did:plc:abalone/sh.tangled.repo/3lq2zk5wq0000"
+            }
+        }
+    }"#
+}
+
+fn repo_text() -> &'static str {
+    r#"{
+        "id": 2,
+        "type": "record",
+        "record": {
+            "live": false,
+            "did": "did:plc:nel",
+            "rev": "3lq2zk5wqsh2l",
+            "collection": "sh.tangled.repo",
+            "rkey": "3lq2zk5wq0001",
+            "action": "create",
+            "record": {
+                "$type": "sh.tangled.repo",
+                "createdAt": "2026-05-01T00:00:00Z",
+                "knot": "knot.witchcraft.systems",
+                "name": "limpet",
+                "description": "demonstration repository for the bench corpus",
+                "owner": "did:plc:nel",
+                "repoDid": "did:plc:limpet",
+                "labels": [
+                    "at://did:plc:periwinkle/sh.tangled.label.definition/3lq2zk5wq0010",
+                    "at://did:plc:periwinkle/sh.tangled.label.definition/3lq2zk5wq0011"
+                ]
+            }
+        }
+    }"#
+}
+
+fn issue_text() -> &'static str {
+    r#"{
+        "id": 3,
+        "type": "record",
+        "record": {
+            "live": false,
+            "did": "did:plc:teq",
+            "rev": "3lq2zk5wqsh2m",
+            "collection": "sh.tangled.repo.issue",
+            "rkey": "3lq2zk5wq0100",
+            "action": "create",
+            "record": {
+                "$type": "sh.tangled.repo.issue",
+                "createdAt": "2026-05-01T00:00:00Z",
+                "title": "ingest: single-pass JSON decode follow-up corpus entry",
+                "body": "Long body to give the bench a realistic decode cost. Repeats: blahhhhh meow meow aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa",
+                "repo": "at://did:plc:limpet",
+                "repoDid": "did:plc:limpet",
+                "mentions": [
+                    "did:plc:nel",
+                    "did:plc:olaren",
+                    "did:plc:bailey"
+                ],
+                "references": [
+                    "at://did:plc:limpet/sh.tangled.repo.issue/3lq2zk5wq0099",
+                    "at://did:plc:limpet/sh.tangled.repo.pull/3lq2zk5wq0098"
+                ]
+            }
+        }
+    }"#
+}
+
+fn pull_comment_text() -> &'static str {
+    r#"{
+        "id": 4,
+        "type": "record",
+        "record": {
+            "live": false,
+            "did": "did:plc:lyna",
+            "rev": "3lq2zk5wqsh2n",
+            "collection": "sh.tangled.repo.pull.comment",
+            "rkey": "3lq2zk5wq0200",
+            "action": "create",
+            "record": {
+                "$type": "sh.tangled.repo.pull.comment",
+                "createdAt": "2026-05-01T00:00:00Z",
+                "body": "lgtm i thinks!!!! but please verify the cursor invariant under buffered(N) before landing. :3",
+                "pull": "at://did:plc:limpet/sh.tangled.repo.pull/3lq2zk5wq0098",
+                "owner": "did:plc:lyna"
+            }
+        }
+    }"#
+}
+
+fn follow_text() -> &'static str {
+    r#"{
+        "id": 5,
+        "type": "record",
+        "record": {
+            "live": false,
+            "did": "did:plc:bailey",
+            "rev": "3lq2zk5wqsh2o",
+            "collection": "sh.tangled.graph.follow",
+            "rkey": "3lq2zk5wq0300",
+            "action": "create",
+            "record": {
+                "$type": "sh.tangled.graph.follow",
+                "createdAt": "2026-05-01T00:00:00Z",
+                "subject": "did:plc:nel"
+            }
+        }
+    }"#
+}
+
+fn extract_record_slice(text: &str) -> (String, Vec<u8>) {
+    let frame: ValueFrame = serde_json::from_str(text).expect("frame");
+    let value = frame.record.record.expect("upsert body");
+    let bytes = serde_json::to_vec(&value).expect("re-serialize Value");
+    (frame.record.collection, bytes)
+}
+
+fn bench_decode(c: &mut Criterion) {
+    let corpus: &[(&str, &str)] = &[
+        ("star", star_text()),
+        ("repo", repo_text()),
+        ("issue", issue_text()),
+        ("pull_comment", pull_comment_text()),
+        ("follow", follow_text()),
+    ];
+    for (name, text) in corpus {
+        let mut group = c.benchmark_group(format!("decode/{name}"));
+        let (collection, record_bytes) = extract_record_slice(text);
+
+        group.bench_function("current_path", |b| {
+            b.iter(|| {
+                let r = current_path(black_box(text));
+                black_box(r);
+            });
+        });
+
+        group.bench_function("raw_value_borrowed", |b| {
+            b.iter(|| {
+                let r = raw_value_borrowed(black_box(text));
+                black_box(r);
+            });
+        });
+
+        group.bench_function("raw_value_owned", |b| {
+            b.iter(|| {
+                let r = raw_value_owned(black_box(text));
+                black_box(r);
+            });
+        });
+
+        group.bench_function("floor_record_only", |b| {
+            let collection = collection.as_str();
+            let bytes = record_bytes.as_slice();
+            b.iter(|| {
+                let r = floor_record_only(black_box(collection), black_box(bytes));
+                black_box(r);
+            });
+        });
+
+        group.finish();
+    }
+}
+
+criterion_group!(benches, bench_decode);
+criterion_main!(benches);
diff --git a/crates/ingest/src/frame.rs b/crates/ingest/src/frame.rs
index 44a3afd..21f3993 100644
--- a/crates/ingest/src/frame.rs
+++ b/crates/ingest/src/frame.rs
@@ -5,8 +5,9 @@ use jacquard_common::types::recordkey::Rkey;
 use jacquard_common::types::string::Cid;
 use jacquard_common::types::tid::Tid;
 use serde::Deserialize;
+use serde_json::value::RawValue;
 
-#[derive(Clone, Debug, Deserialize)]
+#[derive(Debug, Deserialize)]
 pub struct HydrantFrame {
     pub id: u64,
     #[serde(rename = "type")]
@@ -45,7 +46,7 @@ pub struct HydrantStreamErrorFrame {
     pub message: Option<String>,
 }
 
-#[derive(Clone, Debug, Deserialize)]
+#[derive(Debug, Deserialize)]
 pub struct RecordFrame {
     pub live: bool,
     pub did: Did<DefaultStr>,
@@ -54,7 +55,7 @@ pub struct RecordFrame {
     pub rkey: Rkey<DefaultStr>,
     pub action: RecordAction,
     #[serde(default)]
-    pub record: Option<serde_json::Value>,
+    pub record: Option<Box<RawValue>>,
     #[serde(default)]
     pub cid: Option<Cid<DefaultStr>>,
 }
diff --git a/crates/ingest/src/lib.rs b/crates/ingest/src/lib.rs
index 673979b..78851b3 100644
--- a/crates/ingest/src/lib.rs
+++ b/crates/ingest/src/lib.rs
@@ -533,7 +533,7 @@ enum PendingOp {
         source: AtUri<DefaultStr>,
         nsid: Nsid<DefaultStr>,
         parsed: Record,
-        bytes: Vec<u8>,
+        bytes: Bytes,
         cid: Option<Cid<DefaultStr>>,
         edges: Vec<Edge>,
     },
@@ -675,12 +675,11 @@ async fn prepare_record(record: Option<RecordFrame>, resolver: &RepoIdResolver)
     };
     match record.action {
         RecordAction::Create | RecordAction::Update => {
-            let Some(value) = record.record else {
+            let Some(raw) = record.record else {
                 debug!(collection = %nsid, "create/update missing record body, clearing cache");
                 return PendingOp::ClearCache { source };
             };
-            let bytes = serde_json::to_vec(&value)
-                .expect("serde_json::Value re-serialization is infallible");
+            let bytes = Bytes::copy_from_slice(raw.get().as_bytes());
             let parsed = match Record::from_json_bytes(record.collection.as_ref(), &bytes) {
                 Ok(r) => r,
                 Err(ExtractError::UnknownCollection(name)) => {
@@ -819,7 +818,7 @@ fn cache_body(
     records: &dyn RecordStore,
     source: &AtUri<DefaultStr>,
     cid: Option<Cid<DefaultStr>>,
-    bytes: Vec<u8>,
+    bytes: Bytes,
 ) {
     match cid {
         Some(cid) => records.put(
@@ -827,7 +826,7 @@ fn cache_body(
             Arc::new(RecordBody {
                 uri: source.clone(),
                 cid,
-                value: Bytes::from(bytes),
+                value: bytes,
             }),
         ),
         None => records.remove(source),