diff --git a/vyper/venom/passes/load_elimination.py b/vyper/venom/passes/load_elimination.py
index 6701b588fe..09e498e536 100644
--- a/vyper/venom/passes/load_elimination.py
+++ b/vyper/venom/passes/load_elimination.py
@@ -1,7 +1,16 @@
 from vyper.venom.analysis import DFGAnalysis, LivenessAnalysis, VarEquivalenceAnalysis
 from vyper.venom.effects import Effects
 from vyper.venom.passes.base_pass import IRPass
+from vyper.venom.basicblock import IRLiteral
 
+def _conflict(store_opcode: str, k1: IRLiteral, k2: IRLiteral):
+    ptr1, ptr2 = k1.value, k2.value
+    # hardcode the size of store opcodes for now. maybe refactor to use
+    # vyper.evm.address_space
+    if store_opcode == "mstore":
+        return abs(ptr1 - ptr2) < 32
+    assert store_opcode in ("sstore", "tstore"), "unhandled store opcode"
+    return abs(ptr1 - ptr2) < 1
 
 class LoadElimination(IRPass):
     """
@@ -20,31 +29,69 @@ def run_pass(self):
 
         self.analyses_cache.invalidate_analysis(LivenessAnalysis)
         self.analyses_cache.invalidate_analysis(DFGAnalysis)
+        self.analyses_cache.invalidate_analysis(VarEquivalenceAnalysis)
 
     def equivalent(self, op1, op2):
         return op1 == op2 or self.equivalence.equivalent(op1, op2)
 
+    def get_literal(self, op):
+        if isinstance(op, IRLiteral):
+            return op
+        return self.equivalence.get_literal(op)
+
     def _process_bb(self, bb, eff, load_opcode, store_opcode):
         # not really a lattice even though it is not really inter-basic block;
         # we may generalize in the future
-        lattice = ()
+        self._lattice = {}
 
         for inst in bb.instructions:
-            if eff in inst.get_write_effects():
-                lattice = ()
 
             if inst.opcode == store_opcode:
                 # mstore [val, ptr]
                 val, ptr = inst.operands
-                lattice = (ptr, val)
 
-            if inst.opcode == load_opcode:
-                prev_lattice = lattice
+                known_ptr: Optional[IRLiteral] = self.get_literal(ptr)
+                if known_ptr is None:
+                    # flush the lattice
+                    self._lattice = {ptr: val}
+                else:
+                    # we found a redundant store, eliminate it
+                    existing_val = self._lattice.get(known_ptr)
+                    if self.equivalent(val, existing_val):
+                        inst.opcode = "nop"
+                        inst.output = None
+                        inst.operands = []
+                        continue
+
+                    self._lattice[known_ptr] = val
+
+                    # kick out any conflicts
+                    for existing_key in self._lattice.copy().keys():
+                        if not isinstance(existing_key, IRLiteral):
+                            # flush the whole thing
+                            self._lattice = {known_ptr: val}
+                            break
+
+                        if _conflict(store_opcode, known_ptr, existing_key):
+                            del self._lattice[existing_key]
+                            self._lattice[known_ptr] = val
+
+            elif eff in inst.get_write_effects():
+                self._lattice = {}
+
+            elif inst.opcode == load_opcode:
                 (ptr,) = inst.operands
-                lattice = (ptr, inst.output)
-                if not prev_lattice:
-                    continue
-                if not self.equivalent(ptr, prev_lattice[0]):
-                    continue
-                inst.opcode = "store"
-                inst.operands = [prev_lattice[1]]
+                known_ptr = self.get_literal(ptr)
+                if known_ptr is not None:
+                    ptr = known_ptr
+
+                existing_value = self._lattice.get(ptr)
+
+                assert inst.output is not None  # help mypy
+
+                # "cache" the value for future load instructions
+                self._lattice[ptr] = inst.output
+
+                if existing_value is not None:
+                    inst.opcode = "store"
+                    inst.operands = [existing_value]