diff --git a/src/clients/TokenClient.ts b/src/clients/TokenClient.ts
index 72a91ec4f..e0b102afa 100644
--- a/src/clients/TokenClient.ts
+++ b/src/clients/TokenClient.ts
@@ -15,6 +15,7 @@ import {
   runTransaction,
   toBN,
   winston,
+  getRedisCache,
 } from "../utils";
 
 type TokenDataType = { [chainId: number]: { [token: string]: { balance: BigNumber; allowance: BigNumber } } };
@@ -183,7 +184,7 @@ export class TokenClient {
 
     const [balanceInfo, bondToken] = await Promise.all([
       Promise.all(Object.values(this.spokePoolClients).map((spokePoolClient) => this.fetchTokenData(spokePoolClient))),
-      this.hubPoolClient.hubPool.bondToken(),
+      this._getBondToken(),
     ]);
 
     this.bondToken = new Contract(bondToken, ERC20.abi, this.hubPoolClient.hubPool.signer);
@@ -223,10 +224,7 @@ export class TokenClient {
       await Promise.all(
         tokens.map(async (token) => {
           const balance: BigNumber = await token.balanceOf(this.relayerAddress, { blockTag });
-          const allowance: BigNumber = await token.allowance(this.relayerAddress, spokePoolClient.spokePool.address, {
-            blockTag,
-          });
-
+          const allowance = await this._getAllowance(spokePoolClient, token, blockTag);
           return [token.address, { balance, allowance }];
         })
       )
@@ -235,6 +233,57 @@ export class TokenClient {
     return { tokenData, chainId: spokePoolClient.chainId };
   }
 
+  private async _getAllowanceCacheKey(spokePoolClient: SpokePoolClient, originToken: string): Promise<string> {
+    return `l2TokenAllowance_${
+      spokePoolClient.chainId
+    }_${originToken}_${await spokePoolClient.spokePool.signer.getAddress()}_targetContract:${
+      spokePoolClient.spokePool.address
+    }`;
+  }
+
+  private async _getAllowance(
+    spokePoolClient: SpokePoolClient,
+    token: Contract,
+    blockTag: number | "latest"
+  ): Promise<BigNumber> {
+    const redis = await getRedisCache(this.logger);
+    if (redis) {
+      const result = await redis.get<string>(await this._getAllowanceCacheKey(spokePoolClient, token.address));
+      if (result !== null) {
+        return toBN(result);
+      }
+    }
+    const allowance: BigNumber = await token.allowance(this.relayerAddress, spokePoolClient.spokePool.address, {
+      blockTag,
+    });
+    if (allowance.gte(MAX_SAFE_ALLOWANCE) && redis) {
+      // Save allowance in cache with no TTL as these should be exhausted.
+      await redis.set(await this._getAllowanceCacheKey(spokePoolClient, token.address), MAX_SAFE_ALLOWANCE);
+    }
+    return allowance;
+  }
+
+  _getBondTokenCacheKey(): string {
+    return `bondToken_${this.hubPoolClient.hubPool.address}`;
+  }
+
+  private async _getBondToken(): Promise<string> {
+    const redis = await getRedisCache(this.logger);
+    if (redis) {
+      const cachedBondToken = await redis.get<string>(this._getBondTokenCacheKey());
+      if (cachedBondToken !== null) {
+        return cachedBondToken;
+      }
+    }
+    const bondToken: string = await this.hubPoolClient.hubPool.bondToken();
+    if (redis) {
+      // The bond token should not change, and using the wrong bond token will be immediately obvious, so cache with
+      // infinite TTL.
+      await redis.set(this._getBondTokenCacheKey(), bondToken);
+    }
+    return bondToken;
+  }
+
   private _hasTokenPairData(chainId: number, token: string) {
     const hasData = !!this.tokenData?.[chainId]?.[token];
     if (!hasData) {