diff --git a/nimbus/vm/computation.nim b/nimbus/vm/computation.nim
index 44de3d4c2..580629f11 100644
--- a/nimbus/vm/computation.nim
+++ b/nimbus/vm/computation.nim
@@ -192,7 +192,8 @@ proc commit*(c: Computation) =
   c.vmState.accountDb.commit(c.savePoint)
 
 proc dispose*(c: Computation) {.inline.} =
-  c.vmState.accountDb.dispose(c.savePoint)
+  c.vmState.accountDb.safeDispose(c.savePoint)
+  c.savePoint = nil
 
 proc rollback*(c: Computation) =
   c.vmState.accountDb.rollback(c.savePoint)
@@ -228,18 +229,14 @@ proc initAddress(x: int): EthAddress {.compileTime.} = result[19] = x.byte
 const ripemdAddr = initAddress(3)
 proc executeOpcodes*(c: Computation) {.gcsafe.}
 
-proc execCall*(c: Computation) =
+proc beforeExecCall(c: Computation) =
   c.snapshot()
-  defer:
-    c.dispose()
-
   if c.msg.kind == evmcCall:
     c.vmState.mutateStateDb:
       db.subBalance(c.msg.sender, c.msg.value)
       db.addBalance(c.msg.contractAddress, c.msg.value)
 
-  executeOpcodes(c)
-
+proc afterExecCall(c: Computation) =
   ## Collect all of the accounts that *may* need to be deleted based on EIP161
   ## https://github.com/ethereum/EIPs/blob/master/EIPS/eip-161.md
   ## also see: https://github.com/ethereum/EIPs/issues/716
@@ -255,7 +252,7 @@ proc execCall*(c: Computation) =
   else:
     c.rollback()
 
-proc execCreate*(c: Computation) =
+proc beforeExecCreate(c: Computation): bool =
   c.vmState.mutateStateDB:
     db.incNonce(c.msg.sender)
 
@@ -266,13 +263,11 @@ proc execCreate*(c: Computation) =
       db.accessList(c.msg.contractAddress)
 
   c.snapshot()
-  defer:
-    c.dispose()
 
   if c.vmState.readOnlyStateDb().hasCodeOrNonce(c.msg.contractAddress):
     c.setError("Address collision when creating contract address={c.msg.contractAddress.toHex}", true)
     c.rollback()
-    return
+    return true
 
   c.vmState.mutateStateDb:
     db.subBalance(c.msg.sender, c.msg.value)
@@ -282,8 +277,9 @@ proc execCreate*(c: Computation) =
       # EIP161 nonce incrementation
       db.incNonce(c.msg.contractAddress)
 
-  executeOpcodes(c)
+  return false
 
+proc afterExecCreate(c: Computation) =
   if c.isSuccess:
     let fork = c.fork
     let contractFailed = not c.writeContract(fork)
@@ -295,6 +291,55 @@ proc execCreate*(c: Computation) =
   else:
     c.rollback()
 
+proc beforeExec(c: Computation): bool =
+  if not c.msg.isCreate:
+    c.beforeExecCall()
+    false
+  else:
+    c.beforeExecCreate()
+
+proc afterExec(c: Computation) =
+  if not c.msg.isCreate:
+    c.afterExecCall()
+  else:
+    c.afterExecCreate()
+
+template chainTo*(c, toChild: Computation, after: untyped) =
+  c.child = toChild
+  c.continuation = proc() =
+    after
+
+proc execCallOrCreateAux(c: var Computation) {.noinline.} =
+  # Perform recursion with minimum-size stack per level.  The exception
+  # handling is very subtle.  Each call to `snapshot` must have a corresponding
+  # `dispose` on exception.  To minimise this proc's stackframe, `defer` is
+  # moved to the outermost proc only.  `{.noinline.}` is also used to make
+  # extra sure they stay separate.  `c` is a `var` parameter at every level of
+  # recursion, so the outermost proc sees every change to `c`, which is why `c`
+  # is updated instead of using `let`.  On exception, the outermost `defer`
+  # walks the `c.parent` chain to call `dispose` on each `c`.
+  if c.beforeExec():
+    return
+  c.executeOpcodes()
+  while not c.continuation.isNil:
+    # Parent and child refs are updated and cleared so as to avoid circular
+    # refs (like a double-linked list) or dangling refs (to finished child).
+    (c.child, c, c.parent) = (nil.Computation, c.child, c)
+    execCallOrCreateAux(c)
+    c.dispose()
+    (c.parent, c) = (nil.Computation, c.parent)
+    (c.continuation)()
+    c.executeOpcodes()
+  c.afterExec()
+
+proc execCallOrCreate*(cParam: Computation) =
+  var c = cParam
+  defer:
+    while not c.isNil:
+      c.dispose()
+      c = c.parent
+  execCallOrCreateAux(c)
+
 proc merge*(c, child: Computation) =
   c.logEntries.add child.logEntries
   c.gasMeter.refundGas(child.gasMeter.gasRefunded)
diff --git a/nimbus/vm/evmc_host.nim b/nimbus/vm/evmc_host.nim
index 2a72bbf8b..72b66e6f1 100644
--- a/nimbus/vm/evmc_host.nim
+++ b/nimbus/vm/evmc_host.nim
@@ -135,7 +135,7 @@ template createImpl(c: Computation, m: nimbus_message, res: nimbus_result) =
     )
 
   let child = newComputation(c.vmState, childMsg, Uint256.fromEvmc(m.create2_salt))
-  child.execCreate()
+  child.execCallOrCreate()
 
   if not child.shouldBurnGas:
     res.gas_left = child.gasMeter.gasRemaining
@@ -167,7 +167,7 @@ template callImpl(c: Computation, m: nimbus_message, res: nimbus_result) =
     )
 
   let child = newComputation(c.vmState, childMsg)
-  child.execCall()
+  child.execCallOrCreate()
 
   if not child.shouldBurnGas:
     res.gas_left = child.gasMeter.gasRemaining
diff --git a/nimbus/vm/interpreter.nim b/nimbus/vm/interpreter.nim
index f12dfb1d7..543949c91 100644
--- a/nimbus/vm/interpreter.nim
+++ b/nimbus/vm/interpreter.nim
@@ -38,8 +38,8 @@ export
   vmc.addLogEntry,
   vmc.commit,
   vmc.dispose,
-  vmc.execCall,
-  vmc.execCreate,
+  vmc.execCallOrCreate,
+  vmc.chainTo,
   vmc.execSelfDestruct,
   vmc.executeOpcodes,
   vmc.fork,
diff --git a/nimbus/vm/interpreter/opcodes_impl.nim b/nimbus/vm/interpreter/opcodes_impl.nim
index 5efe0e246..e8a4b15d3 100644
--- a/nimbus/vm/interpreter/opcodes_impl.nim
+++ b/nimbus/vm/interpreter/opcodes_impl.nim
@@ -678,15 +678,15 @@ template genCreate(callName: untyped, opCode: Op): untyped =
         )
 
       var child = newComputation(c.vmState, childMsg, salt)
-      child.execCreate()
-      if not child.shouldBurnGas:
-        c.gasMeter.returnGas(child.gasMeter.gasRemaining)
+      c.chainTo(child):
+        if not child.shouldBurnGas:
+          c.gasMeter.returnGas(child.gasMeter.gasRemaining)
 
-      if child.isSuccess:
-        c.merge(child)
-        c.stack.top child.msg.contractAddress
-      else:
-        c.returnData = child.output
+        if child.isSuccess:
+          c.merge(child)
+          c.stack.top child.msg.contractAddress
+        else:
+          c.returnData = child.output
 
 genCreate(create, Create)
 genCreate(create2, Create2)
@@ -870,20 +870,19 @@ template genCall(callName: untyped, opCode: Op): untyped =
         flags: flags)
 
       var child = newComputation(c.vmState, msg)
-      child.execCall()
+      c.chainTo(child):
+        if not child.shouldBurnGas:
+          c.gasMeter.returnGas(child.gasMeter.gasRemaining)
 
-      if not child.shouldBurnGas:
-        c.gasMeter.returnGas(child.gasMeter.gasRemaining)
+        if child.isSuccess:
+          c.merge(child)
+          c.stack.top(1)
 
-      if child.isSuccess:
-        c.merge(child)
-        c.stack.top(1)
-
-      c.returnData = child.output
-      let actualOutputSize = min(memOutLen, child.output.len)
-      if actualOutputSize > 0:
-        c.memory.write(memOutPos,
-          child.output.toOpenArray(0, actualOutputSize - 1))
+        c.returnData = child.output
+        let actualOutputSize = min(memOutLen, child.output.len)
+        if actualOutputSize > 0:
+          c.memory.write(memOutPos,
+                         child.output.toOpenArray(0, actualOutputSize - 1))
 
 genCall(call, Call)
 genCall(callCode, CallCode)
diff --git a/nimbus/vm/interpreter_dispatch.nim b/nimbus/vm/interpreter_dispatch.nim
index af7e3f59b..593d76dc1 100644
--- a/nimbus/vm/interpreter_dispatch.nim
+++ b/nimbus/vm/interpreter_dispatch.nim
@@ -272,6 +272,9 @@ proc opTableToCaseStmt(opTable: array[Op, NimNode], c: NimNode): NimNode =
             `opImpl`(`c`)
             if `c`.tracingEnabled:
               `c`.traceOpCodeEnded(`asOp`, `c`.opIndex)
+            when `asOp` in {Create, Create2, Call, CallCode, DelegateCall, StaticCall}:
+              if not `c`.continuation.isNil:
+                return
         else:
           quote do:
             if `c`.tracingEnabled:
@@ -279,6 +282,9 @@ proc opTableToCaseStmt(opTable: array[Op, NimNode], c: NimNode): NimNode =
             `opImpl`(`c`)
             if `c`.tracingEnabled:
               `c`.traceOpCodeEnded(`asOp`, `c`.opIndex)
+            when `asOp` in {Create, Create2, Call, CallCode, DelegateCall, StaticCall}:
+              if not `c`.continuation.isNil:
+                return
             when `asOp` in {Return, Revert, SelfDestruct}:
               break
 
@@ -380,7 +386,9 @@ proc executeOpcodes(c: Computation) =
   let fork = c.fork
 
   block:
-    if c.execPrecompiles(fork):
+    if not c.continuation.isNil:
+      c.continuation = nil
+    elif c.execPrecompiles(fork):
       break
 
     try:
@@ -388,6 +396,6 @@ proc executeOpcodes(c: Computation) =
     except CatchableError as e:
       c.setError(&"Opcode Dispatch Error msg={e.msg}, depth={c.msg.depth}", true)
 
-  if c.isError():
+  if c.isError() and c.continuation.isNil:
     if c.tracingEnabled: c.traceError()
     debug "executeOpcodes error", msg=c.error.info
diff --git a/nimbus/vm/state_transactions.nim b/nimbus/vm/state_transactions.nim
index fa17ac4ad..f6e471849 100644
--- a/nimbus/vm/state_transactions.nim
+++ b/nimbus/vm/state_transactions.nim
@@ -36,12 +36,11 @@ proc setupComputation*(vmState: BaseVMState, tx: Transaction, sender: EthAddress
   doAssert result.isOriginComputation
 
 proc execComputation*(c: Computation) =
-  if c.msg.isCreate:
-    c.execCreate()
-  else:
+  if not c.msg.isCreate:
     c.vmState.mutateStateDB:
       db.incNonce(c.msg.sender)
-    c.execCall()
+
+  c.execCallOrCreate()
 
   if c.isSuccess:
     c.refundSelfDestruct()
diff --git a/nimbus/vm/types.nim b/nimbus/vm/types.nim
index e5776c812..a1aa9faf6 100644
--- a/nimbus/vm/types.nim
+++ b/nimbus/vm/types.nim
@@ -85,6 +85,8 @@ type
     savePoint*:             SavePoint
     instr*:                 Op
     opIndex*:               int
+    parent*, child*:        Computation
+    continuation*:          proc() {.gcsafe.}
 
   Error* = ref object
     info*:                  string
diff --git a/nimbus/vm_computation.nim b/nimbus/vm_computation.nim
index be222385b..06ed1fe16 100644
--- a/nimbus/vm_computation.nim
+++ b/nimbus/vm_computation.nim
@@ -19,8 +19,8 @@ export
   vmc.addLogEntry,
   vmc.commit,
   vmc.dispose,
-  vmc.execCall,
-  vmc.execCreate,
+  vmc.execCallOrCreate,
+  vmc.chainTo,
   vmc.execSelfDestruct,
   vmc.executeOpcodes,
   vmc.fork,