diff --git a/Gemfile b/Gemfile
index f69b825c..27b82141 100644
--- a/Gemfile
+++ b/Gemfile
@@ -6,7 +6,7 @@ end
 
 gemspec
 
-gem 'liquid', github: 'Shopify/liquid', ref: 'master'
+gem 'liquid', github: 'Shopify/liquid', ref: 'pz-serialize-benchmark-refactor'
 
 group :test do
   gem 'rubocop', '~> 0.93.1', require: false
diff --git a/Rakefile b/Rakefile
index ec4be2e4..0fe62a25 100644
--- a/Rakefile
+++ b/Rakefile
@@ -73,11 +73,13 @@ namespace :benchmark do
   desc "Run the liquid benchmark with lax parsing"
   task :run do
     ruby "./performance.rb c benchmark lax"
+    ruby "./performance/serialization.rb lax"
   end
 
   desc "Run the liquid benchmark with strict parsing"
   task :strict do
     ruby "./performance.rb c benchmark strict"
+    ruby "./performance/serialization.rb strict"
   end
 end
 
diff --git a/performance/serialization.rb b/performance/serialization.rb
new file mode 100644
index 00000000..e12d33d9
--- /dev/null
+++ b/performance/serialization.rb
@@ -0,0 +1,64 @@
+# frozen_string_literal: true
+
+require 'liquid'
+require 'liquid/c'
+require 'benchmark/ips'
+
+liquid_lib_dir = $LOAD_PATH.detect { |p| File.exist?(File.join(p, 'liquid.rb')) }
+require File.join(File.dirname(liquid_lib_dir), "performance/theme_runner.rb")
+
+module SerializationThemeRunner
+  def initialize
+    super
+    serialize_all_tests
+  end
+
+  def deserialize
+    @serialized_tests.each do |test|
+      Liquid::Template.load(test[:tmpl])
+      Liquid::Template.load(test[:layout])
+    end
+  end
+
+  def deserialize_and_render
+    @serialized_tests.each do |test|
+      tmpl    = test[:tmpl]
+      assigns = test[:assigns]
+      layout  = test[:layout]
+
+      render_layout(Liquid::Template.load(tmpl), Liquid::Template.load(layout), assigns)
+    end
+  end
+
+  private
+
+  def serialize_all_tests
+    @serialized_tests = []
+    @compiled_tests.each do |test_hash|
+      @serialized_tests <<
+        if test_hash[:layout]
+          { tmpl: test_hash[:tmpl].dump, assigns: test_hash[:assigns], layout: test_hash[:layout].dump }
+        else
+          { tmpl: test_hash[:tmpl].dump, assigns: test_hash[:assigns] }
+        end
+    end
+    @serialized_tests
+  end
+end
+
+ThemeRunner.prepend(SerializationThemeRunner)
+
+Liquid::Template.error_mode = ARGV.first.to_sym
+profiler = ThemeRunner.new
+
+Benchmark.ips do |x|
+  x.time   = 10
+  x.warmup = 5
+
+  puts
+  puts "Running benchmark for #{x.time} seconds (with #{x.warmup} seconds warmup)."
+  puts
+
+  x.report("deserialize:") { profiler.deserialize }
+  x.report("deserialize & render:") { profiler.deserialize_and_render }
+end