diff --git a/src/derived.rs b/src/derived.rs
index a329822a..301a289d 100644
--- a/src/derived.rs
+++ b/src/derived.rs
@@ -171,6 +171,13 @@ where
     }
 }
 
+enum ProbeState<V, G> {
+    UpToDate(StampedValue<V>),
+    CycleDetected,
+    StaleOrAbsent(G),
+    BlockedOnOtherThread(RuntimeId),
+}
+
 impl<DB, Q, MP> DerivedStorage<DB, Q, MP>
 where
     Q: QueryFunction<DB>,
@@ -196,22 +203,38 @@ where
             revision_now,
         );
 
-        // First, check for an up-to-date value (or a cycle). This we
-        // can do with a simple read-lock.
-        match self.read_up_to_date_or_cycle(self.map.read(), runtime, revision_now, key) {
-            Ok(r) => return r,
-            Err(_guard) => (),
-        }
+        // In this loop, we are looking for an up-to-date value. The loop is needed
+        // to handle other threads: if we find that some other thread is "using" this
+        // key, we will block until they are done and then loop back around and try
+        // again.
+        //
+        // Otherwise, we first check for a usable value with the read
+        // lock. If that fails, we acquire the write lock and try
+        // again. We don't use an upgradable read lock because that
+        // would eliminate the ability for multiple cache hits to be
+        // executing in parallel.
+        let mut old_value = loop {
+            // Read-lock check.
+            match self.probe(self.map.read(), runtime, revision_now, key) {
+                ProbeState::UpToDate(v) => return Ok(v),
+                ProbeState::CycleDetected => return Err(CycleDetected),
+                ProbeState::BlockedOnOtherThread(other_id) => {
+                    self.await_other_thread(other_id, key);
+                    continue;
+                }
+                ProbeState::StaleOrAbsent(_guard) => (),
+            }
 
-        // Otherwise, we may have to take ownership. Get the write
-        // lock and check again.  If the value is not up-to-date (or
-        // we have to verify it), insert an `InProgress` indicator to
-        // hold our spot.
-        let mut old_value = {
-            match self.read_up_to_date_or_cycle(self.map.write(), runtime, revision_now, key) {
-                Ok(r) => return r,
-                Err(mut map) => {
-                    map.insert(key.clone(), QueryState::InProgress { id: runtime.id() })
+            // Write-lock check: install `InProgress` sentinel if no usable value.
+            match self.probe(self.map.write(), runtime, revision_now, key) {
+                ProbeState::UpToDate(v) => return Ok(v),
+                ProbeState::CycleDetected => return Err(CycleDetected),
+                ProbeState::BlockedOnOtherThread(other_id) => {
+                    self.await_other_thread(other_id, key);
+                    continue;
+                }
+                ProbeState::StaleOrAbsent(mut map) => {
+                    break map.insert(key.clone(), QueryState::InProgress { id: runtime.id() })
                 }
             }
         };
@@ -298,20 +321,20 @@ where
     ///
     /// Otherwise, returns `Err(map)` where `map` is the lock guard
     /// that was given in as argument.
-    fn read_up_to_date_or_cycle<MapGuard>(
+    fn probe<MapGuard>(
         &self,
         map: MapGuard,
         runtime: &Runtime<DB>,
         revision_now: Revision,
         key: &Q::Key,
-    ) -> Result<Result<StampedValue<Q::Value>, CycleDetected>, MapGuard>
+    ) -> ProbeState<Q::Value, MapGuard>
     where
         MapGuard: Deref<Target = FxHashMap<Q::Key, QueryState<DB, Q>>>,
     {
         match map.get(key) {
             Some(QueryState::InProgress { id }) => {
                 if *id == runtime.id() {
-                    return Ok(Err(CycleDetected));
+                    return ProbeState::CycleDetected;
                 } else {
                     unimplemented!();
                 }
@@ -336,10 +359,10 @@ where
                             key,
                             m.changed_at,
                         );
-                        return Ok(Ok(StampedValue {
+                        return ProbeState::UpToDate(StampedValue {
                             value: value.clone(),
                             changed_at: m.changed_at,
-                        }));
+                        });
                     };
                 }
             }
@@ -347,7 +370,7 @@ where
             None => {}
         }
 
-        Err(map)
+        ProbeState::StaleOrAbsent(map)
     }
 
     /// If some other thread is tasked with producing a memoized
@@ -356,36 +379,24 @@ where
     /// Pre-conditions:
     /// - we have installed ourselves in the dependency graph and set the
     ///   bool that informs the producer we are waiting
-    /// - `self.map` must be locked (with `map_guard` as the guard)
-    fn await_other_thread<MapGuard>(
-        &self,
-        map_guard: MapGuard,
-        revision_now: Revision,
-        key: &Q::Key,
-    ) -> StampedValue<Q::Value>
-    where
-        MapGuard: Deref<Target = FxHashMap<Q::Key, QueryState<DB, Q>>>,
-    {
-        // Intentionally release the lock on map. We cannot be holding
-        // it while we are sleeping!
-        std::mem::drop(map_guard);
-
+    /// - `self.map` must not be locked
+    fn await_other_thread(&self, other_id: RuntimeId, key: &Q::Key) {
         let mut signal_lock_guard = self.signal_mutex.lock();
 
         loop {
             {
                 let map = self.map.read();
 
-                if let Some(QueryState::Memoized(m)) = map.get(key) {
-                    assert_eq!(m.verified_at, revision_now);
-                    return if let Some(value) = &m.value {
-                        StampedValue {
-                            value: value.clone(),
-                            changed_at: m.changed_at,
-                        }
-                    } else {
-                        panic!("awaiting production of non-memoized value");
-                    };
+                match map.get(key) {
+                    Some(QueryState::InProgress { id }) => {
+                        // Other thread still working!
+                        assert_eq!(*id, other_id);
+                    }
+
+                    _ => {
+                        // The other thread finished!
+                        return;
+                    }
                 }
             }