diff --git a/kvstore/typedvalue.go b/kvstore/typedvalue.go
index 95bb4d5f5..957c2f3ff 100644
--- a/kvstore/typedvalue.go
+++ b/kvstore/typedvalue.go
@@ -1,6 +1,9 @@
 package kvstore
 
-import "github.com/iotaledger/hive.go/ierrors"
+import (
+	"github.com/iotaledger/hive.go/ierrors"
+	"github.com/iotaledger/hive.go/runtime/syncutils"
+)
 
 // TypedValue is a generically typed wrapper around a KVStore that provides access to a single value.
 type TypedValue[V any] struct {
@@ -9,6 +12,10 @@ type TypedValue[V any] struct {
 
 	vToBytes ObjectToBytes[V]
 	bytesToV BytesToObject[V]
+
+	valueCached *V
+	hasCached   *bool
+	mutex       syncutils.Mutex
 }
 
 // NewTypedValue is the constructor for TypedValue.
@@ -26,51 +33,127 @@ func NewTypedValue[V any](
 	}
 }
 
+// KVStore returns the underlying KVStore.
 func (t *TypedValue[V]) KVStore() KVStore {
 	return t.kv
 }
 
 // Get gets the given key or an error if an error occurred.
 func (t *TypedValue[V]) Get() (value V, err error) {
-	valueBytes, err := t.kv.Get(t.keyBytes)
-	if err != nil {
-		return value, ierrors.Wrap(err, "failed to retrieve from KV store")
+	t.mutex.Lock()
+	defer t.mutex.Unlock()
+
+	if t.hasCached != nil && !*t.hasCached {
+		return value, ErrKeyNotFound
+	}
+
+	if t.valueCached != nil {
+		return *t.valueCached, nil
 	}
 
-	v, _, err := t.bytesToV(valueBytes)
-	if err != nil {
+	if valueBytes, valueBytesErr := t.kv.Get(t.keyBytes); valueBytesErr != nil {
+		if ierrors.Is(valueBytesErr, ErrKeyNotFound) {
+			t.hasCached = &falsePtr
+		}
+
+		return value, ierrors.Wrap(valueBytesErr, "failed to retrieve value from KV store")
+	} else if value, _, err = t.bytesToV(valueBytes); err != nil {
 		return value, ierrors.Wrap(err, "failed to decode value")
 	}
 
-	return v, nil
+	t.valueCached = &value
+	t.hasCached = &truePtr
+
+	return value, nil
 }
 
 // Has checks whether the given key exists.
 func (t *TypedValue[V]) Has() (has bool, err error) {
-	return t.kv.Has(t.keyBytes)
+	t.mutex.Lock()
+	defer t.mutex.Unlock()
+
+	if t.hasCached != nil {
+		return *t.hasCached, nil
+	} else if has, err = t.kv.Has(t.keyBytes); err != nil {
+		return false, ierrors.Wrap(err, "failed to check whether key exists")
+	}
+
+	t.hasCached = &has
+
+	return has, nil
 }
 
-// Set sets the given key and value.
-func (t *TypedValue[V]) Set(value V) (err error) {
-	valueBytes, err := t.vToBytes(value)
-	if err != nil {
-		return ierrors.Wrap(err, "failed to encode value")
+// Compute atomically computes and sets a new value based on the current value and some provided computation function.
+func (t *TypedValue[V]) Compute(computeFunc func(currentValue V, exists bool) (newValue V, err error)) (newValue V, err error) {
+	t.mutex.Lock()
+	defer t.mutex.Unlock()
+
+	currentValue, exists := t.cachedValue()
+	if !exists && t.hasCached == nil || *t.hasCached {
+		if valueBytes, valueBytesErr := t.kv.Get(t.keyBytes); valueBytesErr != nil {
+			if !ierrors.Is(valueBytesErr, ErrKeyNotFound) {
+				return newValue, ierrors.Wrap(valueBytesErr, "failed to retrieve value from KV store")
+			}
+		} else if currentValue, _, err = t.bytesToV(valueBytes); err != nil {
+			return newValue, ierrors.Wrap(err, "failed to decode value")
+		} else {
+			exists = true
+		}
+	}
+
+	if newValue, err = computeFunc(currentValue, exists); err != nil {
+		return newValue, ierrors.Wrap(err, "failed to compute new value")
 	}
 
-	err = t.kv.Set(t.keyBytes, valueBytes)
-	if err != nil {
+	t.valueCached = &newValue
+	t.hasCached = &truePtr
+
+	return newValue, nil
+}
+
+// Set sets the given key and value.
+func (t *TypedValue[V]) Set(value V) error {
+	t.mutex.Lock()
+	defer t.mutex.Unlock()
+
+	if valueBytes, err := t.vToBytes(value); err != nil {
+		return ierrors.Wrap(err, "failed to encode value")
+	} else if err = t.kv.Set(t.keyBytes, valueBytes); err != nil {
 		return ierrors.Wrap(err, "failed to store in KV store")
 	}
 
+	t.valueCached = &value
+	t.hasCached = &truePtr
+
 	return nil
 }
 
 // Delete deletes the given key from the store.
 func (t *TypedValue[V]) Delete() (err error) {
-	err = t.kv.Delete(t.keyBytes)
-	if err != nil {
+	t.mutex.Lock()
+	defer t.mutex.Unlock()
+
+	if err = t.kv.Delete(t.keyBytes); err != nil {
 		return ierrors.Wrap(err, "failed to delete entry from KV store")
 	}
 
+	t.valueCached = nil
+	t.hasCached = &falsePtr
+
 	return nil
 }
+
+// cachedValue returns the cached value and a boolean indicating whether the value is cached.
+func (t *TypedValue[V]) cachedValue() (value V, isCached bool) {
+	if t.valueCached == nil {
+		return value, false
+	}
+
+	return *t.valueCached, true
+}
+
+// truePtr is a pointer to a true value.
+var truePtr = true
+
+// falsePtr is a pointer to a false value.
+var falsePtr = false
diff --git a/kvstore/typedvalue_test.go b/kvstore/typedvalue_test.go
new file mode 100644
index 000000000..4bcefb2f2
--- /dev/null
+++ b/kvstore/typedvalue_test.go
@@ -0,0 +1,96 @@
+package kvstore_test
+
+import (
+	"encoding/binary"
+	"testing"
+
+	"github.com/stretchr/testify/require"
+
+	"github.com/iotaledger/hive.go/kvstore"
+	"github.com/iotaledger/hive.go/kvstore/mapdb"
+)
+
+func TestTypedValue(t *testing.T) {
+	kvStore := mapdb.NewMapDB()
+	defer kvStore.Close()
+
+	increase := func(currentValue int, exists bool) (newValue int, err error) {
+		if !exists {
+			return 1337, nil
+		}
+
+		return currentValue + 1, nil
+	}
+
+	typedValue := kvstore.NewTypedValue[int](kvStore, []byte("key"), intToBytes, bytesToInt)
+
+	value, err := typedValue.Get()
+	require.Equal(t, 0, value)
+	require.ErrorIs(t, err, kvstore.ErrKeyNotFound)
+
+	has, err := typedValue.Has()
+	require.False(t, has)
+	require.NoError(t, err)
+
+	value, err = typedValue.Get()
+	require.Equal(t, 0, value)
+	require.ErrorIs(t, err, kvstore.ErrKeyNotFound)
+
+	value, err = typedValue.Compute(increase)
+	require.Equal(t, 1337, value)
+	require.NoError(t, err)
+
+	value, err = typedValue.Compute(increase)
+	require.Equal(t, 1338, value)
+	require.NoError(t, err)
+
+	value, err = typedValue.Compute(increase)
+	require.Equal(t, 1339, value)
+	require.NoError(t, err)
+
+	value, err = typedValue.Get()
+	require.Equal(t, 1339, value)
+	require.NoError(t, err)
+
+	has, err = typedValue.Has()
+	require.True(t, has)
+	require.NoError(t, err)
+
+	require.NoError(t, typedValue.Delete())
+
+	value, err = typedValue.Get()
+	require.Equal(t, 0, value)
+	require.ErrorIs(t, err, kvstore.ErrKeyNotFound)
+
+	has, err = typedValue.Has()
+	require.False(t, has)
+	require.NoError(t, err)
+
+	typedValue.Set(42)
+	value, err = typedValue.Get()
+	require.Equal(t, 42, value)
+	require.NoError(t, err)
+
+	typedValueRestored := kvstore.NewTypedValue[int](kvStore, []byte("key"), intToBytes, bytesToInt)
+	has, err = typedValueRestored.Has()
+	require.True(t, has)
+	require.NoError(t, err)
+
+	value, err = typedValueRestored.Get()
+	require.Equal(t, 42, value)
+	require.NoError(t, err)
+}
+
+func intToBytes(value int) (encoded []byte, err error) {
+	encoded = make([]byte, 4)
+
+	binary.LittleEndian.PutUint32(encoded, uint32(value))
+
+	return encoded, nil
+}
+
+func bytesToInt(encoded []byte) (value int, consumed int, err error) {
+	value = int(binary.LittleEndian.Uint32(encoded))
+
+	return value, 4, nil
+}