diff --git a/Cargo.lock b/Cargo.lock
index 66247424..ab5420fd 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2237,7 +2237,7 @@ checksum = "5443807d6dff69373d433ab9ef5378ad8df50ca6298caf15de6e52e24aaf54d5"
 
 [[package]]
 name = "era_test_node"
-version = "0.1.0-alpha.10"
+version = "0.1.0-alpha.11"
 dependencies = [
  "anyhow",
  "bigdecimal",
@@ -2267,6 +2267,7 @@ dependencies = [
  "serde_json",
  "sha3 0.10.6 (git+https://github.com/RustCrypto/hashes?tag=sha3-v0.10.6)",
  "tempdir",
+ "time",
  "tokio",
  "tracing",
  "tracing-subscriber",
@@ -4923,6 +4924,15 @@ dependencies = [
  "syn 2.0.38",
 ]
 
+[[package]]
+name = "num_threads"
+version = "0.1.6"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "2819ce041d2ee131036f4fc9d6ae7ae125a3a40e97ba64d04fe799ad9dabbb44"
+dependencies = [
+ "libc",
+]
+
 [[package]]
 name = "object"
 version = "0.32.1"
@@ -7554,6 +7564,8 @@ checksum = "c4a34ab300f2dee6e562c10a046fc05e358b29f9bf92277f30c3c8d82275f6f5"
 dependencies = [
  "deranged",
  "itoa",
+ "libc",
+ "num_threads",
  "powerfmt",
  "serde",
  "time-core",
diff --git a/Cargo.toml b/Cargo.toml
index 81098bc3..693581a2 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "era_test_node"
-version = "0.1.0-alpha.10"
+version = "0.1.0-alpha.11"
 edition = "2018"
 authors = ["The Matter Labs Team <hello@matterlabs.dev>"]
 homepage = "https://zksync.io/"
@@ -38,7 +38,7 @@ clap = { version = "4.2.4", features = ["derive"] }
 reqwest = { version = "0.11", features = ["blocking"] }
 serde = { version = "1.0", features = ["derive"] }
 tracing = { version = "0.1.26", features = ["log"] }
-tracing-subscriber = { version = "0.3", features = ["fmt", "env-filter", "time", "json"] }
+tracing-subscriber = { version = "0.3", features = ["fmt", "env-filter", "time", "json", "local-time"] }
 colored = "2.0"
 lazy_static = "1.4"
 eyre = "0.6"
@@ -50,6 +50,7 @@ itertools = "0.10.5"
 rustc-hash = "1.1.0"
 indexmap = "2.0.1"
 chrono = { version = "0.4.31", default-features = false }
+time = "0.3.30"
 
 [dev-dependencies]
 httptest = "0.15.4"
diff --git a/src/formatter.rs b/src/formatter.rs
index 8dce4e31..3a4993b4 100644
--- a/src/formatter.rs
+++ b/src/formatter.rs
@@ -2,8 +2,10 @@
 use crate::{node::ShowCalls, resolver};
 
 use colored::Colorize;
+
 use serde::Deserialize;
 use std::collections::HashMap;
+use std::str;
 
 use crate::fork::block_on;
 use zksync_basic_types::H160;
@@ -74,12 +76,46 @@ pub fn print_event(event: &VmEvent, resolve_hashes: bool) {
         }
 
         tracing::info!(
-            "{} {}",
+            "{}",
             address_to_human_readable(event.address)
                 .map(|x| format!("{:42}", x.blue()))
-                .unwrap_or(format!("{:42}", format!("{:?}", event.address).blue())),
-            tt.join(", ")
+                .unwrap_or(format!("{:42}", format!("{:?}", event.address).blue()))
         );
+
+        tracing::info!("{}", "  Topics:".truecolor(128, 128, 128));
+        for indexed_topic in &tt {
+            tracing::info!("    {}", indexed_topic);
+        }
+
+        if event.value.is_empty() {
+            tracing::info!("{}", "  Data: EMPTY".truecolor(128, 128, 128));
+        } else {
+            match str::from_utf8(&event.value) {
+                Ok(v) => {
+                    tracing::info!(
+                        "{} {}",
+                        "  Data (String):".truecolor(128, 128, 128),
+                        v.to_string()
+                    );
+                }
+                Err(_) => {
+                    let hex_str = hex::encode(&event.value);
+                    let display_str = if hex_str.len() > 200 {
+                        format!("{}...", &hex_str[..200])
+                    } else {
+                        hex_str.to_string()
+                    };
+
+                    tracing::info!(
+                        "{} 0x{}",
+                        "  Data (Hex):".truecolor(128, 128, 128),
+                        display_str
+                    );
+                }
+            };
+        }
+
+        tracing::info!("");
     });
 }
 
diff --git a/src/node/in_memory.rs b/src/node/in_memory.rs
index 68211859..d0c6feb4 100644
--- a/src/node/in_memory.rs
+++ b/src/node/in_memory.rs
@@ -1460,7 +1460,6 @@ impl<S: ForkSource + std::fmt::Debug + Clone> InMemoryNode<S> {
             ..Default::default()
         };
 
-        tracing::info!("");
         tracing::info!("");
 
         let bytecodes = vm
diff --git a/src/observability.rs b/src/observability.rs
index 1c2bbb1e..ec3039b6 100644
--- a/src/observability.rs
+++ b/src/observability.rs
@@ -4,8 +4,7 @@ use std::{fs::File, sync::Mutex};
 use clap::ValueEnum;
 use serde::{Deserialize, Serialize};
 use tracing_subscriber::{
-    filter::LevelFilter, layer::SubscriberExt, reload, util::SubscriberInitExt, EnvFilter, Layer,
-    Registry,
+    filter::LevelFilter, layer::SubscriberExt, reload, util::SubscriberInitExt, EnvFilter, Registry,
 };
 
 /// Log filter level for the node.
@@ -63,14 +62,33 @@ impl Observability {
             format!("{log_level_filter}").to_lowercase()
         ))?;
         let (filter, reload_handle) = reload::Layer::new(filter);
+
+        let timer_format =
+            time::format_description::parse("[hour]:[minute]:[second]").expect("Cataplum");
+        let time_offset = time::UtcOffset::current_local_offset().unwrap_or(time::UtcOffset::UTC);
+        let timer = tracing_subscriber::fmt::time::OffsetTime::new(time_offset, timer_format);
+
         tracing_subscriber::registry()
+            .with(filter)
             .with(
-                filter.and_then(tracing_subscriber::fmt::layer()).and_then(
-                    tracing_subscriber::fmt::layer()
-                        .with_writer(Mutex::new(log_file))
-                        .with_ansi(false),
+                tracing_subscriber::fmt::layer().event_format(
+                    tracing_subscriber::fmt::format()
+                        .compact()
+                        .with_timer(timer.clone())
+                        .with_target(false),
                 ),
             )
+            .with(
+                tracing_subscriber::fmt::layer()
+                    .event_format(
+                        tracing_subscriber::fmt::format()
+                            .compact()
+                            .with_timer(timer.clone())
+                            .with_target(false),
+                    )
+                    .with_writer(Mutex::new(log_file))
+                    .with_ansi(false),
+            )
             .init();
 
         Ok(Self {