diff --git a/src/p2p/addressbook.rs b/src/p2p/addressbook.rs
index 7db89e878..5416c22cc 100644
--- a/src/p2p/addressbook.rs
+++ b/src/p2p/addressbook.rs
@@ -22,6 +22,7 @@ use std::{
     collections::{hash_map::Entry, HashMap, HashSet, VecDeque},
     task::{Context, Poll},
 };
+use std::task::Waker;
 
 #[derive(Default, Debug, Copy, Clone)]
 pub struct Config {
@@ -37,10 +38,11 @@ pub struct Behaviour {
     connections: HashMap<PeerId, HashSet<ConnectionId>>,
     peer_addresses: HashMap<PeerId, HashSet<Multiaddr>>,
     peer_keepalive: HashSet<PeerId>,
-    can_reconnect: HashMap<PeerId, (Duration, u8)>,
+    can_reconnect: HashMap<PeerId, (Duration, u8, bool)>,
     peer_reconnect_attempts: HashMap<PeerId, u8>,
     reconnect_peers: FutureMap<PeerId, Delay>,
     config: Config,
+    waker: Option<Waker>,
 }
 
 impl Debug for Behaviour {
@@ -80,10 +82,14 @@ impl Behaviour {
             self.keep_peer_alive(peer_id);
         }
 
-        if let Some(opt) = opt.reconnect_opt() {
-            self.can_reconnect.insert(*peer_id, opt);
+        if let Some((duration, attempts)) = opt.reconnect_opt() {
+            self.can_reconnect.insert(*peer_id, (duration, attempts, false));
         }
-
+        
+        if let Some(waker) = self.waker.take() {
+            waker.wake();
+        }
+        
         true
     }
 
@@ -100,6 +106,9 @@ impl Behaviour {
                 self.dont_keep_peer_alive(peer_id);
             }
         }
+        if let Some(waker) = self.waker.take() {
+            waker.wake();
+        }
         true
     }
 
@@ -107,6 +116,9 @@ impl Behaviour {
         let removed = self.peer_addresses.remove(peer_id).is_some();
         if removed {
             self.dont_keep_peer_alive(peer_id);
+            if let Some(waker) = self.waker.take() {
+                waker.wake();
+            }
         }
         removed
     }
@@ -176,7 +188,13 @@ impl Behaviour {
             .insert(connection_id);
 
         self.reconnect_peers.remove(&peer_id);
-
+        self.peer_reconnect_attempts.remove(&peer_id);
+        
+        if let Entry::Occupied(mut e) = self.can_reconnect.entry(peer_id) {
+            let (_, _, backoff) = e.get_mut();
+            *backoff = false;
+        }
+        
         if self.config.keep_connection_alive && !self.peer_keepalive.contains(&peer_id) {
             self.keep_peer_alive(&peer_id);
         }
@@ -208,12 +226,15 @@ impl Behaviour {
             list.remove(&connection_id);
             if list.is_empty() && remaining_established == 0 {
                 entry.remove();
-                if let Some((duration, attempts)) = self.can_reconnect.get(&peer_id) {
-                    if *attempts == 0 {
+                if let Some((duration, attempts, backoff)) = self.can_reconnect.get(&peer_id) {
+                    if *attempts == 0 || *backoff {
                         return;
                     }
                     self.reconnect_peers.insert(peer_id, Delay::new(*duration));
                     self.peer_reconnect_attempts.insert(peer_id, 0);
+                    if let Some(waker) = self.waker.take() {
+                        waker.wake();
+                    }
                 }
             }
         }
@@ -285,16 +306,28 @@ impl Behaviour {
             DialError::Transport(_) => {}
         }
 
-        if let Some((duration, attempts)) = self.can_reconnect.get(&peer_id) {
+        if let Some((duration, attempts, backoff)) = self.can_reconnect.get_mut(&peer_id) {
             let current_attempts = self.peer_reconnect_attempts.entry(peer_id).or_insert(0);
             if *current_attempts >= *attempts {
+                let current_attempts = *current_attempts;
                 self.peer_reconnect_attempts.remove(&peer_id);
                 self.reconnect_peers.remove(&peer_id);
+                *backoff = true;
+                tracing::debug!(%peer_id, current_attempts, max_attempts = attempts, "unable to reconnect. backing off on attempts at reconnection");
                 return;
             }
-
+            
+            if *backoff {
+                return;
+            }
+            
             *current_attempts += 1;
 
+            tracing::info!(%peer_id, next_attempt = *current_attempts, max_attempts = attempts, "attempting reconnection to peer");
+            
+            // We perform this check because entry may have been ejected from `FutureMap` at some point after its task was completed.
+            // In which case, we would check to determine if the entry exist and if so, reset the delay, otherwise insert a new one
+
             if !self.reconnect_peers.contains_key(&peer_id) {
                 self.reconnect_peers.insert(peer_id, Delay::new(*duration));
             } else {
@@ -304,6 +337,10 @@ impl Behaviour {
                     .expect("timer available");
                 timer.reset(*duration);
             }
+
+            if let Some(waker) = self.waker.take() {
+                waker.wake();
+            }
         }
     }