diff --git a/p2p/net/swarm/dial_sync.go b/p2p/net/swarm/dial_sync.go
new file mode 100644
index 0000000000000000000000000000000000000000..a63c047ac8552ec598262d481827fb0491862d28
--- /dev/null
+++ b/p2p/net/swarm/dial_sync.go
@@ -0,0 +1,92 @@
+package swarm
+
+import (
+	"context"
+	"sync"
+
+	peer "github.com/ipfs/go-libp2p-peer"
+)
+
+type DialFunc func(context.Context, peer.ID) (*Conn, error)
+
+func NewDialSync(dfn DialFunc) *DialSync {
+	return &DialSync{
+		dials:    make(map[peer.ID]*activeDial),
+		dialFunc: dfn,
+	}
+}
+
+type DialSync struct {
+	dials    map[peer.ID]*activeDial
+	dialsLk  sync.Mutex
+	dialFunc DialFunc
+}
+
+type activeDial struct {
+	id       peer.ID
+	refCnt   int
+	refCntLk sync.Mutex
+	cancel   func()
+
+	err    error
+	conn   *Conn
+	waitch chan struct{}
+
+	ds *DialSync
+}
+
+func (dr *activeDial) wait(ctx context.Context) (*Conn, error) {
+	defer dr.decref()
+	select {
+	case <-dr.waitch:
+		return dr.conn, dr.err
+	case <-ctx.Done():
+		return nil, ctx.Err()
+	}
+}
+
+func (ad *activeDial) incref() {
+	ad.refCntLk.Lock()
+	defer ad.refCntLk.Unlock()
+	ad.refCnt++
+}
+
+func (ad *activeDial) decref() {
+	ad.refCntLk.Lock()
+	defer ad.refCntLk.Unlock()
+	ad.refCnt--
+	if ad.refCnt <= 0 {
+		ad.cancel()
+		ad.ds.dialsLk.Lock()
+		delete(ad.ds.dials, ad.id)
+		ad.ds.dialsLk.Unlock()
+	}
+}
+
+func (ds *DialSync) DialLock(ctx context.Context, p peer.ID) (*Conn, error) {
+	ds.dialsLk.Lock()
+
+	actd, ok := ds.dials[p]
+	if !ok {
+		ctx, cancel := context.WithCancel(context.Background())
+		actd = &activeDial{
+			id:     p,
+			cancel: cancel,
+			waitch: make(chan struct{}),
+			ds:     ds,
+		}
+		ds.dials[p] = actd
+
+		go func(ctx context.Context, p peer.ID, ad *activeDial) {
+			ad.conn, ad.err = ds.dialFunc(ctx, p)
+			close(ad.waitch)
+			ad.cancel()
+			ad.waitch = nil // to ensure nobody tries reusing this
+		}(ctx, p, actd)
+	}
+
+	actd.incref()
+	ds.dialsLk.Unlock()
+
+	return actd.wait(ctx)
+}
diff --git a/p2p/net/swarm/dial_sync_test.go b/p2p/net/swarm/dial_sync_test.go
new file mode 100644
index 0000000000000000000000000000000000000000..61a69ce38692c4105066f86efbc54e73b60169f1
--- /dev/null
+++ b/p2p/net/swarm/dial_sync_test.go
@@ -0,0 +1,203 @@
+package swarm
+
+import (
+	"context"
+	"fmt"
+	"sync"
+	"testing"
+	"time"
+
+	peer "github.com/ipfs/go-libp2p-peer"
+)
+
+func getMockDialFunc() (DialFunc, func(), context.Context, <-chan struct{}) {
+	dfcalls := make(chan struct{}, 512) // buffer it large enough that we won't care
+	dialctx, cancel := context.WithCancel(context.Background())
+	ch := make(chan struct{})
+	f := func(ctx context.Context, p peer.ID) (*Conn, error) {
+		dfcalls <- struct{}{}
+		defer cancel()
+		select {
+		case <-ch:
+			return new(Conn), nil
+		case <-ctx.Done():
+			return nil, ctx.Err()
+		}
+	}
+
+	o := new(sync.Once)
+
+	return f, func() { o.Do(func() { close(ch) }) }, dialctx, dfcalls
+}
+
+func TestBasicDialSync(t *testing.T) {
+	df, done, _, callsch := getMockDialFunc()
+
+	dsync := NewDialSync(df)
+
+	p := peer.ID("testpeer")
+
+	ctx := context.Background()
+
+	finished := make(chan struct{})
+	go func() {
+		_, err := dsync.DialLock(ctx, p)
+		if err != nil {
+			t.Error(err)
+		}
+		finished <- struct{}{}
+	}()
+
+	go func() {
+		_, err := dsync.DialLock(ctx, p)
+		if err != nil {
+			t.Error(err)
+		}
+		finished <- struct{}{}
+	}()
+
+	// short sleep just to make sure we've moved around in the scheduler
+	time.Sleep(time.Millisecond * 20)
+	done()
+
+	<-finished
+	<-finished
+
+	if len(callsch) > 1 {
+		t.Fatal("should only have called dial func once!")
+	}
+}
+
+func TestDialSyncCancel(t *testing.T) {
+	df, done, _, dcall := getMockDialFunc()
+
+	dsync := NewDialSync(df)
+
+	p := peer.ID("testpeer")
+
+	ctx1, cancel1 := context.WithCancel(context.Background())
+
+	finished := make(chan struct{})
+	go func() {
+		_, err := dsync.DialLock(ctx1, p)
+		if err != ctx1.Err() {
+			t.Error("should have gotten context error")
+		}
+		finished <- struct{}{}
+	}()
+
+	// make sure the above makes it through the wait code first
+	select {
+	case <-dcall:
+	case <-time.After(time.Second):
+		t.Fatal("timed out waiting for dial to start")
+	}
+
+	// Add a second dialwait in so two actors are waiting on the same dial
+	go func() {
+		_, err := dsync.DialLock(context.Background(), p)
+		if err != nil {
+			t.Error(err)
+		}
+		finished <- struct{}{}
+	}()
+
+	time.Sleep(time.Millisecond * 20)
+
+	// cancel the first dialwait, it should not affect the second at all
+	cancel1()
+	select {
+	case <-finished:
+	case <-time.After(time.Second):
+		t.Fatal("timed out waiting for wait to exit")
+	}
+
+	// short sleep just to make sure we've moved around in the scheduler
+	time.Sleep(time.Millisecond * 20)
+	done()
+
+	<-finished
+}
+
+func TestDialSyncAllCancel(t *testing.T) {
+	df, done, dctx, _ := getMockDialFunc()
+
+	dsync := NewDialSync(df)
+
+	p := peer.ID("testpeer")
+
+	ctx1, cancel1 := context.WithCancel(context.Background())
+
+	finished := make(chan struct{})
+	go func() {
+		_, err := dsync.DialLock(ctx1, p)
+		if err != ctx1.Err() {
+			t.Error("should have gotten context error")
+		}
+		finished <- struct{}{}
+	}()
+
+	// Add a second dialwait in so two actors are waiting on the same dial
+	go func() {
+		_, err := dsync.DialLock(ctx1, p)
+		if err != ctx1.Err() {
+			t.Error("should have gotten context error")
+		}
+		finished <- struct{}{}
+	}()
+
+	cancel1()
+	for i := 0; i < 2; i++ {
+		select {
+		case <-finished:
+		case <-time.After(time.Second):
+			t.Fatal("timed out waiting for wait to exit")
+		}
+	}
+
+	// the dial should have exited now
+	select {
+	case <-dctx.Done():
+	case <-time.After(time.Second):
+		t.Fatal("timed out waiting for dial to return")
+	}
+
+	// should be able to successfully dial that peer again
+	done()
+	_, err := dsync.DialLock(context.Background(), p)
+	if err != nil {
+		t.Fatal(err)
+	}
+}
+
+func TestFailFirst(t *testing.T) {
+	var count int
+	f := func(ctx context.Context, p peer.ID) (*Conn, error) {
+		if count > 0 {
+			return new(Conn), nil
+		}
+		count++
+		return nil, fmt.Errorf("gophers ate the modem")
+	}
+
+	ds := NewDialSync(f)
+
+	p := peer.ID("testing")
+
+	ctx, cancel := context.WithTimeout(context.Background(), time.Second*5)
+	defer cancel()
+
+	_, err := ds.DialLock(ctx, p)
+	if err == nil {
+		t.Fatal("expected gophers to have eaten the modem")
+	}
+
+	c, err := ds.DialLock(ctx, p)
+	if err != nil {
+		t.Fatal(err)
+	}
+
+	if c == nil {
+		t.Fatal("should have gotten a 'real' conn back")
+	}
+}