diff --git a/crates/net/common/src/lib.rs b/crates/net/common/src/lib.rs
index 5bb9548f76..b9997b7825 100644
--- a/crates/net/common/src/lib.rs
+++ b/crates/net/common/src/lib.rs
@@ -11,3 +11,5 @@ pub mod ban_list;
 pub mod bandwidth_meter;
 /// Traits related to tokio streams
 pub mod stream;
+
+pub mod ratelimit;
diff --git a/crates/net/common/src/ratelimit.rs b/crates/net/common/src/ratelimit.rs
new file mode 100644
index 0000000000..e6d63e3331
--- /dev/null
+++ b/crates/net/common/src/ratelimit.rs
@@ -0,0 +1,155 @@
+//! A rate limit implementation to enforce a specific rate.
+
+use std::{
+    future::{poll_fn, Future},
+    pin::Pin,
+    task::{Context, Poll},
+    time::Duration,
+};
+use tokio::time::Sleep;
+
+/// Given a [Rate] this type enforces a rate limit.
+#[derive(Debug)]
+pub struct RateLimit {
+    rate: Rate,
+    state: State,
+    sleep: Pin<Box<Sleep>>,
+}
+
+// === impl RateLimit ===
+
+impl RateLimit {
+    /// Create a new rate limiter
+    pub fn new(rate: Rate) -> Self {
+        let until = tokio::time::Instant::now();
+        let state = State::Ready { until, remaining: rate.limit() };
+
+        RateLimit { rate, state, sleep: Box::pin(tokio::time::sleep_until(until)) }
+    }
+
+    /// Checks if the [RateLimit] is ready to handle a new call
+    pub fn poll_ready(&mut self, cx: &mut Context<'_>) -> Poll<()> {
+        match self.state {
+            State::Ready { .. } => return Poll::Ready(()),
+            State::Limited => {
+                if Pin::new(&mut self.sleep).poll(cx).is_pending() {
+                    return Poll::Pending
+                }
+            }
+        }
+
+        self.state = State::Ready {
+            until: tokio::time::Instant::now() + self.rate.duration(),
+            remaining: self.rate.limit(),
+        };
+
+        Poll::Ready(())
+    }
+
+    /// Wait until the [RateLimit] is ready.
+    pub async fn wait(&mut self) {
+        poll_fn(|cx| self.poll_ready(cx)).await
+    }
+
+    /// Updates the [RateLimit] when a new call was triggered
+    ///
+    /// # Panics
+    ///
+    /// Panics if [RateLimit::poll_ready] returned [Poll::Pending]
+    pub fn tick(&mut self) {
+        match self.state {
+            State::Ready { mut until, remaining: mut rem } => {
+                let now = tokio::time::Instant::now();
+
+                // If the period has elapsed, reset it.
+                if now >= until {
+                    until = now + self.rate.duration();
+                    rem = self.rate.limit();
+                }
+
+                if rem > 1 {
+                    rem -= 1;
+                    self.state = State::Ready { until, remaining: rem };
+                } else {
+                    // rate limited until elapsed
+                    self.sleep.as_mut().reset(until);
+                    self.state = State::Limited;
+                }
+            }
+            State::Limited => panic!("RateLimit limited; poll_ready must be called first"),
+        }
+    }
+}
+
+/// Tracks the state of the [RateLimit]
+#[derive(Debug)]
+enum State {
+    /// Currently limited
+    Limited,
+    Ready {
+        until: tokio::time::Instant,
+        remaining: u64,
+    },
+}
+
+/// A rate of requests per time period.
+#[derive(Debug, Copy, Clone)]
+pub struct Rate {
+    limit: u64,
+    duration: Duration,
+}
+
+impl Rate {
+    /// Create a new [Rate] with the given `limit/duration` ratio.
+    pub fn new(limit: u64, duration: Duration) -> Self {
+        Rate { limit, duration }
+    }
+
+    fn limit(&self) -> u64 {
+        self.limit
+    }
+
+    fn duration(&self) -> Duration {
+        self.duration
+    }
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    #[tokio::test]
+    async fn test_rate_limit() {
+        let mut limit = RateLimit::new(Rate::new(2, Duration::from_millis(500)));
+
+        poll_fn(|cx| {
+            assert!(limit.poll_ready(cx).is_ready());
+            Poll::Ready(())
+        })
+        .await;
+
+        limit.tick();
+
+        poll_fn(|cx| {
+            assert!(limit.poll_ready(cx).is_ready());
+            Poll::Ready(())
+        })
+        .await;
+
+        limit.tick();
+
+        poll_fn(|cx| {
+            assert!(limit.poll_ready(cx).is_pending());
+            Poll::Ready(())
+        })
+        .await;
+
+        tokio::time::sleep(limit.rate.duration).await;
+
+        poll_fn(|cx| {
+            assert!(limit.poll_ready(cx).is_ready());
+            Poll::Ready(())
+        })
+        .await;
+    }
+}