diff --git a/example/examples/echo-dialer.rs b/example/examples/echo-dialer.rs
index cf628c9d..06dea677 100644
--- a/example/examples/echo-dialer.rs
+++ b/example/examples/echo-dialer.rs
@@ -30,7 +30,7 @@ extern crate tokio_io;
 use bytes::BytesMut;
 use futures::{Future, Sink, Stream};
 use std::env;
-use swarm::{UpgradeExt, SimpleProtocol, Transport};
+use swarm::{UpgradeExt, SimpleProtocol, Transport, MuxedTransport};
 use tcp::TcpConfig;
 use tokio_core::reactor::Core;
 use tokio_io::codec::length_delimited;
@@ -68,8 +68,10 @@ fn main() {
         // `Transport` because the output of the upgrade is not a stream but a controller for
         // muxing. We have to explicitly call `into_connection_reuse()` in order to turn this into
         // a `Transport`.
-        .into_connection_reuse()
+        .into_connection_reuse();
 
+    let transport_with_echo = transport
+        .clone()
         // On top of plaintext or secio, we use the "echo" protocol, which is a custom protocol
         // just for this example.
         // For this purpose, we create a `SimpleProtocol` struct.
@@ -86,34 +88,23 @@ fn main() {
     // of any opened stream.
 
     // We use it to dial the address.
-    let dialer = transport
-        .dial_and_listen(swarm::Multiaddr::new(&target_addr).expect("invalid multiaddr"))
+    let dialer = transport_with_echo
+        .dial(swarm::Multiaddr::new(&target_addr).expect("invalid multiaddr"))
         // If the multiaddr protocol exists but is not supported, then we get an error containing
         // the transport and the original multiaddress. Therefore we cannot directly use `unwrap()`
         // or `expect()`, but have to add a `map_err()` beforehand.
         .map_err(|(_, addr)| addr).expect("unsupported multiaddr")
 
-        .and_then(|(incoming, echo)| {
+        .and_then(|echo| {
             // `echo` is what the closure used when initializing "echo" returns.
             // Consequently, please note that the `send` method is available only because the type
             // `length_delimited::Framed` has a `send` method.
             println!("Sending \"hello world\" to listener");
-            echo.and_then(|echo| echo.send("hello world".into()).map(Option::Some))
-                .select(
-                    incoming
-                        .for_each(|_| {
-                            println!("opened");
-                            Ok(())
-                        })
-                        .map(|()| None),
-                )
-                .map(|(n, _)| n)
-                .map_err(|(e, _)| e)
+            echo.send("hello world".into())
         })
         .and_then(|echo| {
             // The message has been successfully sent. Now wait for an answer.
-            echo.unwrap()
-                .into_future()
+            echo.into_future()
                 .map(|(msg, rest)| {
                     println!("Received message from listener: {:?}", msg);
                     rest
@@ -124,5 +115,6 @@ fn main() {
     // `dialer` is a future that contains all the behaviour that we want, but nothing has actually
     // started yet. Because we created the `TcpConfig` with tokio, we need to run the future
     // through the tokio core.
-    core.run(dialer).unwrap();
+    core.run(dialer.map(|_| ()).select(transport.incoming().for_each(|_| Ok(()))))
+        .unwrap_or_else(|_| panic!());
 }
diff --git a/libp2p-swarm/Cargo.toml b/libp2p-swarm/Cargo.toml
index cf03e056..1439f839 100644
--- a/libp2p-swarm/Cargo.toml
+++ b/libp2p-swarm/Cargo.toml
@@ -8,6 +8,7 @@ bytes = "0.4"
 multiaddr = "0.2.0"
 multistream-select = { path = "../multistream-select" }
 futures = { version = "0.1", features = ["use_std"] }
+parking_lot = "0.5.3"
 smallvec = "0.5"
 tokio-io = "0.1"
 
diff --git a/libp2p-swarm/src/connection_reuse.rs b/libp2p-swarm/src/connection_reuse.rs
index 17df7bda..906e1886 100644
--- a/libp2p-swarm/src/connection_reuse.rs
+++ b/libp2p-swarm/src/connection_reuse.rs
@@ -37,20 +37,23 @@
 //!
 //! When called on a `ConnectionReuse`, the `dial` method will try to use a connection that has
 //! already been opened earlier, and open an outgoing substream on it. If none is available, it
-//! will dial the given multiaddress.
+//! will dial the given multiaddress. Dialed node can also spontaneously open new substreams with
+//! us. In order to handle these new substreams you should use the `next_incoming` method of the
+//! `MuxedTransport` trait.
 //! TODO: this raises several questions ^
 //!
 //! TODO: this whole code is a dummy and should be rewritten after the design has been properly
 //!       figured out.
 
-use futures::{Async, Future, Poll, Stream};
-use futures::future::{IntoFuture, FutureResult};
+use futures::future::{self, IntoFuture, FutureResult};
+use futures::{stream, Async, Future, Poll, Stream, task};
 use futures::stream::Fuse as StreamFuse;
-use futures::stream;
 use multiaddr::Multiaddr;
 use muxing::StreamMuxer;
+use parking_lot::Mutex;
 use smallvec::SmallVec;
 use std::io::Error as IoError;
+use std::sync::Arc;
 use transport::{ConnectionUpgrade, MuxedTransport, Transport, UpgradedNode};
 
 /// Allows reusing the same muxed connection multiple times.
@@ -66,6 +69,14 @@ where
 {
 	// Underlying transport and connection upgrade for when we need to dial or listen.
 	inner: UpgradedNode<T, C>,
+	shared: Arc<Mutex<Shared<C::Output>>>,
+}
+
+struct Shared<O> {
+	// List of futures to dialed connections.
+	incoming: Vec<Box<Stream<Item = (O, Multiaddr), Error = future::SharedError<Mutex<Option<IoError>>>>>>,
+	// Tasks to signal when an element is added to `incoming`. Only used when `incoming` is empty.
+	to_signal: Vec<task::Task>,
 }
 
 impl<T, C> From<UpgradedNode<T, C>> for ConnectionReuse<T, C>
@@ -75,7 +86,13 @@ where
 {
 	#[inline]
 	fn from(node: UpgradedNode<T, C>) -> ConnectionReuse<T, C> {
-		ConnectionReuse { inner: node }
+		ConnectionReuse {
+			inner: node,
+			shared: Arc::new(Mutex::new(Shared {
+				incoming: Vec::new(),
+				to_signal: Vec::new(),
+			})),
+		}
 	}
 }
 
@@ -96,7 +113,7 @@ where
 		let (listener, new_addr) = match self.inner.listen_on(addr.clone()) {
 			Ok((l, a)) => (l, a),
 			Err((inner, addr)) => {
-				return Err((ConnectionReuse { inner: inner }, addr));
+				return Err((ConnectionReuse { inner: inner, shared: self.shared }, addr));
 			}
 		};
 
@@ -110,14 +127,30 @@ where
 	}
 
 	fn dial(self, addr: Multiaddr) -> Result<Self::Dial, (Self, Multiaddr)> {
-		let dial = match self.inner.dial(addr) {
+		let dial = match self.inner.dial(addr.clone()) {
 			Ok(l) => l,
 			Err((inner, addr)) => {
-				return Err((ConnectionReuse { inner: inner }, addr));
+				return Err((ConnectionReuse { inner: inner, shared: self.shared }, addr));
 			}
 		};
 
-		let future = dial.and_then(|dial| dial.outbound());
+		let dial = dial
+			.map_err::<fn(IoError) -> Mutex<Option<IoError>>, _>(|err| Mutex::new(Some(err)))
+			.shared();
+
+		let ingoing = dial.clone()
+			.map(|muxer| stream::repeat(muxer))
+			.flatten_stream()
+			.map(move |muxer| ((&*muxer).clone(), addr.clone()));
+
+		let mut lock = self.shared.lock();
+		lock.incoming.push(Box::new(ingoing) as Box<_>);
+		for task in lock.to_signal.drain(..) { task.notify(); }
+		drop(lock);
+
+		let future = dial
+			.map_err(|err| err.lock().take().expect("error can only be extracted once"))
+			.and_then(|dial| (&*dial).clone().outbound());
 		Ok(Box::new(future) as Box<_>)
 	}
 }
@@ -130,29 +163,15 @@ where
 	C::Output: StreamMuxer + Clone,
 	C::NamesIter: Clone, // TODO: not elegant
 {
-	type Incoming = stream::AndThen<
-		stream::Repeat<C::Output, IoError>,
-		fn(C::Output)
-			-> <<C as ConnectionUpgrade<T::RawConn>>::Output as StreamMuxer>::InboundSubstream,
-		<<C as ConnectionUpgrade<T::RawConn>>::Output as StreamMuxer>::InboundSubstream,
-	>;
-	type Outgoing =
-		<<C as ConnectionUpgrade<T::RawConn>>::Output as StreamMuxer>::OutboundSubstream;
-	type DialAndListen = Box<Future<Item = (Self::Incoming, Self::Outgoing), Error = IoError>>;
+	type Incoming = Box<Future<Item = (<C::Output as StreamMuxer>::Substream, Multiaddr), Error = IoError>>;
 
-	fn dial_and_listen(self, addr: Multiaddr) -> Result<Self::DialAndListen, (Self, Multiaddr)> {
-		self.inner
-			.dial(addr)
-			.map_err(|(inner, addr)| (ConnectionReuse { inner: inner }, addr))
-			.map(|fut| {
-				fut.map(|muxer| {
-					(
-						stream::repeat(muxer.clone()).and_then(StreamMuxer::inbound as fn(_) -> _),
-						muxer.outbound(),
-					)
-				})
-			})
-			.map(|fut| Box::new(fut) as _)
+	#[inline]
+	fn next_incoming(self) -> Self::Incoming {
+		let future = ConnectionReuseIncoming { shared: self.shared.clone() }
+			.and_then(|(out, addr)| {
+				out.inbound().map(|o| (o, addr))
+			});
+		Box::new(future) as Box<_>
 	}
 }
 
@@ -253,3 +272,50 @@ where S: Stream<Item = (F, Multiaddr), Error = IoError>,
 		Ok(Async::NotReady)
 	}
 }
+
+/// Implementation of `Future<Item = (impl AsyncRead + AsyncWrite, Multiaddr)` for the
+/// `ConnectionReuse` struct.
+pub struct ConnectionReuseIncoming<O> {
+	shared: Arc<Mutex<Shared<O>>>,
+}
+
+impl<O> Future for ConnectionReuseIncoming<O>
+	where O: Clone
+{
+	type Item = (O, Multiaddr);
+	type Error = IoError;
+
+	fn poll(&mut self) -> Poll<Self::Item, Self::Error> {
+		let mut lock = self.shared.lock();
+
+		let mut to_remove = SmallVec::<[_; 8]>::new();
+		let mut ret_value = None;
+
+		for (offset, future) in lock.incoming.iter_mut().enumerate() {
+			match future.poll() {
+				Ok(Async::Ready(Some((value, addr)))) => {
+					ret_value = Some((value.clone(), addr));
+					break;
+				},
+				Ok(Async::Ready(None)) => {
+					to_remove.push(offset);
+				},
+				Ok(Async::NotReady) => {},
+				Err(_) => {
+					to_remove.push(offset);
+				},
+			}
+		}
+
+		for offset in to_remove.into_iter().rev() {
+			lock.incoming.swap_remove(offset);
+		}
+
+		if let Some(ret_value) = ret_value {
+			Ok(Async::Ready(ret_value))
+		} else {
+			lock.to_signal.push(task::current());
+			Ok(Async::NotReady)
+		}
+	}
+}
diff --git a/libp2p-swarm/src/lib.rs b/libp2p-swarm/src/lib.rs
index 17850a5a..59e1fb6d 100644
--- a/libp2p-swarm/src/lib.rs
+++ b/libp2p-swarm/src/lib.rs
@@ -48,11 +48,12 @@
 //! The `MuxedTransport` trait is an extension to the `Transport` trait, and is implemented on
 //! transports that can receive incoming connections on streams that have been opened with `dial()`.
 //! 
-//! The trait provides the `dial_and_listen()` method, which returns both a dialer and a stream of
-//! incoming connections.
+//! The trait provides the `next_incoming()` method, which returns a future that will resolve to
+//! the next substream that arrives from a dialed node.
 //! 
 //! > **Note**: This trait is mainly implemented for transports that provide stream muxing
-//! >           capabilities.
+//! >           capabilities, but it can also be implemented in a dummy way by returning an empty
+//! >           iterator.
 //! 
 //! # Connection upgrades
 //! 
@@ -78,7 +79,7 @@
 //! `Transport` trait. The return value of this method also implements the `Transport` trait, which
 //! means that you can call `dial()` and `listen_on()` on it in order to directly obtain an
 //! upgraded connection or a listener that will yield upgraded connections. Similarly, the
-//! `dial_and_listen()` method will automatically apply the upgrade on both the dialer and the
+//! `next_incoming()` method will automatically apply the upgrade on both the dialer and the
 //! listener. An error is produced if the remote doesn't support the protocol corresponding to the
 //! connection upgrade.
 //! 
@@ -123,7 +124,7 @@
 //! transport.
 //! 
 //! However the `UpgradedNode` struct returned by `with_upgrade` still provides methods named
-//! `dial`, `listen_on`, and `dial_and_listen`, which will yield you a `Future` or a `Stream`,
+//! `dial`, `listen_on`, and `next_incoming`, which will yield you a `Future` or a `Stream`,
 //! which you can use to obtain the `Output`. This `Output` can then be used in a protocol-specific
 //! way to use the protocol.
 //! 
@@ -167,6 +168,7 @@ extern crate bytes;
 #[macro_use]
 extern crate futures;
 extern crate multistream_select;
+extern crate parking_lot;
 extern crate smallvec;
 extern crate tokio_io;
 
diff --git a/libp2p-swarm/src/transport.rs b/libp2p-swarm/src/transport.rs
index a18bb9d8..2e959eb8 100644
--- a/libp2p-swarm/src/transport.rs
+++ b/libp2p-swarm/src/transport.rs
@@ -31,7 +31,7 @@
 
 use bytes::Bytes;
 use connection_reuse::ConnectionReuse;
-use futures::{Async, Poll, Stream};
+use futures::{Async, Poll, stream, Stream};
 use futures::future::{self, FromErr, Future, FutureResult, IntoFuture};
 use multiaddr::Multiaddr;
 use multistream_select;
@@ -123,21 +123,24 @@ pub trait Transport {
 /// Extension trait for `Transport`. Implemented on structs that provide a `Transport` on which
 /// the dialed node can dial you back.
 pub trait MuxedTransport: Transport {
-	/// Produces substreams on the dialed connection.
-	type Incoming: Stream<Item = Self::RawConn, Error = IoError>;
+	/// Future resolving to an incoming connection.
+	type Incoming: Future<Item = (Self::RawConn, Multiaddr), Error = IoError>;
 
-	/// Future resolving to an outgoing connection
-	type Outgoing: Future<Item = Self::RawConn, Error = IoError>;
+	/// Returns the next incoming substream opened by a node that we dialed ourselves.
+	/// 
+	/// > **Note**: Doesn't produce incoming substreams coming from addresses we are listening on.
+	/// >			This only concerns nodes that we dialed with `dial()`.
+	fn next_incoming(self) -> Self::Incoming
+		where Self: Sized;
 
-	/// Future resolving to a tuple of `(Incoming, Outgoing)`
-	type DialAndListen: Future<Item = (Self::Incoming, Self::Outgoing), Error = IoError>;
-
-	/// Dial to the given multi-addr, and listen to incoming substreams on the dialed connection.
-	///
-	/// Returns either a future which may resolve to a connection, or gives back the multiaddress.
-	fn dial_and_listen(self, addr: Multiaddr) -> Result<Self::DialAndListen, (Self, Multiaddr)>
-	where
-		Self: Sized;
+	/// Returns a stream of incoming connections.
+	#[inline]
+	fn incoming(self) -> stream::AndThen<stream::Repeat<Self, IoError>, fn(Self) -> Self::Incoming,
+										 Self::Incoming>
+		where Self: Sized + Clone
+	{
+		stream::repeat(self).and_then(|me| me.next_incoming())
+	}
 }
 
 /// Dummy implementation of `Transport` that just denies every single attempt.
@@ -163,14 +166,11 @@ impl Transport for DeniedTransport {
 }
 
 impl MuxedTransport for DeniedTransport {
-	// TODO: could use `!` once stable
-	type Incoming = Box<Stream<Item = Self::RawConn, Error = IoError>>;
-	type Outgoing = Box<Future<Item = Self::RawConn, Error = IoError>>;
-	type DialAndListen = Box<Future<Item = (Self::Incoming, Self::Outgoing), Error = IoError>>;
+	type Incoming = future::Empty<(Self::RawConn, Multiaddr), IoError>;
 
 	#[inline]
-	fn dial_and_listen(self, addr: Multiaddr) -> Result<Self::DialAndListen, (Self, Multiaddr)> {
-		Err((DeniedTransport, addr))
+	fn next_incoming(self) -> Self::Incoming {
+		future::empty()
 	}
 }
 
@@ -251,38 +251,19 @@ impl<A, B> MuxedTransport for OrTransport<A, B>
 where
 	A: MuxedTransport,
 	B: MuxedTransport,
-	A::DialAndListen: 'static,
-	B::DialAndListen: 'static,
+	A::Incoming: 'static,		// TODO: meh :-/
+	B::Incoming: 'static,		// TODO: meh :-/
 {
-	type Incoming = EitherIncomingStream<A::Incoming, B::Incoming>;
-	type Outgoing = future::Either<
-		future::Map<A::Outgoing, fn(A::RawConn) -> Self::RawConn>,
-		future::Map<B::Outgoing, fn(B::RawConn) -> Self::RawConn>,
-	>;
-	type DialAndListen = Box<Future<Item = (Self::Incoming, Self::Outgoing), Error = IoError>>;
+	type Incoming = Box<Future<Item = (EitherSocket<A::RawConn, B::RawConn>, Multiaddr), Error = IoError>>;
 
-	fn dial_and_listen(self, addr: Multiaddr) -> Result<Self::DialAndListen, (Self, Multiaddr)> {
-		let (first, addr) = match self.0.dial_and_listen(addr) {
-			Ok(connec) => {
-				return Ok(Box::new(connec.map(|(inc, out)| {
-					(
-						EitherIncomingStream::First(inc),
-						future::Either::A(out.map(EitherSocket::First as fn(_) -> _)),
-					)
-				})));
-			}
-			Err(err) => err,
-		};
-
-		match self.1.dial_and_listen(addr) {
-			Ok(connec) => Ok(Box::new(connec.map(|(inc, out)| {
-				(
-					EitherIncomingStream::Second(inc),
-					future::Either::B(out.map(EitherSocket::Second as fn(_) -> _)),
-				)
-			}))),
-			Err((second, addr)) => Err((OrTransport(first, second), addr)),
-		}
+	#[inline]
+	fn next_incoming(self) -> Self::Incoming {
+		let first = self.0.next_incoming().map(|(out, addr)| (EitherSocket::First(out), addr));
+		let second = self.1.next_incoming().map(|(out, addr)| (EitherSocket::Second(out), addr));
+		let future = first.select(second)
+			.map(|(i, _)| i)
+			.map_err(|(e, _)| e);
+		Box::new(future) as Box<_>
 	}
 }
 
@@ -765,93 +746,31 @@ where
 		Ok(Box::new(future))
 	}
 
-	/// Tries to dial on the `Multiaddr` using the transport that was passed to `new`, then upgrade
-	/// the connection. Also listens to incoming substream requires on that dialed connection, and
-	/// automatically upgrades the incoming substreams.
-	///
-	/// Note that this does the same as `MuxedTransport::dial_and_listen`, but with less
-	/// restrictions on the trait requirements.
-	pub fn dial_and_listen(
-		self,
-		addr: Multiaddr,
-	) -> Result<
-		Box<
-			Future<
-				Item = (
-					Box<Stream<Item = C::Output, Error = IoError> + 'a>,
-					Box<Future<Item = C::Output, Error = IoError> + 'a>,
-				),
-				Error = IoError,
-			>
-				+ 'a,
-		>,
-		(Self, Multiaddr),
-	>
-	where
-		T: MuxedTransport,
-		C::NamesIter: Clone, // TODO: not elegant
-		C: Clone,
+	/// If the underlying transport is a `MuxedTransport`, then after calling `dial` we may receive
+	/// substreams opened by the dialed nodes.
+	/// 
+	/// This function returns the next incoming substream. You are strongly encouraged to call it
+	/// if you have a muxed transport.
+	pub fn next_incoming(self) -> Box<Future<Item = (C::Output, Multiaddr), Error = IoError> + 'a>
+		where T: MuxedTransport
 	{
 		let upgrade = self.upgrade;
-		let upgrade2 = upgrade.clone();
 
-		self.transports
-			.dial_and_listen(addr)
-			.map_err(move |(trans, addr)| {
-				let builder = UpgradedNode {
-					transports: trans,
-					upgrade: upgrade,
-				};
+		let future = self.transports.next_incoming()
+            // Try to negotiate the protocol.
+            .and_then(move |(connection, addr)| {
+                let iter = upgrade.protocol_names()
+                    .map(|(name, id)| (name, <Bytes as PartialEq>::eq, id));
+                let negotiated = multistream_select::dialer_select_proto(connection, iter)
+                    .map_err(|err| IoError::new(IoErrorKind::Other, err));
+                negotiated.map(|(upgrade_id, conn)| (upgrade_id, conn, upgrade, addr))
+            })
+            .and_then(|(upgrade_id, connection, upgrade, addr)| {
+                upgrade.upgrade(connection, upgrade_id, Endpoint::Dialer)
+					.map(|u| (u, addr))
+            });
 
-				(builder, addr)
-			})
-			.map(move |dialed_fut| {
-				let dialed_fut = dialed_fut
-                // Try to negotiate the protocol.
-                .map(move |(in_stream, dialer)| {
-                    let upgrade = upgrade2.clone();
-
-                    let dialer = {
-                        let iter = upgrade2.protocol_names()
-                            .map(|(name, id)| (name, <Bytes as PartialEq>::eq, id));
-                        let negotiated = dialer.and_then(|dialer| {
-                            multistream_select::dialer_select_proto(dialer, iter)
-                                .map_err(|err| IoError::new(IoErrorKind::Other, err))
-                        });
-                        negotiated.map(|(upgrade_id, conn)| (upgrade_id, conn, upgrade2))
-                    }
-                    .and_then(|(upgrade_id, connection, upgrade)| {
-                        upgrade.upgrade(connection, upgrade_id, Endpoint::Dialer)
-                    });
-
-                    let in_stream = in_stream
-                        // Try to negotiate the protocol.
-                        .and_then(move |connection| {
-                            let upgrade = upgrade.clone();
-
-                            let iter = upgrade.protocol_names()
-                                .map((|(n, t)| {
-                                    (n, <Bytes as PartialEq>::eq, t)
-                                }) as fn(_) -> _);
-                            let negotiated = multistream_select::listener_select_proto(
-                                connection,
-                                iter,
-                            );
-                            negotiated.map(move |(upgrade_id, conn)| (upgrade_id, conn, upgrade))
-                                .map_err(|err| IoError::new(IoErrorKind::Other, err))
-                        })
-                        .and_then(|(upgrade_id, connection, upgrade)| {
-                            upgrade.upgrade(connection, upgrade_id, Endpoint::Listener)
-                        });
-
-                    (
-                        Box::new(in_stream) as Box<Stream<Item = _, Error = _>>,
-                        Box::new(dialer) as Box<Future<Item = _, Error = _>>,
-                    )
-                });
-
-				Box::new(dialed_fut) as _
-			})
+		Box::new(future) as Box<_>
 	}
 
 	/// Start listening on the multiaddr using the transport that was passed to `new`.
@@ -944,13 +863,10 @@ where
 	C::NamesIter: Clone, // TODO: not elegant
 	C: Clone,
 {
-	type Incoming = Box<Stream<Item = C::Output, Error = IoError>>;
-	type Outgoing = Box<Future<Item = Self::RawConn, Error = IoError>>;
-	type DialAndListen = Box<Future<Item = (Self::Incoming, Self::Outgoing), Error = IoError>>;
+	type Incoming = Box<Future<Item = (C::Output, Multiaddr), Error = IoError>>;
 
 	#[inline]
-	fn dial_and_listen(self, addr: Multiaddr) -> Result<Self::DialAndListen, (Self, Multiaddr)> {
-		// Calls an inherent function above
-		self.dial_and_listen(addr)
+	fn next_incoming(self) -> Self::Incoming {
+		self.next_incoming()
 	}
 }