diff --git a/Cargo.lock b/Cargo.lock
index 35a79fbd5a..6abcab2f25 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1428,6 +1428,7 @@ dependencies = [
  "futures",
  "hex",
  "hmac-sha512",
+ "libp2p-identity 0.2.8",
  "libsecp256k1",
  "pallet-cf-account-roles",
  "pallet-cf-environment",
@@ -1707,7 +1708,7 @@ checksum = "b9b68e3193982cd54187d71afdb2a271ad4cf8af157858e9cb911b91321de143"
 dependencies = [
  "core2",
  "multibase",
- "multihash",
+ "multihash 0.17.0",
  "serde",
  "unsigned-varint",
 ]
@@ -5648,7 +5649,7 @@ dependencies = [
  "libp2p-core",
  "libp2p-dns",
  "libp2p-identify",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "libp2p-kad",
  "libp2p-mdns",
  "libp2p-metrics",
@@ -5673,7 +5674,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "510daa05efbc25184458db837f6f9a5143888f1caa742426d92e1833ddd38a50"
 dependencies = [
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "libp2p-swarm",
  "void",
 ]
@@ -5685,7 +5686,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "4caa33f1d26ed664c4fe2cca81a08c8e07d4c1c04f2f4ac7655c2dd85467fda0"
 dependencies = [
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "libp2p-swarm",
  "void",
 ]
@@ -5701,10 +5702,10 @@ dependencies = [
  "futures",
  "futures-timer",
  "instant",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "log",
  "multiaddr",
- "multihash",
+ "multihash 0.17.0",
  "multistream-select",
  "once_cell",
  "parking_lot 0.12.1",
@@ -5743,7 +5744,7 @@ dependencies = [
  "futures",
  "futures-timer",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "libp2p-swarm",
  "log",
  "lru",
@@ -5764,7 +5765,7 @@ dependencies = [
  "ed25519-dalek 2.0.0",
  "log",
  "multiaddr",
- "multihash",
+ "multihash 0.17.0",
  "quick-protobuf",
  "rand 0.8.5",
  "sha2 0.10.8",
@@ -5772,6 +5773,23 @@ dependencies = [
  "zeroize",
 ]
 
+[[package]]
+name = "libp2p-identity"
+version = "0.2.8"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "999ec70441b2fb35355076726a6bc466c932e9bdc66f6a11c6c0aa17c7ab9be0"
+dependencies = [
+ "bs58 0.5.0",
+ "ed25519-dalek 2.0.0",
+ "hkdf",
+ "multihash 0.19.1",
+ "quick-protobuf",
+ "sha2 0.10.8",
+ "thiserror",
+ "tracing",
+ "zeroize",
+]
+
 [[package]]
 name = "libp2p-kad"
 version = "0.43.3"
@@ -5787,7 +5805,7 @@ dependencies = [
  "futures-timer",
  "instant",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "libp2p-swarm",
  "log",
  "quick-protobuf",
@@ -5810,7 +5828,7 @@ dependencies = [
  "futures",
  "if-watch",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "libp2p-swarm",
  "log",
  "rand 0.8.5",
@@ -5845,7 +5863,7 @@ dependencies = [
  "curve25519-dalek 3.2.0",
  "futures",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "log",
  "once_cell",
  "quick-protobuf",
@@ -5886,7 +5904,7 @@ dependencies = [
  "futures-timer",
  "if-watch",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "libp2p-tls",
  "log",
  "parking_lot 0.12.1",
@@ -5907,7 +5925,7 @@ dependencies = [
  "futures",
  "instant",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "libp2p-swarm",
  "rand 0.8.5",
  "smallvec",
@@ -5925,7 +5943,7 @@ dependencies = [
  "futures-timer",
  "instant",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "libp2p-swarm-derive",
  "log",
  "rand 0.8.5",
@@ -5970,7 +5988,7 @@ dependencies = [
  "futures",
  "futures-rustls",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "rcgen 0.10.0",
  "ring 0.16.20",
  "rustls 0.20.9",
@@ -6008,10 +6026,10 @@ dependencies = [
  "hex",
  "if-watch",
  "libp2p-core",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "libp2p-noise",
  "log",
- "multihash",
+ "multihash 0.17.0",
  "quick-protobuf",
  "quick-protobuf-codec",
  "rand 0.8.5",
@@ -6554,7 +6572,7 @@ dependencies = [
  "data-encoding",
  "log",
  "multibase",
- "multihash",
+ "multihash 0.17.0",
  "percent-encoding",
  "serde",
  "static_assertions",
@@ -6590,6 +6608,16 @@ dependencies = [
  "unsigned-varint",
 ]
 
+[[package]]
+name = "multihash"
+version = "0.19.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "076d548d76a0e2a0d4ab471d0b1c36c577786dfc4471242035d97a12a735c492"
+dependencies = [
+ "core2",
+ "unsigned-varint",
+]
+
 [[package]]
 name = "multihash-derive"
 version = "0.8.1"
@@ -9370,7 +9398,7 @@ dependencies = [
  "clap 4.4.7",
  "fdlimit",
  "futures",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "log",
  "names",
  "parity-scale-codec",
@@ -9459,7 +9487,7 @@ dependencies = [
  "async-trait",
  "futures",
  "futures-timer",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "log",
  "mockall",
  "parking_lot 0.12.1",
@@ -9719,7 +9747,7 @@ dependencies = [
  "async-channel 1.9.0",
  "cid",
  "futures",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "log",
  "prost",
  "prost-build",
@@ -9739,7 +9767,7 @@ dependencies = [
  "async-trait",
  "bitflags 1.3.2",
  "futures",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "parity-scale-codec",
  "prost-build",
  "sc-consensus",
@@ -9774,7 +9802,7 @@ dependencies = [
  "array-bytes 6.1.0",
  "async-channel 1.9.0",
  "futures",
- "libp2p-identity",
+ "libp2p-identity 0.1.3",
  "log",
  "parity-scale-codec",
  "prost",
diff --git a/api/bin/chainflip-cli/src/main.rs b/api/bin/chainflip-cli/src/main.rs
index fcd21b90d4..b38d806059 100644
--- a/api/bin/chainflip-cli/src/main.rs
+++ b/api/bin/chainflip-cli/src/main.rs
@@ -308,6 +308,7 @@ fn generate_keys(json: bool, path: Option<PathBuf>, seed_phrase: Option<String>)
 	#[derive(Serialize)]
 	struct Keys {
 		node_key: KeyPair,
+		peer_id: String,
 		seed_phrase: String,
 		ethereum_key: KeyPair,
 		#[serde(with = "hex")]
@@ -319,6 +320,7 @@ fn generate_keys(json: bool, path: Option<PathBuf>, seed_phrase: Option<String>)
 	impl std::fmt::Display for Keys {
 		fn fmt(&self, f: &mut std::fmt::Formatter<'_>) -> std::fmt::Result {
 			writeln!(f, "🔑 Node Public Key: 0x{}", hex::encode(&self.node_key.public_key))?;
+			writeln!(f, "👤 Node Peer ID: {}", self.peer_id)?;
 			writeln!(
 				f,
 				"🔑 Ethereum Public Key: 0x{}",
@@ -346,8 +348,12 @@ fn generate_keys(json: bool, path: Option<PathBuf>, seed_phrase: Option<String>)
 				api::generate_ethereum_key(Some(&seed_phrase))
 					.context("Error while generating Ethereum key.")?;
 			assert_eq!(seed_phrase, seed_phrase_eth);
+			let (node_key, peer_id) =
+				api::generate_node_key().context("Error while generating node key.")?;
+
 			Ok(Keys {
-				node_key: api::generate_node_key(),
+				node_key,
+				peer_id: peer_id.to_string(),
 				seed_phrase,
 				ethereum_key,
 				ethereum_address,
diff --git a/api/lib/Cargo.toml b/api/lib/Cargo.toml
index 8ca862ec29..d1ad1bccc4 100644
--- a/api/lib/Cargo.toml
+++ b/api/lib/Cargo.toml
@@ -19,6 +19,7 @@ tiny-bip39 = "1.0.0"
 tokio = "1.28"
 tracing = "0.1"
 zeroize = "1.5.4"
+libp2p-identity = { version = "0.2", features = ["ed25519", "peerid"] }
 
 # Local
 chainflip-engine = { path = "../../engine/" }
diff --git a/api/lib/src/lib.rs b/api/lib/src/lib.rs
index 3190cc910b..a62d28ee50 100644
--- a/api/lib/src/lib.rs
+++ b/api/lib/src/lib.rs
@@ -381,17 +381,22 @@ impl Serialize for KeyPair {
 }
 
 /// Generate a new random node key.
+///
 /// This key is used for secure communication between Validators.
-pub fn generate_node_key() -> KeyPair {
+pub fn generate_node_key() -> Result<(KeyPair, libp2p_identity::PeerId)> {
 	use rand_v7::SeedableRng;
 
 	let mut rng = rand_v7::rngs::StdRng::from_entropy();
 	let keypair = ed25519_dalek::Keypair::generate(&mut rng);
+	let libp2p_keypair = libp2p_identity::Keypair::ed25519_from_bytes(keypair.secret.to_bytes())?;
 
-	KeyPair {
-		secret_key: keypair.secret.as_bytes().to_vec(),
-		public_key: keypair.public.to_bytes().to_vec(),
-	}
+	Ok((
+		KeyPair {
+			secret_key: keypair.secret.as_bytes().to_vec(),
+			public_key: keypair.public.to_bytes().to_vec(),
+		},
+		libp2p_keypair.public().to_peer_id(),
+	))
 }
 
 /// Generate a signing key (aka. account key).
@@ -530,14 +535,14 @@ mod tests {
 				.unwrap(),
 			);
 			assert_eq!(
-			clean_foreign_chain_address(
-				ForeignChain::Polkadot,
-				"126PaS7kDWTdtiojd556gD4ZPcxj7KbjrMJj7xZ5i6XKfARF"
-			)
-			.unwrap_err()
-			.to_string(),
-			anyhow!("Address is neither valid ss58: 'Invalid checksum' nor hex: 'Invalid character 'P' at position 3'").to_string(),
-		);
+				clean_foreign_chain_address(
+					ForeignChain::Polkadot,
+					"126PaS7kDWTdtiojd556gD4ZPcxj7KbjrMJj7xZ5i6XKfARF"
+				)
+				.unwrap_err()
+				.to_string(),
+				anyhow!("Address is neither valid ss58: 'Invalid checksum' nor hex: 'Invalid character 'P' at position 3'").to_string(),
+			);
 		}
 	}
 }