diff --git a/lez/sequencer/core/src/gossip/directory.rs b/lez/sequencer/core/src/gossip/directory.rs
new file mode 100644
index 000000000..aab693cb6
--- /dev/null
+++ b/lez/sequencer/core/src/gossip/directory.rs
@@ -0,0 +1,123 @@
+//! Latest validated announcement per accredited key. Entries leave only via
+//! [`PeerDirectory::retain_keys`] (accredited-set changes), never by
+//! timeout — a silent peer's last known addresses stay dialable.
+
+use std::collections::{HashMap, HashSet};
+
+use libp2p::{Multiaddr, PeerId};
+
+pub struct PeerEntry {
+    pub peer_id: PeerId,
+    pub listen_addrs: Vec<Multiaddr>,
+    pub seq: u64,
+}
+
+/// What [`PeerDirectory::upsert`] did with an announcement.
+#[derive(Clone, Copy, Debug, PartialEq, Eq)]
+pub enum UpsertOutcome {
+    /// Newer than anything stored for this key; entry replaced.
+    Fresh,
+    /// At or below the stored seq; entry untouched.
+    Stale,
+}
+
+#[derive(Default)]
+pub struct PeerDirectory {
+    entries: HashMap<[u8; 32], PeerEntry>,
+}
+
+impl PeerDirectory {
+    pub fn upsert(
+        &mut self,
+        public_key: [u8; 32],
+        peer_id: PeerId,
+        listen_addrs: Vec<Multiaddr>,
+        seq: u64,
+    ) -> UpsertOutcome {
+        match self.entries.get(&public_key) {
+            Some(entry) if entry.seq >= seq => UpsertOutcome::Stale,
+            _ => {
+                self.entries.insert(
+                    public_key,
+                    PeerEntry {
+                        peer_id,
+                        listen_addrs,
+                        seq,
+                    },
+                );
+                UpsertOutcome::Fresh
+            }
+        }
+    }
+
+    pub fn iter(&self) -> impl Iterator<Item = (&[u8; 32], &PeerEntry)> {
+        self.entries.iter()
+    }
+
+    #[must_use]
+    pub fn pubkey_of(&self, peer_id: &PeerId) -> Option<[u8; 32]> {
+        self.entries
+            .iter()
+            .find(|(_, entry)| &entry.peer_id == peer_id)
+            .map(|(key, _)| *key)
+    }
+
+    pub fn retain_keys(&mut self, accredited: &HashSet<[u8; 32]>) {
+        self.entries.retain(|key, _| accredited.contains(key));
+    }
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+
+    fn peer(n: u8) -> PeerId {
+        let _n = n; // silences unused warning
+        libp2p::identity::Keypair::generate_ed25519()
+            .public()
+            .to_peer_id()
+    }
+
+    #[test]
+    fn upsert_newer_seq_wins_older_is_stale() {
+        let mut directory = PeerDirectory::default();
+        let id = peer(1);
+        assert_eq!(
+            directory.upsert([1; 32], id, vec![], 10),
+            UpsertOutcome::Fresh
+        );
+        assert_eq!(
+            directory.upsert([1; 32], id, vec![], 10),
+            UpsertOutcome::Stale,
+            "equal seq is a replay"
+        );
+        assert_eq!(
+            directory.upsert([1; 32], id, vec![], 9),
+            UpsertOutcome::Stale
+        );
+        assert_eq!(
+            directory.upsert([1; 32], id, vec![], 11),
+            UpsertOutcome::Fresh
+        );
+        assert_eq!(directory.iter().next().unwrap().1.seq, 11);
+    }
+
+    #[test]
+    fn pubkey_reverse_lookup() {
+        let mut directory = PeerDirectory::default();
+        let id = peer(1);
+        directory.upsert([3; 32], id, vec![], 1);
+        assert_eq!(directory.pubkey_of(&id), Some([3; 32]));
+        assert_eq!(directory.pubkey_of(&peer(2)), None);
+    }
+
+    #[test]
+    fn retain_keys_drops_deaccredited() {
+        let mut directory = PeerDirectory::default();
+        directory.upsert([1; 32], peer(1), vec![], 1);
+        directory.upsert([2; 32], peer(2), vec![], 1);
+        directory.retain_keys(&std::collections::HashSet::from([[1; 32]]));
+        assert_eq!(directory.iter().count(), 1);
+        assert!(directory.iter().all(|(key, _)| key == &[1; 32]));
+    }
+}
diff --git a/lez/sequencer/core/src/gossip/mod.rs b/lez/sequencer/core/src/gossip/mod.rs
index 794ba9128..cd5b144ec 100644
--- a/lez/sequencer/core/src/gossip/mod.rs
+++ b/lez/sequencer/core/src/gossip/mod.rs
@@ -6,3 +6,4 @@
 //! never halts the node.
 
 pub mod announcement;
+pub mod directory;