diff --git a/params/config.go b/params/config.go
index 612fa8485..a004e8789 100644
--- a/params/config.go
+++ b/params/config.go
@@ -189,7 +189,7 @@ type WakuV2Config struct {
 	// A name->libp2p_addr map for Wakuv2 custom nodes
 	CustomNodes map[string]string
 
-	// PeerExchange determines whether GossipSub Peer Exchange is enabled or not
+	// PeerExchange determines whether WakuV2 Peer Exchange is enabled or not
 	PeerExchange bool
 
 	// EnableDiscV5 indicates if DiscoveryV5 is enabled or not
diff --git a/wakuv2/waku.go b/wakuv2/waku.go
index 1f837d409..0ba7dbab7 100644
--- a/wakuv2/waku.go
+++ b/wakuv2/waku.go
@@ -58,6 +58,7 @@ import (
 	"github.com/waku-org/go-waku/waku/v2/dnsdisc"
 	"github.com/waku-org/go-waku/waku/v2/protocol"
 	"github.com/waku-org/go-waku/waku/v2/protocol/filter"
+	"github.com/waku-org/go-waku/waku/v2/protocol/peer_exchange"
 	"github.com/waku-org/go-waku/waku/v2/protocol/relay"
 
 	"github.com/status-im/status-go/eth-node/types"
@@ -77,9 +78,11 @@ const autoRelayMinInterval = 2 * time.Second
 
 type settings struct {
 	LightClient         bool   // Indicates if the node is a light client
-	MinPeersForRelay    int    // Indicates the minimum number of peers required for using Relay Protocol instead of Lightpush
+	MinPeersForRelay    int    // Indicates the minimum number of peers required for using Relay Protocol
 	MaxMsgSize          uint32 // Maximal message length allowed by the waku node
 	EnableConfirmations bool   // Enable sending message confirmations
+	PeerExchange        bool   // Enable peer exchange
+	DiscoveryLimit      int    // Indicates the number of nodes to discover
 }
 
 // Waku represents a dark communication interface through the Ethereum
@@ -164,6 +167,8 @@ func New(nodeKey string, fleet string, cfg *Config, logger *zap.Logger, appDB *s
 		MaxMsgSize:       cfg.MaxMessageSize,
 		LightClient:      cfg.LightClient,
 		MinPeersForRelay: cfg.MinPeersForRelay,
+		PeerExchange:     cfg.PeerExchange,
+		DiscoveryLimit:   cfg.DiscoveryLimit,
 	}
 
 	waku.filters = common.NewFilters()
@@ -219,6 +224,12 @@ func New(nodeKey string, fleet string, cfg *Config, logger *zap.Logger, appDB *s
 			return nil, err
 		}
 		opts = append(opts, node.WithDiscoveryV5(cfg.UDPPort, bootnodes, cfg.AutoUpdate, pubsub.WithDiscoveryOpts(discovery.Limit(cfg.DiscoveryLimit))))
+
+		// Peer exchange requires DiscV5 to run (might change in future versions of the protocol)
+		if cfg.PeerExchange {
+			opts = append(opts, node.WithPeerExchange())
+		}
+
 	}
 
 	if cfg.LightClient {
@@ -226,7 +237,6 @@ func New(nodeKey string, fleet string, cfg *Config, logger *zap.Logger, appDB *s
 	} else {
 		relayOpts := []pubsub.Option{
 			pubsub.WithMaxMessageSize(int(waku.settings.MaxMsgSize)),
-			pubsub.WithPeerExchange(cfg.PeerExchange),
 		}
 
 		opts = append(opts, node.WithWakuRelayAndMinPeers(waku.settings.MinPeersForRelay, relayOpts...))
@@ -266,7 +276,7 @@ func New(nodeKey string, fleet string, cfg *Config, logger *zap.Logger, appDB *s
 			return nil, err
 		}
 	}
-	waku.wg.Add(3)
+	waku.wg.Add(4)
 
 	go func() {
 		defer waku.wg.Done()
@@ -292,6 +302,7 @@ func New(nodeKey string, fleet string, cfg *Config, logger *zap.Logger, appDB *s
 
 	go waku.runFilterMsgLoop()
 	go waku.runRelayMsgLoop()
+	go waku.runPeerExchangeLoop()
 
 	waku.logger.Info("setup the go-waku node successfully")
 
@@ -465,6 +476,85 @@ func (w *Waku) GetStats() types.StatsSummary {
 	}
 }
 
+func (w *Waku) runPeerExchangeLoop() {
+	defer w.wg.Done()
+
+	if w.settings.PeerExchange && !w.settings.LightClient {
+		// Currently peer exchange is only used for full nodes
+		// TODO: should it be used for lightpush? or lightpush nodes
+		// are only going to be selected from a specific set of peers?
+		return
+	}
+
+	ticker := time.NewTicker(time.Second * 5)
+	defer ticker.Stop()
+
+	for {
+		select {
+		case <-w.quit:
+			return
+		case <-ticker.C:
+			w.logger.Debug("Running peer exchange loop")
+
+			connectedPeers := w.node.Host().Network().Peers()
+			peersWithRelay := 0
+			for _, p := range connectedPeers {
+				supportedProtocols, err := w.node.Host().Peerstore().SupportsProtocols(p, string(relay.WakuRelayID_v200))
+				if err != nil {
+					continue
+				}
+				if len(supportedProtocols) != 0 {
+					peersWithRelay++
+				}
+			}
+
+			peersToDiscover := w.settings.DiscoveryLimit - peersWithRelay
+			if peersToDiscover <= 0 {
+				continue
+			}
+
+			// We select only the nodes discovered via DNS Discovery that support peer exchange
+			w.dnsAddressCacheLock.RLock()
+			var withThesePeers []peer.ID
+			for _, record := range w.dnsAddressCache {
+				for _, discoveredNode := range record {
+					if len(discoveredNode.Addresses) == 0 {
+						continue
+					}
+
+					// Obtaining peer ID
+					peerIDString, err := discoveredNode.Addresses[0].ValueForProtocol(multiaddr.P_P2P)
+					if err != nil {
+						w.logger.Warn("multiaddress does not contain peerID", zap.String("multiaddr", discoveredNode.Addresses[0].String()))
+						continue // No peer ID available somehow
+					}
+
+					peerID, err := peer.Decode(peerIDString)
+					if err != nil {
+						w.logger.Warn("couldnt decode peerID", zap.String("peerIDString", peerIDString))
+						continue // Couldnt decode the peerID for some reason?
+					}
+
+					supportsProtocol, _ := w.node.Host().Peerstore().SupportsProtocols(peerID, string(peer_exchange.PeerExchangeID_v20alpha1))
+					if len(supportsProtocol) != 0 {
+						withThesePeers = append(withThesePeers, peerID)
+					}
+				}
+			}
+			w.dnsAddressCacheLock.RUnlock()
+
+			if len(withThesePeers) == 0 {
+				continue // No peers with peer exchange have been discovered via DNS Discovery so far, skip this iteration
+			}
+
+			err := w.node.PeerExchange().Request(context.Background(), peersToDiscover, peer_exchange.WithAutomaticPeerSelection(withThesePeers...))
+			if err != nil {
+				w.logger.Error("couldnt request peers via peer exchange", zap.Error(err))
+			}
+		}
+	}
+}
+
 func (w *Waku) runRelayMsgLoop() {
 	defer w.wg.Done()