diff --git a/muxers/yamux/CHANGELOG.md b/muxers/yamux/CHANGELOG.md
index 3e6ac4e4127..e1dcdfb7a88 100644
--- a/muxers/yamux/CHANGELOG.md
+++ b/muxers/yamux/CHANGELOG.md
@@ -2,6 +2,15 @@
 
 - Update to `libp2p-core` `v0.38.0`.
 
+# 0.41.1
+
+- Yield from `StreamMuxer::poll` as soon as we receive a single substream.
+  This fixes [issue 3041].
+  See [PR 3071].
+
+[PR 3071]: https://github.com/libp2p/rust-libp2p/pull/3071/
+[issue 3041]: https://github.com/libp2p/rust-libp2p/issues/3041/
+
 # 0.41.0
 
 - Update to `libp2p-core` `v0.37.0`.
diff --git a/muxers/yamux/Cargo.toml b/muxers/yamux/Cargo.toml
index cb8a1e4e5ef..6c4790924b5 100644
--- a/muxers/yamux/Cargo.toml
+++ b/muxers/yamux/Cargo.toml
@@ -22,7 +22,7 @@ log = "0.4"
 async-std = { version = "1.7.0", features = ["attributes"] }
 libp2p-muxer-test-harness = { path = "../test-harness" }
 
-# Passing arguments to the docsrs builder in order to properly document cfg's. 
+# Passing arguments to the docsrs builder in order to properly document cfg's.
 # More information: https://docs.rs/about/builds#cross-compiling
 [package.metadata.docs.rs]
 all-features = true
diff --git a/muxers/yamux/src/lib.rs b/muxers/yamux/src/lib.rs
index ce3639e572f..42fb1621e56 100644
--- a/muxers/yamux/src/lib.rs
+++ b/muxers/yamux/src/lib.rs
@@ -31,6 +31,7 @@ use futures::{
 use libp2p_core::muxing::{StreamMuxer, StreamMuxerEvent};
 use libp2p_core::upgrade::{InboundUpgrade, OutboundUpgrade, UpgradeInfo};
 use std::collections::VecDeque;
+use std::task::Waker;
 use std::{
     fmt, io, iter, mem,
     pin::Pin,
@@ -55,6 +56,8 @@ pub struct Yamux<S> {
     /// This buffer stores inbound streams that are created whilst [`StreamMuxer::poll`] is called.
     /// Once the buffer is full, new inbound streams are dropped.
     inbound_stream_buffer: VecDeque<yamux::Stream>,
+    /// Waker to be called when new inbound streams are available.
+    inbound_stream_waker: Option<Waker>,
 }
 
 const MAX_BUFFERED_INBOUND_STREAMS: usize = 25;
@@ -81,6 +84,7 @@ where
             },
             control: ctrl,
             inbound_stream_buffer: VecDeque::default(),
+            inbound_stream_waker: None,
         }
     }
 }
@@ -101,6 +105,7 @@ where
             },
             control: ctrl,
             inbound_stream_buffer: VecDeque::default(),
+            inbound_stream_waker: None,
         }
     }
 }
@@ -122,6 +127,8 @@ where
             return Poll::Ready(Ok(stream));
         }
 
+        self.inbound_stream_waker = Some(cx.waker().clone());
+
         self.poll_inner(cx)
     }
 
@@ -140,17 +147,22 @@ where
     ) -> Poll<Result<StreamMuxerEvent, Self::Error>> {
         let this = self.get_mut();
 
-        loop {
-            let inbound_stream = ready!(this.poll_inner(cx))?;
-
-            if this.inbound_stream_buffer.len() >= MAX_BUFFERED_INBOUND_STREAMS {
-                log::warn!("dropping {inbound_stream} because buffer is full");
-                drop(inbound_stream);
-                continue;
-            }
+        let inbound_stream = ready!(this.poll_inner(cx))?;
 
+        if this.inbound_stream_buffer.len() >= MAX_BUFFERED_INBOUND_STREAMS {
+            log::warn!("dropping {inbound_stream} because buffer is full");
+            drop(inbound_stream);
+        } else {
             this.inbound_stream_buffer.push_back(inbound_stream);
+
+            if let Some(waker) = this.inbound_stream_waker.take() {
+                waker.wake()
+            }
         }
+
+        // Schedule an immediate wake-up, allowing other code to run.
+        cx.waker().wake_by_ref();
+        Poll::Pending
     }
 
     fn poll_close(mut self: Pin<&mut Self>, c: &mut Context<'_>) -> Poll<YamuxResult<()>> {