diff --git a/doc/METRICS.md b/doc/METRICS.md
index 027691cc0c..8bd39d5f0b 100644
--- a/doc/METRICS.md
+++ b/doc/METRICS.md
@@ -1,15 +1,51 @@
-# Bandwidth Metrics
+# Libp2p Metrics <!-- omit in toc -->
 
-- Metrics gathering is optional, as there is a performance hit to using it.
-- Metrics do NOT currently contain OS level stats, only libp2p application level Metrics. For example, TCP messages (ACK, FIN, etc) are not accounted for.
+Metrics allow you to gather run time statistics on your libp2p node.
+
+## Table of Contents  <!-- omit in toc -->
+
+- [Overview](#overview)
+- [Tracking](#tracking)
+  - [Enable metrics](#enable-metrics)
+  - [Stream Metrics](#stream-metrics)
+  - [Component Metrics](#component-metrics)
+  - [Application metrics](#application-metrics)
+  - [Integration](#integration)
+- [Extracting metrics](#extracting-metrics)
+
+## Overview
+
+- Metrics gathering is optional, as there is a performance hit to using it
 - See the [API](./API.md) for Metrics usage. Metrics in libp2p do not emit events, as such applications wishing to read Metrics will need to do so actively. This ensures that the system is not unnecessarily firing update notifications.
+- For large installations you may wish to combine the statistics with a visualizer such as [Graphana](https://grafana.com/)
+
+There are two types of metrics [`StreamMetrics`](https://github.com/libp2p/js-libp2p-interfaces/blob/master/packages/interface-metrics/src/index.ts#L66-L115) and [`ComponentMetrics`](https://github.com/libp2p/js-libp2p-interfaces/blob/master/packages/interface-metrics/src/index.ts#L183-L193). `StreamMetrics` track data in and out of streams, `ComponentMetrics` allow system components to record metrics that are of interest to the observer.
+
+Although designed to primarily integrate with tools such as [Prometheus](https://prometheus.io/) it does not introduce any dependencies that require you to use any particular tool to store or graph metrics.
 
 ## Tracking
+
 - When a transport hands off a connection for upgrading, Metrics are hooked up if enabled.
 - When a stream is created, Metrics will be tracked on that stream and associated to that streams protocol.
 - Tracked Metrics are associated to a specific peer, and count towards global bandwidth Metrics.
 
-### Metrics Processing
+### Enable metrics
+
+First enable metrics tracking:
+
+```js
+import { createLibp2pNode } from 'libp2p'
+
+const node = await createLibp2pNode({
+  metrics: {
+    enabled: true
+  }
+  //... other config
+})
+```
+
+### Stream Metrics
+
 - The main Metrics object consists of individual `Stats` objects
 - The following categories are tracked:
   - Global stats; every byte in and out
@@ -26,3 +62,158 @@
   - When the queue is processed:
     - The data length is added to either the `in` or `out` stat
     - The moving averages is calculated since the last queue processing (based on most recently processed item timestamp)
+
+### Component Metrics
+
+To define component metrics first get a reference to the metrics object:
+
+```ts
+import type { Metrics } from '@libp2p/interface-metrics'
+
+interface MyClassComponents {
+  metrics: Metrics
+}
+
+class MyClass {
+  private readonly components: MyClassComponents
+
+  constructor (components: MyClassComponents) {
+    this.components = components
+  }
+
+  myMethod () {
+    // here we will set metrics
+  }
+}
+```
+
+Metrics are updated by calling [`Metrics.updateComponentMetric`](https://github.com/libp2p/js-libp2p-interfaces/blob/master/packages/interface-metrics/src/index.ts#L192) and passing an object that conforms to the [`ComponentMetricsUpdate`](https://github.com/libp2p/js-libp2p-interfaces/blob/master/packages/interface-metrics/src/index.ts#L122-L152) interface:
+
+```ts
+metrics.updateComponentMetric({
+  system: 'libp2p',
+  component: 'connection-manager',
+  metric: 'incoming-connections',
+  value: 5
+})
+```
+
+If several metrics should be grouped together (e.g. for graphing purposes) the `value` field can be a [`ComponentMetricsGroup`](https://github.com/libp2p/js-libp2p-interfaces/blob/master/packages/interface-metrics/src/index.ts#L159):
+
+```ts
+metrics.updateComponentMetric({
+  system: 'libp2p',
+  component: 'connection-manager',
+  metric: 'connections',
+  value: {
+    incoming: 5,
+    outgoing: 10
+  }
+})
+```
+
+If the metrics are expensive to calculate, a [`CalculateComponentMetric`](https://github.com/libp2p/js-libp2p-interfaces/blob/master/packages/interface-metrics/src/index.ts#L164) function can be set as the value instead - this will need to be invoked to collect the metrics (see [Extracting metrics](#extracting-metrics) below):
+
+```ts
+metrics.updateComponentMetric({
+  system: 'libp2p',
+  component: 'connection-manager',
+  metric: 'something-expensive',
+  value: () => {
+    // valid return types are:
+    // number
+    // Promise<number>
+    // ComponentMetricsGroup
+    // Promise<ComponentMetricsGroup>
+  }
+})
+```
+
+### Application metrics
+
+You can of course piggy-back your own metrics on to the lib2p metrics object, just specify a different `system` as part of your `ComponentMetricsUpdate`:
+
+```ts
+metrics.updateComponentMetric({
+  system: 'my-app',
+  component: 'my-component',
+  metric: 'important-metric',
+  value: 5
+})
+```
+
+### Integration
+
+To help with integrating with metrics gathering software, a `label` and `help` can also be added to your `ComponentMetricsUpdate`. These are expected by certain tools such as [Prometheus](https://prometheus.io/).
+
+```ts
+metrics.updateComponentMetric({
+  system: 'libp2p',
+  component: 'connection-manager',
+  metric: 'incoming-connections',
+  value: 5,
+  label: 'label',
+  help: 'help'
+})
+```
+
+## Extracting metrics
+
+Metrics can be extracted from the metrics object and supplied to a tracking system such as [Prometheus](https://prometheus.io/). This code is borrowed from the `js-ipfs` metrics endpoint which uses [prom-client](https://www.npmjs.com/package/prom-client) to format metrics:
+
+```ts
+import client from 'prom-client'
+
+const libp2p = createLibp2pNode({
+  metrics: {
+    enabled: true
+  }
+  //... other config
+})
+
+// A handler invoked by express/hapi or your http framework of choice
+export default async function metricsEndpoint (req, res) {
+  const metrics = libp2p.metrics
+
+  if (metrics) {
+    // update the prometheus client with the recorded metrics
+    for (const [system, components] of metrics.getComponentMetrics().entries()) {
+      for (const [component, componentMetrics] of components.entries()) {
+        for (const [metricName, trackedMetric] of componentMetrics.entries()) {
+          // set the relevant gauges
+          const name = `${system}-${component}-${metricName}`.replace(/-/g, '_')
+          const labelName = trackedMetric.label ?? metricName.replace(/-/g, '_')
+          const help = trackedMetric.help ?? metricName.replace(/-/g, '_')
+          const gaugeOptions = { name, help }
+          const metricValue = await trackedMetric.calculate()
+
+          if (typeof metricValue !== 'number') {
+            // metric group
+            gaugeOptions.labelNames = [
+              labelName
+            ]
+          }
+
+          if (!gauges[name]) {
+            // create metric if it's not been seen before
+            gauges[name] = new client.Gauge(gaugeOptions)
+          }
+
+          if (typeof metricValue !== 'number') {
+            // metric group
+            Object.entries(metricValue).forEach(([key, value]) => {
+              gauges[name].set({ [labelName]: key }, value)
+            })
+          } else {
+            // metric value
+            gauges[name].set(metricValue)
+          }
+        }
+      }
+    }
+  }
+
+  // done updating, write the metrics into the response
+  res.send(await client.register.metrics())
+}
+```