Tinc encryption with intermediate hosts

[Jan Ernsting]

Hi

I have built a few networks with tinc and feel quite familiar with it.
But now I have got a scenario where I can't clearly figure out how 
things work with tinc:

I have two nodes, both of them are in different private networks and 
visible only to different servers, which have got an internal and an 
external IP.

So my topology looks like this:

[n1]->[host1]<-->[host2]<-[n2]

Tinc connects all nodes with all servers.
Now I am sending packets from node1 to node2 over both servers. There is 
no problem, the packets are arriving and are correct.

But how are the packets encrypted?

Are they really peer to peer encrypted from node1 to node2, or are they 
wrapped into another encrypted packet between host1 and host2?

Thank you.
Jan