Thank Adam, nice you see you!

> What's it look like over the wire?

Encrypted UDP, but likely identifiable based on timing etc - we're not trying to hide it right now - the focus is more on decentralization.

> In particular, does it do fully decentralized hole punching?

Depends on what you mean by "fully". When peers first start up they need to connect to a "gateway", a freenet peer that can receive unexpected inbound UDP. But gateways are only required to introduce peers to the network, after the initial introduction they form new connections through the network.

Right now we run these introductory gateways but will decentralize it over time.