It is the result of implementing a double wall knot in one strand.
[1] The oysterman's stopper...It is a larger knot than the figure-eight, which has but one part around the stem.
The oysterman's stopper knot has three rim parts, and these are quite symmetrical when viewed from the underside.
From this view it closely resembles a three-strand wall knot.
It is easy to tie and practical to use when the hole that is to be filled is too large for the figure-eight.