This knot makes it easy to create dropper loops to add multiple hooks or a weight to a rig. I use this often for live or dead bait fishing where I put the weight at the loop. Sometimes I will tie the weight at the end of the line and put multiple loops up the rig to have a multi hook rig.
I also use this occasionally to attach leaders or tippit to my running line. Its not as strong or thin as a blood knot, but it is very quick to tie, and easy also even when your fingers are cold.
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Dropper loop knot