Pretty close! It’s tar-soaked hemp fibers (rope traditionally being hemp), called oakum. Sometimes cotton under that for filling if needed. To me it still feels more about carefully easing out, particularly since paying out also has other uses that aren’t rope related, like falling off to leeward after a tack.
Also, If I understand it correctly it’s also called this because caulking requires jamming pitch soaked rope into the joints so it’s still about rope!
Pretty close! It’s tar-soaked hemp fibers (rope traditionally being hemp), called oakum. Sometimes cotton under that for filling if needed. To me it still feels more about carefully easing out, particularly since paying out also has other uses that aren’t rope related, like falling off to leeward after a tack.