Detailed Description
This is technically the same knot as the regular figure 8. However, this is tied not at the end of the rope itself by retracing, but instead on a bight of rope near the end.
Contrary to popular opinion this is not a Flemish Bend. A Flemish Bend has a strand going out either end and no loop.
Even though this can be tied not at the end of the rope it is usually just a faster way to tie a figure 8 with a bight at the end of the rope. Some people claim if you load the two strands in opposite directions this knot can try to roll, we believe them (see related link for details). In any case, farther from the end you will be better served by a simpler knot like a overhand loop knot or an alpine butterfly.
Prerequisites
Progressions
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Tie A Figure Eight Loop Knot Progressions