Rewrap on a Searing cue.

[SSDiver2112]

I am doing a re-wrap on a Dennis Searing cue. I have a question on what’s underneath. At first I thought it was masking tape but it is too thin and isn’t sticky. It peeled off easily. It almost felt greasy under the jagged cut paper. It might be wax paper and it is wax not grease??

Any one know the purpose? Is it just to build up the channel to make the wrap flush?
Scott