So I hear every so often these terms and now I just wonder what they mean
#What'san overcut and undercut
coarse galleon
paper wasp
This video is a great explanation of an Undercut https://www.youtube.com/watch?v=_Su6XtMB1r8
an overcut is a similar philosophy, just the opposite. Instead of pitting earlier and trying to make up time to the driver you are attempting to overtake, you pit later and hope to come out in front of the driver.
On an overcut, by extending the number of laps you are on the first tire (compared to the driver you're challenging), you hope that you will overall gain time on them. For example, by extracting a bit of pace that was left in the tire, or if your rival loses time by pitting and coming out into traffic or lapped or slower cars whilst you complete your stint in clean air. Or they might lose time as they warm up their new tires, letting you gain a net advantage on them.
there are some races where an undercut is especially powerful, which would influence teams to pit earlier, and other races where the overcut has more power.
Whether it is more beneficial to pit earlier or later depends on what tire compounds are being used, what the tire degradation on the day is like, how long a pitstop will take, and lots of other factors.
gaunt lotus
To add a little to what Squirrel has already said about over- and undercuts being powerful, both of these ideas are more useful on tracks where overtaking is difficult, for example Monaco
paper wasp
yes, they are both ways of using strategy to 'pass' a driver, instead of passing them on-track with an overtake