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It's a leftover from the previous owner - pretty sure it's just a bit of extra bar tape wrapped around the stay and over a stay protector.
I'm going to leave it for now, but if I have some bar tape leftover swap it so it matches with the new tape.
I am not mad crafty, so... here's hoping it's nothing fancier.
PeteJChurchill
@veLLo
What's that nice woven thingy around the chainstay and do you need to be mad crafty to do something like this?