Some braids have a coating that will wear off with time and use. This may affect your cast and knots in a negative way, but ussually not line strength. It all depends on how much you use it I guess.
When fireline wears it becomes very frayed and almost fuzzy looking. Ive seen guys use it like that for years with no noticable reductions in strength. Not that I would recopmmend letting it go that long, but just throwing it out there....
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