Notice the edges frayed at both ends (4)
I believe the answer is:
heed
'notice' is the definition.
(I've seen this in another clue)
'the edges frayed at both ends' is the wordplay.
'frayed at both ends' indicates a hidden word (letters on either side of the answer are removed).
'HEED' can be found hidden inside 'the edges'.
(Other definitions for heed that I've seen before include "Consider" , "Mark" , "Care, attention (paid)" , "Regard" , "Pay close attention to" .)