Welcome to the board! If it were mine I would re-bind it by removing the old binding & replacing it with a new one. Try to look carefully at the 2 inch area where it is fraying & figure out just what happened to cause it to fray. It could be that when you were sewing it on you did not give it a good 1/4 inch seam in that area. Anyway, if you can see what went wrong the first time it will help you avoid the problem the next time. Good luck!