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I believe it's the wire used to attach the Z51 rotor cooling rings if you want to drive your Z51 on the track. My first C7 Z51 came with the rings and the wire spool and some mounting instructions.
It's safety wire. It's used to retain the rings through the holes to the hub. A normal set of pliers, grasping the two ends of the looped wire can be used to twist the ends together, preferably at a 45 degree angle. If you're high speed and low drag, you can get a set of safety wire pliers or speed pliers.
My lump of "solder" is still in the plastic bac with the discs in the garage. Still virgin! I will sell for a ridiculous price that will embarass anyone that bites!
Forgot all about that stuff that came with the car.
I actually used my cooling rings and safety wire the first time I tracked my car. Of course the stock Z51 rotors with the rings still didn’t dissipate the heat very well. I wound up swapping them out for better aftermarket rotors.
Before Loctite in the early 1970's, I used to Campaign a Honda 350 and then a Yamaha RD 350 in Open Production Road Racing.
Just about every bolt and nut was Safety Wired and that was a major pain to do. There was a special tool for the wire, after you drilled the hole through the nut and bolt.
Our 2017 Z51 came with the newer one-piece rotors, and so didn't need/couldn't use the cooling rings, wire, etc.
But when I looked in the cubby, all that stuff was there; just waiting for me to throw it away.