Encore
We first recognize that this is a tatting pattern. There are two kinds of tatting: needle tatting and shuttle tatting. Either one works for this puzzle.
To make the pattern easier to follow without explicitly giving away the letters being created (not saying "now join to the picot that forms the arm of the 'A'"), the picots in the center ring are numbered.
Following the pattern yields this piece:
Here's a mapping of how the pattern works:
Annotated guide to the pattern:
Ds: double stitch (the basic tatting stitch, just two knots)
R: ring, formed out of a specified number of doubles in a loop
Ch: chain, a straight line of doubles
Cl r: close ring
P: picot (an extended space between doubles that forms a small loop)
To make the center ring: R, 5 ds, p[1], 5 ds, p[2], 3 ds, p[3], 6 ds, p[4], 3 ds, p[5], 4 ds, p[6], 3 ds, p[7], 3 ds, p[8], 2 ds, p[9], 2 ds, cl r.
To make the T: Ch, 3 ds, join to p[1], 4 ds, p[A], 4 ds. R, 1 ds, p[B], 1 ds, p[C], 1 ds, cl r. Ch, 3 ds, p, 3 ds. R, 6 ds, cl r. Ch, 3 ds, join to p, 3 ds, join to p[B], 3 ds, p, 3 ds. R, 6 ds, cl r. Ch, 3 ds, join to p, 3 ds, join to p[C], 4 ds, join to p[A], 4 ds, join to p[1],
To move to the next picot: 2 ds, join to p[2],
To create the first O: 25 ds, join to p[2],
To move to the next picot: 2 ds, join to p[3],
To create the W: 4 ds, p, 4 ds. R, 6 ds, cl r. Ch, 4 ds, join to p, 4 ds, join to p[3], 8 ds. R, 6 ds, cl r. Ch, 8 ds, join to p[4], 4 ds, p, 4 ds. R, 6 ds, cl r. Ch, 4 ds, join to p, 4 ds, join to p[4],
To move to the next picot: 2 ds, join to p[5],
To create the R: 5 ds, p, 3 ds. R, 6 ds, cl r. Ch, 10 ds, join to p, 6 ds, join to p[6],
To move to the next picot: 1 ds, join to p[7],
To create the second O: 25 ds, join to p[7],
To move to the next picot: 2 ds, join to p[8],
To create the P: 3 ds, p[D], 3 ds, p, 5 ds. R, 6 ds, cl r. Ch, 14 ds, join to p, 3 ds, join to p[D], 3 ds, join to p[8],
To move to the next picot: 2 ds, join to p[9],
To make the e: 7 ds, tighten stitches on ch so it curves slightly, p, 17 ds, join to p, tie and cut.
Starting from where the pattern begins and reading clockwise, we see these letters: TOWROPE, which fits the enumeration and is the answer.