Replying to 10ft Banshee/Gravitis Bungee Care

I recently bought a 10ft Banshee Bungee and im wondering if anyone has any tips/suggestions for caring for it and making it last. I know these things have to be cared for well or they are useless. I got the 10ft because i wont be using it to hit anything too creative.

I might have read somewhere about putting a powder on the bungee to make it last, and definitely not heat drying it after use. Is there also any benefit in not storing it in the bag and letting it store uncoiled and in a relaxed state?