The eye splice is the best method of creating a permanent loop in the end of multi stranded rope by means of rope splicing

Rope splicing

Rope splicing in ropework is the forming of a semi-permanent joint between two ropes or two parts of the same rope by partly untwisting and then interweaving their strands. Splices can be used to form a stopper at the end of a line, to form a loop or an eye in a rope, or for joining two ropes...

. The ends of the rope are tucked (plaited) back into the standing end to form the loop. Originally this splice was described with each end being tucked only about three times. When the splice was made in tarred hemp or cotton this was reasonably safe. With modern synthetic ropes, five complete tucks is a minimum and additional tucks are recommended for critical loads. The eyesplice is also commonly used on wire rope.

Technique

The ends of the rope are first wrapped in tape or heated with a flame to prevent each end from fraying completely. The rope is unlayed for a distance equal to three times the diameter for each "tuck", e.g., for five tucks in half inch rope, undo about 7.5 inches. Wrap the rope at that point to prevent it unwinding further. Form the loop and plait the three ends back against the twist of the rope. Practice is required to keep each end to retain its twist and lie neatly. In stiff old rope or in new rope which has been tightly wound, a marlinspike

Marlinspike

Marlinspike is a tool used in ropework for tasks such as unlaying rope for splicing, untying knots, forming a toggle , or forming a makeshift handle....

 or fid

Fid

A fid is a conical tool made of wood or bone. It is used to work with rope and canvas in marlinespike seamanship. A fid differs from a marlinspike in material and purpose. A marlinespike is used in working with wire rope, may be used to open shackles, and is made of metal. A fid is used to hold...

 can facilitate opening up the strands and threading each end.

In some cases, the splice is tapered by trimming the working strands after each tuck. Also, the splice can be whipped

Whipping knot

A whipping knot or whipping is a binding of twine around the end of a rope to prevent the fibres of the rope from unravelling.When a rope is cut, there is a natural tendency for the cut end to fray. A whipping is one way to try to prevent this, by applying multiple turns of twine tightly around...

 to protect and strengthen the splice. A rope thimble can be inserted in the eye to prevent chaffing if the eye is to be permanently attached to a fixture (used when attaching a rope to a chain for example).

The eye splice has several advantages. The most notable is the permanence of the loop. An equally important, but less noted advantage, is the lack of stress it puts on the rope. Splices average 10-15% of rope strength decay which is very low compared to even the strongest knots. Literature and reference sources typically attribute only a 5% strength decay for a properly tied splice. Technically, a perfectly tied splice retains 100% of the original strength of the rope, but only a trained professional is considered capable of performing this task. Destructive testing of rope in manufacturing facilities makes use of a professional and spliced eyes for connecting the rope to the testing apparatus.

Alternatives

The Bowline

Bowline

The bowline is an ancient and simple knot used to form a fixed loop at the end of a rope. It has the virtues of being both easy to tie and untie. The bowline is sometimes referred as King of the knots because of its importance...

is a quick practical method of forming a loop in the end of a piece of rope. However, the bowline has an awkward tendency to shake undone when not loaded. The bowline also reduces the strength of the rope at the knot to ~45% of the original unknotted strength.