Eye rotates around stud terminal to prevent twisted wires
Used as an attachment point for pelican hooks at gate openings
The eye on the standing part of the wire stops the life line from going slack when the gate is opened


Heavy on the technical side...

Hand Crimp terminals, when properly applied, are approximately 65% - 70% the strength of 7 x 7 stainless steel wire.
While this has proven adequate for use in lifelines, these fittings should not be used for standing rigging or other high load applications.
For correct attachment, manufacurer's instructions must be followed.