Cordage
Splice it and lose a tenth. Knot it and lose closer to half. The rope is the same rope either way.
— kN
Rope MBL after the splice, before the eye bend
Efficiencies are construction-specific and must come from tested terminations on the actual rope — a splice pattern that suits a three-strand rope is not the one a twelve-strand needs, and a badly tucked splice can be worse than a knot. Lifting and life-safety terminations require proof testing and certification.
Spliced Eye Termination Efficiency Calculator — free, with the formula and a worked example, at Textile School.