The Eyeplant is part of a duo with the Lureplant. The Lureplant will spawn and create a piece of Meat which it uses to lure animals in. Eyeplants will spawn from the Lureplant and these Eyeplants will damage and kill the animals that come for the meat. The Lureplant itself is capable of retaining items that are collected from Eyeplant kills.
While this can make the Lureplant/Eyeplant duo dangerous, it also opens up a number of strategies for killing all manner of dangerous creatures or of automatically collecting items. For instance, planting these and then running by them when you are attacked by Hounds can get even a large group of hounds killed (though Fire Hounds during the summer will burn your plants).