Previously… There was this eye. Odin’s eye. The one he sacrificed to gain access to the Well of Wisdom. Turns out the eye didn’t like being sacrificed, so he crawled up out of the Well and spent his days burning with revenge. Defeated in the past by Hod, Thor and Loki, Odineye added them to his list of vengeancey doom.
Currently… Odineye positioned himself within striking range of his secondary targets by posing as their backup dad. As awesome as he was as a backup dad, he nearly got too close to his targets… too attached. But the paranoia generated when being hunted by Hel and the Valkyries peels away his facade and the villain trapped within him steps forward (well… it makes a valiant effort, which is a bit odd for a villainous side).