Dormammu brings Loki to his home, the Dark Dimension, to aid him in his quest of destroying Doctor Strange. He explains to Loki how when Strange beat him years ago, Dormammu was forced to promise that he would never again attempt to invade Earth. Attempting to find a loophole while staying true to his word, Dormammu plans to bring Earth into the Dark Dimension, thus bringing it under his rule.
Meanwhile, the Defenders arrive back at the Sanctum Santorum of Doctor Strange, after warding off an attempted invasion of Atlantis. Strange attempts to reach the Black Knight-who was previously turned to stone by the Enchantress-and send him a message. The Black Knight's astral form receives the image and he sends a message back. However, on the way there, the Black Knight's message is intercepted by Dormammu, who manipulates the message to trick the Defenders. He changes the message to say that they need a weapon called the Evil Eye (last seen years ago in Fantastic Four), to free him from his stone encasement.
The Evil Eye was last found by the Fantastic Four. They found out that it was dangerous, and subsequently tried to destroy it, breaking it up into six parts, which in turn were scattered around the world.
Meanwhile, in London, the Avengers go to search for the Black Knight. They called him to help face a menace in Avengers 100. He did not heed the call, and there was no reply from him for several weeks, leading the Avengers to grow concerned for their one-time team mate. However, upon reaching the Black Knight's castle, they find a magical barrier erected around the outside. This barrier was put up by Doctor Strange immediately after the Black Knight was turned to stone. The Avengers try everything they can to break down the barrier, but nothing works. Eventually, they discover its magical origin, and decide to see if Doctor Strange knows anything about it.
The Avengers travel to Strange's Sanctum, where they are once again met with magical resistance. The Avengers fight their way inside, only to be expelled by a powerful defensive spell.
Inside, the Defenders decide to split up and try to find the six pieces of the Evil Eye. The Silver Surfer goes off to Rurutu, French Polynesia, Hawkeye is dropped off in Monterrey, Mexico, Doctor Strange goes to Fort Wayne, Indiana, Valkyrie flies to Sucre, Bolivia, Namor flies to Osaka Japan, and Hulk leaps to Los Angeles, California.
Meanwhile Loki appears before the Avengers, blinded by his battle with Thor in Thor 207. He has realized that if Dormammu takes over the Earth, that Asgard is inevitably next. Dormammu has promised to restore his sight if Loki helps him, but Loki wants to protect his own life. He tells the Avengers that the Defenders want to unite the pieces of the Evil Eye in order to rule the world. The Avengers, believing the Defenders kidnapped the Black Knight, believe him. They set off to confront the Defenders. Vision and Scarlet Witch head to Rurutu, Iron Man flies to Mexico, Mantis and Black Panther head to Indiana, Swordsman goes to Bolivia, Captain America goes to Japan, and Thor goes to California.
The Silver Surfer arrives shortly before Scarlet Witch and Vision. They meet up at the location of the Eye segment, which happens to be an active volcano. Due to a misunderstanding, they fight it out in the heart of the exploding volcano. Wanda is incapacitated and put in the way of the flow of lava. Vision, seeing his love in danger, flies to her rescue, leaving the Surfer free to take the eye.
Meanwhile Hawkeye and Iron Man meet in Mexico. During the ensuing battle, Hawkeye nails Iron Man with an arrow containing acid. Iron Man has to fly out of range to get rid of the acid. Pressing his advantage, Hawkeye escapes with the Eye.
In Indiana, Mantis and Black Panther look for their segment of the Eye, unaware that Doctor Strange had already found it. Strange attempts to sneak away unnoticed, but is detected by the pair. However, after a brief skirmish, Strange is able to get away with the Eye.
Meanwhile, Swordsman attempts to take his section of the eye from a castle in Bolivia. Upon getting there, Valkyrie causes his ship to crash. They meet in the castle and engage in an intense swordfight. In the confusion, Swordsman is shot by the owner of the castle, leaving Valkyrie free to make her escape.
Cap and Namor meet up in Japan, and engage in an intense battle. Namor appears to have the upper hand, when the fight is interrupted by Sunfire, who plans to steal the weapon so the fighting will stop. This causes Cap and Namor to pause and talk. Through this conversation, Cap realizes the Avengers have been duped, and sets out to resolve this.
Meanwhile, in Los Angeles, the battle between Thor and Hulk commences. They fight to a standstill, and the Avengers and Defenders arrive, having joined forces. Both teams realize their error, and meet at Strange's Sanctum to meet and discuss their plans. While there, Dormammu is able to bring the 616 dimension into the Dark Dimension.
Upon arriving, most of Earth's population is transformed into terrifying monsters. Strange casts a spell to protect the heroes from the change, but they are horribly outnumbered. SHIELD arrives, giving the heroes some breathing room. The heroes fight their way to Dormammu. Dormammu changes the ground to quicksand, dispatching half the heroes. He then changes the rest into their secret identities. However, since Scarlet Witch is a mutant, she is not affected, and is able to defeat Dormammu. As a result of this, Loki is cured of his blindness, but is reduced to total insanity.
The Earth arrives back in its own dimension, and everyone is changed back into their normal human selves. Strange erases the secret identities of the heroes from everybody's mind and the Defenders set out to free the Black Knight. However, upon using the Evil Eye, the Defenders are sent back in time to the 12th century. There, they find the Black Knight, right in the middle of the crusades. They help him rescue an important historical figure in the crusades. Upon completion of this quest, the Black Knight decides to stay in the past. When the Defenders return to Earth, the Silver Surfer, Namor, and Hawkeye all decide to leave the team.
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