The resolution of the myth is when the builder is revealed to be a giant and is hit by Thor's hammer and thrown out of Asgard. Loki went missing for several months afterwards, and returned to Asgard with his son, the 8-legged horse Slepnir which he then gave to Odin as a gift.

The climax of the myth is when Loki disguises himself as a horse and distracts the giant's stallion from completing the wall. After this, the builder goes to the gods enraged that they cheated by making his horse run away. Thor then gives him a mighty blow with his hammer sending him flying away from Asgard.

The myth takes place in Asgard. Asgard is the kingdom of the gods, it is about the size of the United States and does not rotate or circle the sun.

The conflict in The Wall of Asgard is the bet that the gods make with the giant. He comes, and offers to build the wall in exchange for the sun, moon, and Freya. The gods need the wall built, but don't want to risk losing Freya, the sun and moon. However, it was Loki that convinced them to agree to the deal.

Loki in today's culture
Loki is most commonly know in pop culture as the Marvel cartoon character. The first comic book featuring Loki came out in 1949, however Loki has come more popular in recent years with The Avengers movie featuring him as a main character. Loki has been referenced in several tv shows including Supernatural, Vikings, a Canadian series, and The Almighty Johnsons, a show from New Zealand. Loki also appears in some video games such as Rune, Yu-Gi-Oh!, Ragnarok, Online, Too Human, and The Age of Empires. Loki is a very popular character in pop culture today.

The myth regarding the building of the wall of Asgard has 5 primary characters, Loki, Odin, the builder (who was later revealed to be a giant), Svadilfari, and Slepnir.

Loki, the trickster god, convinced the gods to agree to the builders deal. Loki, is cunning, intelligent, and mischievous. It is for these reasons that much of the blame for the giant nearly finishing the wall is put on Loki. However, Loki also what stopped the walls completion. Being a trickster, and the god of change, Loki was able to change into a mare and distract the stallion, and in turn, the giant, from building the wall.

Odin, the king of the gods was convinced by Loki to put the sun, moon and his wife on the line for the wall to be built. He is wise, short tempered, and arrogant. Odin placed the blame for almost losing his wife on Loki, as he convinced Odin to agree to the deal.

The builder, who was discovered to be a giant, is deceitful and strong. He was able to disguise himself as a builder until the end of winter, when in rage, he exposed his true form. He was however powerful enough to build an enormous wal surrounding Asgard within a single winter.

Svadilfari is the powerful stallion belonging to the giant that enabled the wall to be built. The only reason that Svadilfari could not complete the wall is when seeing Loki, disguised as a mare, overrun with desire he ran off and stopped the completion of the wall.

Slepnir is the eight-legged horse, son of Loki and Svadilfari. After being born, Loki and Slepnir returned to Asgard and Loki gave Slepnir to Odin as a gift, and as reconciliation for almost losing the bet with the giant.

The Wall of Ásgarð

During the first war, the Vanir had reduced the walls of Ásgarð to rubble.
After the gods had established the nine worlds, a master builder came to them in Ásgarð. He offered to build a fortification around Ásgarð that would be secure against the giants, even if they should come from the direction of Miðgarð. The builder promised to complete the job in three seasons, and as payment, he asked for Freyja to be his bride, and to receive the sun and the moon.
The gods assembled in council and came up with a counteroffer. They proposed that the builder would receive his payment only if he completed the job in one season and did so without assistance from any man. The builder's payment would be forfeit if the job were not completed on the first day of summer.
The builder agreed to the offer if he could use his stallion, Svaðilfari, to help him on the job. Loki convinced the gods to accept this offer to make their world safe from attacks by giants. Oaths were made and witnesses invoked to bind the agreement.
  On the first day of winter, the builder started work. By night, he hauled the stones with Svaðilfari, and by day, he set the stones in place. All the Æsir were amazed at how quickly the work progressed. At the end of winter, the walls were so high that they were impregnable.
Three days before the beginning of summer, only the entrance to the walled fortification remained to be done. The gods assembled in council to decide what was to be done. It was clear by this time that the builder must be a giant. No one else could have completed the work so quickly. The thought of losing not only Freyja to the giants, but also the sun and the moon, was too much to bear. Something had to be done. The gods agreed that the person most responsible for this decision was Loki. They declared that Loki would face death if he did not devise some scheme to cause the builder to forfeit his payment.

That evening, as the builder drove Svaðilfari out for more stone, Loki, in the guise of a mare, ran out from the woods towards the stallion and neighed at him. When Svaðilfari realized what sort of horse the mare was, he went wild with desire. He tore apart his harness and chased after the mare. The mare ran into woods with the stallion close behind, and the builder chased after the two of them, trying to catch the stallion. All night long, the three tore through the woods.
The next day, not much work was completed. When the builder realized that the job was not going to be completed on time, he fell into a giant rage, verbally abusing the gods for their trickery. The Æsir could see now that the builder was a giant in disguise, and they revoked their oaths and called upon Þór to pay the giant his wages. But instead of Freyja, the sun, and the moon, Þór paid off the giant with a blow from his hammer Mjóllnir, shattering the giant's skull into fragments and sending him down to Niflhel.

A number of months passed before Loki was seen again. His romp with Svaðilfari had resulted in him giving birth to a foal. He returned to Ásgarð leading the colt. The colt was gray and had eight legs, and was called Sleipnir. He was the best horse among gods and men. Loki gave the colt to Óðin. 
Óðin will ride Sleipnir into battle at Ragnarök.

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Óðin broke a ring-oath. A more heinous act can not be imagined. This act foreshadows another broken oath that will have dire consequences for the gods. From this point forward, the world of the gods was no longer one of dignified councils or care-free games or confident giant-smashing. The golden age was over, and the downward spiral of the gods had begun.

Loki is one of the major deities in Norse mythology. He is a son of the giant Farbauti and the giantess Laufey. He is regarded as one of Aesir, but is on occasion their enemy. He is connected with fire, trickery, and magic and is able to assume many different shapes (horse, falcon, fly). He is crafty and malicious, but also heroic. Over time he becomes disliked by many of the other gods. Loki's wife was Sigyn, the goddess of fertility and faithfulness. She bared two of Loki's children, Narfi and Vali. Loki also had children with Angrboda, a giantess. She birthed Jörmungandr, a giant sea serpent, Fenrir, a giant wolf, and Hel, the ruler of the realm of the dead who is described as half alive and half dead. Loki also tried his hand at motherhood, when he transformed himself into a mare and birthed Slepnir, the 8-legged horse, and child of the stallion Svadilfari.