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.