In some ways, we could be considered as being more obviously dangerous to the Gods than Loki, certainly there is not so much ambiguity, but again the source of this threat is Loki. At the level we are detailing here, Fenris personifies the `false ego` or `little self` which constantly works to keep us from our `great self`, it seeks to devour the higher consciousness we journey and strive to attain. Indeed this little self is a child of illusion. In the mythology it may appear strange that this beast is not slain before he has grown to his dangerous size but instead he is brought into Asgarth. This shows us how hard it actually is to `slay` the false ego, how it is constantly with us, pulling at us, attempting to devour our higher consciousness (or the potential for attaining that). Even those who have extreme self discipline and conduct intense spiritual practices will still be dogged by this ``wolf` and must always check on its ravening. It may also be a little puzzling that the only thing found to bind him was a chain forged by the dark elves. The dark elves themselves symbolise negative traits, be they uncontrolled sensual desires, material desires etc, but paradoxically it is these very things which spring from illusion which ``bind`` or dictate to the false ego. We see in the mythology that untamed and loose this monster is a direct threat to the Odin principle, Higher awareness, and needs be destroyed before full realisation of the Odin consciousness is attained. And what is a big fear in doing this? That by overcoming this little self we loose all sense of ourselves, this is an illusion of course as the great self is then revealed and experienced, but illusion is powerful and sires a ferocious ``wolf``.
The second spawn of Loki or illusion is allegorically given as Jormungandr the World Serpent. A creature so vast it encircles the material world of Midgarth and holds fast unto it. Again what splendid imagery, for Jormungandr is symbolic of the material desires and unchanneled or uncontrolled vital life force we posses. Attachment to these desires and an inability to control the life energy are yet more obstacles, which hold us from attaining higher awareness and super consciousness. Illusion, our incorrect perception of the nature of reality and desire for the seeming pleasures or gains we find on the Midgarth realm of existence which illusion brings, holds us firmly to a lower level of reality than we can achieve. Interestingly the life force in early Indo European (Aryan) teachings is depicted as a serpent (kundalini). Correct control of this force or snake leads to rapid evolution, but uncontrolled it is a danger. Another fitting child for Loki is this vast serpent.
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