I had the opportunity to listen to a short presentation of Loki made by Dagulf during Pantheacon 2014 in the Heathen Hospitality Suite. (At least, I believe it was him. I don’t recall the name of the speaker but the perspective put forth in the following article is the same as the presentation so I’m simply drawing a conclusion.) The suite was quite crowded after the presentation so I didn’t get to speak with Dagulf though perhaps I’ll have an opportunity in the future.
The article puts forth a detailed, well-researched consideration of Loki’s fiery role in the historic Norse tradition as extrapolated by a parallel examination of the Vedic Agni. This information may help inform the practice of those working within a Norse framework and may also help to clarify the practical and beneficial role that Loki plays within it.
Due to the pointed way in which Loki doesn’t consume the bones in Snorri’s account, it is my belief that in antiquity Loki (like Agni) was regarded to be the personification of the fire of cremation and sacrifice. In Snorri’s story, Loki represents the holy fire of cremation that separates bones from flesh, which competes against Logi, who personifies the mundane wildfire that indiscriminately eats whatever is laid in its path.
Go check it out here: http://polytheist.com/orgrandr-lokean/2014/09/23/a-new-place-for-loki-part-ii/