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Loki may have originated as an epithet or title ("Entangler"), similar to Freyr ("Lord") for Yngvi, as evidenced by the JötunnÚtgarða-Loki featuring the same element. Some suggest his original name was Old Norse*logi(“liar, deceiver”) (from Proto-Indo-European*lewgʰ-(“to lie, tell a lie”), cognate with Old Englishloga(“liar, deceiver”)), as he is the god of mischief, or Old Norselogi(“fire, blaze”) (from Proto-Indo-European*leuk- which relates to how he is speculated to have been worshiped.[1]
^ Heide, Eldar (2011) “Loki, the Vätte, and the Ash Lad: A Study Combining Old Scandinavian and Late Material”, in Viking and Medieval Scandinavia, volume 7, →DOI, pages 63–106 (65–75, quoting p. 75)