Thor leaves Asgard to fight trolls. Because he is Asgard’s main protector, Odin proposes to build an immense defensive wall. A stranger arrives the next day, offering to build the wall in three seasons. In return, he wants to marry the goddess Freya and to own the sun and moon. Freya is furious but stays quiet. Odin sends the stranger out so the gods can discuss the matter.

The decide to decline the stranger’s offer. Loki, however, suggests that the stranger’s offer is impossible; he says they should give the stranger only one season, with no help, and if he is not finished, they will give him no payment. They can then drive him off and use whatever work he has done for foundations for the wall. The other gods, except Freya, think this is clever. The stranger agrees, with the caveat that he can use his horse, and the parties swear to the terms with an unbreakable oath on Gungnir.

As the stranger sets to work, the gods are impressed with his speed and skill. The horse is able to drag an impossible load of rocks in its cart. Loki remains nonchalant, but is perturbed; Freya’s hatred for Loki mounts.