Tíðhǫggvit lét tyggi
Tryggva sonr fyr styggvan
Leiknar hest á lesti
ljótvaxinn hræ Saxa.
Vinhróðigr gaf víða
vísi margra Frísa
blǫkku brúnt at drekka
blóð kveldriðu stóði.
Tyggi, sonr Tryggva, lét hræ Saxa tíðhǫggvit á lesti fyr styggvan, ljótvaxinn hest Leiknar. Víða gaf vinhróðigr vísi blǫkku stóði kveldriðu brúnt blóð margra Frísa at drekka.
The ruler, Tryggvi’s son [= Óláfr Tryggvason], had the corpses of Saxons cut down often, finally, before the edgy, ugly-grown horse of Leikn <troll-woman> [WOLF]. Far and wide the friend-exulting prince gave the black stud of the evening-rider [TROLL-WOMAN > WOLF] the dark blood of many Frisians to drink.
[4] ‑vaxinn: so F, J1ˣ, 61, 54, Bb, 62, Flat, FskBˣ, FskAˣ, 310, vaxin Kˣ, 39, 53
[4] ljótvaxinn ‘ugly-grown’: We can safely assume that this is not m. nom. sg. describing the subject, Óláfr, but m. acc. sg. qualifying hest ‘(troll-woman’s) horse’, hence the wolf to whom Saxon corpses are fed. The minority variant -vaxin, however, is also viable and would be n. acc. pl. qualifying hræ ‘corpses’.