Þorði Iðja orða.
Orða Iðja … þorði.
Of the words of Iði <giant> [GOLD] … dared.
[1] þorði ‘dared’: Þorði could be 3rd pers. sg. pret. indic. or 3rd pers. sg. or pl. pret. subj. of þora ‘dare’ or dat. of Þórðr, a pers. n. (if the stem vowel is long). Kock (NN § 2810) suggests that the whole line could simply refer to a name, ‘Gold-Þórðr’.