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First this is Norse mythology, so Odin's wife must be Frigg, not Mimir, she is just a sage, even if Odin's lover. Loki is an other Norse god, kind of the enemy of Odin, so Loki and Odin will probably turn out to be the main reason behind the story. They must have known each other, so they can't be the same person. Also in norse mythology Odin has 3 sons: "Thor", "Baldur" and "Váli", Balthar must be Baldur.
"Loki had such a cloak too..." - It's probably an Asgard gods only item
, I don't see the importance of that cape. It's a surcoat that makes Demon Lords 120% more badass, and each Demon Lord must own one. The author probably didn't wanted to do the usual thing, where the Hero, just before saving everyone and the world, does some shopping offscreen and buys a new outfit somewhere (This is what Bleach, Naruto, and lots of other manga does). So he made it, that Odin gave the cape to him in the last moment."That could explain how Odin created the DL-Mask out of nowhere..." - That mask has no importance, it's not the same mask that N.K. used to get his power, (see my previous answer).
"Odins end is unknown" - No Odin is dead. It's explicitly stated many times. N.K. killed him, and stole his fate. Unless the author pulls some miracle plotline (possibly involving time-travel) to revive him, he's 100% dead.
"was know to wield every demonic AND holy sword in existance" - This probably relates to N.K.'s ability, to create a new sword every time, while other knights just switching between them. It's noted somewhere that he has this ability.
"I thing that knight with the ability to change their fate have to add or substract others fate to their original fate" - I can understand "adding" fate, as having multiple of them. What is "substracting" fate in your interpretation? And, as I said Odin and Loki must've known each other so their fate is distinct. I don't think there is a single fate.
"It's so damn strange that Loki looks like Odin +DL" - Most characters look the same in this webtoon, but I think Loki's face isn't the same as Odin's. They both got long hair, but that's all. Also Odin is the order, he's the ruler of Asgard, and Demon Lords are the chaos, that tries to destroy that order. Demon Lords have little work to do without Odin, so Odin couldn't be Loki, or part of Loki.
I think Loki is N.K.'s "name". It's strange that after a whole season N.K. still hasn't gotten his name. "Names" needed for the knights to enter the Valhalla, witch is the afterlife for warriors. Only the nameless knights, who are just dolls have no name, and it seems they have no soul/mind either. N.K. has become self aware so he has a mind, and also a soul (I'm not sure if he had a soul before meeting the princess, but after that he definitely has one). Odin should have given him a name multiple times, but he still didn't get one. I think that's because he already has a name, and I think that's Loki. He has the same abilities too (changing his fate, an creating swords).
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