What the story of Lord Tiw actually tells us. First we must understand what exactly the Fenris Wolf is. How is it that Loki could give birth to a horse, a woman, a snake, and a wolf? Dagulf Loptson, himself a Lokist, says in his book "Playing with Fire" that he believes Woden shows the path of wyrd, succeeding in his many feats to attain knowledge, inspiration, seduce women etc. Whereas Loki shows wyrm, it's opposite.
This parallels Hinduism in which there is dharma, and adharma. Dharma is wyrd, adharma is it's opposite and portrayed as a demon. Adharma also has many children representing aspects such as deceit, or strife.
Loki has 3 children, one for heaven, earth, and the underworld. Wolf and snake are both general terms for monsters in Old Norse, and "Jörmungandr" literally translates to "big monster". Hel means hidden, so she was hidden away in the underworld, buried. Jörmungandr covers the whole earth and is periodically killed by Thunor, and regenerates. So that just leaves heavenly adharma.
In the story, Tyr sacrifices his sword hand to bind the monster of heavenly adharma. I think this explains why, although he is often called a god of war, Tyr's presence is very calm, fatherly, and wise. Some say it is more accurate to call him a god of justice. The very word "god" in English, means Tiw. For he has many names. When many Protestants pray to "God", they are praying to Tiw, and don't realize it. In many ways, this god matches the Protestant representation of Yahweh, which incidentally does not seem at all like the Yahweh of the bible. That is because it is not.
Tiw is ancient, wise, distant, yet fatherly. He is fair, and wants the best for his children. Yahweh by contrast is a vengeful god. A jealous god, seeking to bring about an apocalypse. The English speaking world has gone to great lengths to convince people that Tiw is Yahweh, but New Testament Yahweh speaking through Jesus is scarcely different from Old Testament Yahweh. Both threatening to destroy their enemies in the harshest of ways unless they submit to being his slave. This is not Tiw at all.
