Notes on this week's chapter
Page 1: 18 chapters in and nothing of interest has happened in Yamato's cover story. Though it is very nice to see Speed again
Page 2: The questions Luffy is asking are those Oda assumes the reader might be asking, and will probably be answered in this arc. So focus on what might be at the top of the Adam tree and why this land is called "The Birthplace of War"
Page 3: Loki's anger managed to disturb animals from far away. His relationship with animals is being emphasized this chapter, probably because he connects with them more than his Giant brethren. He also calls himself the "Sun God." I'm not sure if this is in a similar way to how Road referred to himself as a "Sun God" in Japanese, which is different from how Nika is called the Sun God. It could also be an indicator that Loki ate a "Sun God" devil fruit, possibly a Kyojin Kyojin fruit (Giant Giant fruit). It's also worth noting Loki's incredibly high bounty, probably set by the land of Elbaf. He is absolutely super strong. I wonder if Oda ever went back to the Fishman Island arc, he'd give Hody and the other New Fishmen pirates island-specific bounties like this?
Page 4: Loki's capture, likely following his fratricide, happened six years ago. What else happened six years ago? Shanks' ascension to Yonko. Not saying these events are necessarily linked, but it could explain Shanks' great relations with the Giants. If he assisted them in taking down Loki, and in exchange got the Giants to ally with the Red Hair Pirates, that would definitely force the Marines to classify him as a Yonko. It's a good thing Loki ate a Devil Fruit, otherwise it might be impossible to restrain him. That being said, where did the Giants get so much sea stone? Perhaps a cache from the Void Century given as a gift by the allied nation of Wano? On this page, we also get the long speculated confirmation of the Adam Tree being in Elbaf. Lastly, Loki mistakes Luffy's name at first. I don't know how much it's worth reading into this, but someone else could probably find significance here.
Page 5: Loki mentions a village, though we have yet to see any yet. Is the village seen in Big Mom's flashback on sea level, or is it on the next tier of the Adam Tree? Loki explains that the area they are in is the Realm of the Dead, but this realm is probably just the dense mountains surrounding the Adam Tree. We saw port villages back in chapter 1076, so the Realm of the Dead probably doesn't constitute the entirety of Elbaf below the Adam Tree. This being an area for criminals also explains the "Land of the Gods" being a detention center
Page 6-7: I don't know what to make of the Realm of the Dead also being titled "The First World." Not a Norse mythology expert. The nostalgia Luffy mentions could be for a couple different things: the wild animals on Dawn Island, the massive dinosaurs on Little Garden, or the beasts he fought on Rusikaina
Page 8-9: The robed figures are explained to be criminals who defied the laws of Elbaf, and are condemned to walk this realm. They see Loki as a master, probably due to his power and status. Since he's a Conqueror, Luffy quickly cozies up to the fauna. Since Loki needed his underlings to alert him to this, he might not have CoO. Worth noting how quickly Luffy's expression changes from this page to the next. Loki is aware of Shanks, so they must have some history. Loki demeans the Yonko as a coward, though their eventual backstories will shed light on this
Page 10: Finally, Gear 4 makes its proper return instead of being selectively activated. Luffy is unable to control his emotions when Shanks is belittled, which is honestly giving Shanks huge death flags. In the likely event that Shanks fights and dies to Blackbeard, it is going to send Luffy over the edge.
Page 11: Loki is confident that he could kill Luffy, but this is probably a combination of him not seeing Gear 5 and overestimating himself. Luffy is once again used as an audience surrogate, asking why Shanks came to Elbaf. Oda wants to highlight these mysteries because they have importance. No way Shanks came to Elbaf for a measly errand like dispatching Useless Mid. Loki's last line is very intriguing, as he can't simply tell Luffy if Shanks is on Elbaf. What is he keeping secret?
Page 12: It is unknown why Road is running up the bridge. The next page gives some extra context, but nothing is outright confirmed
Page 13: Gerd and Goldberg (named after wrestler Bill Goldberg) are chasing after Road, with Goldberg carrying the Sunny. Gerd and Goldberg probably found out what Road is doing, and now Road is in trouble. Road could also be trying to recollect the Straw Hats, but we'll have to wait and see. Usopp smartly tells Zoro not to engage, as that would be an attack on their subordinates, and probably make them criminals in Elbaf. Sanji/Usopp (hard to tell who is speaking) says that a village might be up ahead, and he is likely correct. We'll be seeing a proper Elbaf village soon enough
Page 14-15: We get a glimpse of the Realm of the Dead expanding towards the coast. This looks nothing like the coast Shanks departed from, so maybe this realm only takes up part of the bottom level? Hajrudin and Stansen (the Giant freed from slavery at Sabaody, named after Stan Hansen the GOAT) have felled a moose. Road also had a moose-like mask, so this might be what happens to Road once Hajrudin realizes what he was doing to the Straw Hats. It's quite an odd moose too, possessing reptilian features. Stansen mentions sun stone, which might an important material found on Elbaf and part of why the Giants revere the Sun God.
Page 16: These small moments with the crew are wonderful. Really wish there were more of them with the newer Straw Hats. Oda might be pushing a strong friendship with Lilith and Brook, as they play off each other well here, and were already paired up during the escape from Egghead. Robin's hair is back to bangs, LET'S GOOOOOOOOO
Page 17: Ideally, the emphasis on Saul means that Robin will be getting an important part in this arc. However, Saul is following in the steps of legends like Kuina and Cindry by falling Down D. Stairs