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In Season 1, Episode 2 of Loki, we are finally shown the Variant that has been creating trouble for the TVA in the Sacred Timeline. Who is this character supposed to be?

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    Lok-She! (Maybe that won't catch on.) – Paul D. Waite Jun 18 at 12:10
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    The audio description lady says that she's "a mysterious blonde woman wearing Loki horns" – Valorum Jun 18 at 16:08
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The actress playing that character is Sophia Di Martino. In the official credits for Loki S01E02, she's listed as playing "The Variant."

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Within the episode, the character is repeatedly described as a variant of Hiddleston's Loki:

Mobius: Here's the deal. When we get out on the branch, we're not just looking for a Time Criminal. We're looking for a Loki. A variation of this guy. A type we should all be very familiar with, because the TVA has pruned a lotta these guys, almost more than any other Variant. And no two are alike. Slight differences in appearances, or not so slight. Different powers, although, powers, generally include shape-shifting, illusion-projection, and my favorite...

This brings to mind the female version of Loki from the comics, who, like "The Variant," wore a headpiece with horns.

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However, the credits for the S01E02 Castilian dub list a character named Sylvie, right under Loki's name, which is where "The Variant" was listed in the main cast credits.

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And as Derek pointed out, around the 20-minute mark in S01E02, we briefly see a file with the name Sylvie Laufeydottir printed on it.

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Loki's last name is Laufeyson, "Laufey" is the name of his biological father, and as Rand al'Thor pointed out, "dottir" is the Norwegian word for daughter.

Considering everything above, it seems likely that this character is meant to be a loose adaptation of the female Loki from the comics, given the distinct name of Sylvie Laufeydottir in order to better distinguish her from Hiddleston's Loki.

The first name, Sylvie, might've been borrowed from Sylvie Lushton, a human granted powers by Loki in the comics, and the MCU writers may've drawn on other aspects of this character for inspiration as well.

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Cailey Fleming is listed in IMDB's full cast & crew credits for the show as playing "Young Sylvie," which may be a sign that we'll be getting some backstory on "The Variant's" childhood in a future episode.

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    It says her name "Sylvie Lauffidottir" on the TVA dossier Loki reads before they go to the superstore. – Derek Jun 18 at 4:55
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    Supposedly she's credited as Sylvie rather than as the Variant in the Spanish dub: twitter.com/ashelynx22/status/1405075042438991873 – Arcy Jun 18 at 5:03
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    @Derek - There is speculation that the MCU writers might've chosen to fuse elements of Sylvie Lushton and the female Loki into an entirely new character. The name, Lauffidottir, is suspiciously similar to Loki's last name, Laufeyson. – LogicDictates Jun 18 at 5:06
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    Looks like the Norse suffix -dottir for daughter, as opposed to -son for son. Loki's sister? – Rand al'Thor Jun 18 at 5:49
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    You might want to update this answer now we've seen more about Sylvie. – TheLethalCarrot Jul 2 at 14:54
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She is, as confirmed by Tom Hiddleston, a variant of Loki.

Can you talk about working with Sophia Di Martino? Since she’s playing essentially a version of you, is there anything she borrows from your portrayal, and what are the odds that there’s some kind of deeper relationship between you two? Because I feel like it would be pretty interesting if the one person that Loki falls in love with is a version of himself.

TH: That would be interesting. I think the idea, it seemed so rich that Loki would be confronted with himself. Not maybe just in a metaphorical way, but in a physical externalization. I absolutely loved working with Sophia. She had lots of questions for me, and my experience of playing the character, and various things that I had found interesting in the long history that the character has been around in human consciousness. But what was so wonderful is that she authored her own character completely. She had all her own ideas and inhabited it in her own way. Then the joy was putting the two of them together and seeing how they react to each other. Yeah, there’s lots of opportunities in there.

‘Loki’ Star Tom Hiddleston Discusses Sophia Di Martino’s Surprising and Mysterious Series Debut

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    It's somehow incredibly Loki for Loki to be very enthused about talking to themself. – Shadur Jun 18 at 15:32
  • Can Loki regenerate into female? – user931 Jun 19 at 2:51
  • It's also possible that she's just some random person who was in the store, customer, employee, etc. - alt-Loki was trying on several different bodies just prior to that in the episode, maybe he just decided he liked this one and decided to keep her, using Loki's already-established illusion powers to alter her outfit to that whole green/gold horned armor getup he likes. (This of course brings up all kinds of questions about gender-identity - does a person who can look like literally anyone at will even need to pick a single identity? He/she could be anyone they want to be...) – Darrel Hoffman Jun 21 at 17:22
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    @DarrelHoffman, Identity isn't the half of it. Remember that in the Eddas Loki is Sleipnir's mother, and also considering the various forms of 'his' other children, this probably says Loki is fairly free and easy not just with sex but species as well. – Separatrix Jul 9 at 15:01

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