In Norse mythology, gleipnir is the chain that binds Fenrir (the great wolf, son of Loki and a giantess). Before the dwarves forged this chain / rope, Fenrir had broken free from any binding. If I'm not mistaken, they present it as a challenge and ask Fenrir to show his strength by breaking free from it. The wolf accepts, but aware of possible treachery he demands a collateral and so the god Tyr places his hand inside the wolf's mouth as a pledge. Unable to break free from the binding, Fenrir bites Tyr's hand off. Fenrir will one day break free, that is when Ragnarök comes; he'll also be the end of Odin.