The name Jormungandr/Jormungand consists of two parts the prefix Jörmun denotes something huge, vast superhuman and the word gandr/gand which typically refers to things related to magic usually a magic stick or staff. Is sometimes translated as monster but based on how the word is used the vast majority of the time this seems incorrect. We don’t have much information on who Jormungandr is based on the eddas but, we have the story of his birth, the story of Thor going fighting then fighting him and the story of Thor trying to lift him while he is in the form of a cat. Other than that, we know that he encircles Midgard and is often depicted biting his own tail. The ouroboros or uroboros is an ancient symbol depicting a serpent or dragon eating or biting its own tail which is associated with magic and the cycle of life death and rebirth. In many religions snakes are associated with knowledge healing transformation and the creative life
force. Based on the depictions of Jormungandr and the etymology of his name I think the information we have about the ouroboros and snakes in other religions is applicable to Jormungandr. Jormungandr can also be seen as a protector of
Midgard as a whole as apposed to Thor being a protector of humanity/civilization.