The following contains spoilers for Avengers #65, on sale now from Marvel Comics.
Over the course of the Avengers' battles against Mephisto across time and realities, they have come face-to-face with an endless number of their variants, not to mention those of their enemies. This is even true of Avenger Prime, the one who took it upon himself to unite them all, and who turned out to be none other than Loki. Or rather, one Loki out of an infinite number, as well as quite possibly the only one of them who will ever truly be a hero.
After finally revealing himself to be another Loki, Avengers #65 (by Jason Aaron, Javier Garrón, David Curiel, and VC's Cory Petit) gives Avenger Prime a chance to tell a story about what led him to where he is today. As he explains, his world was one where he quickly ascended to the throne of the All-Father and no one would ever come to question his reign. This included his world's Avengers, who he took preemptive measures against to ensure would never get the chance to assemble. Unfortunately, this left him woefully outmatched when the likes of Thanos, Galactus, and the Celestials came calling. Although he defeated them, doing so proved to be what sealed his fate as yet another failed Loki.
The Avengers Discover Loki's Depressing Multiversal Truth
Like every other version of himself from across the multiverse, the Loki who would become Avenger Prime found his story mired in defeat. Though his story had begun along the same lines as so many of his other variants, the fact that he ascended to the throne of Asgard and culled any challengers was supposed to separate him from their ilk. At least, this is what he had hoped, but again, like every other version of him, his shortsightedness was his ultimate undoing.
This is hardly anything new considering the trends that Loki has followed throughout his myriad of appearances and reimaginings. Loki has always been left to suffer a terrible defeat for one reason or another. Most often, this is simply because of some unseen force that Loki could have easily anticipated if he weren't so caught up in his own narrative. On the other hand, coming to understand that same narrative is exactly what has given this Loki the chance to become the heroic Avenger Prime in the first place. As far as he can tell, it is this sense of self-awareness that has come to separate him from the rest of his variants as both a hero and a success, though he might not be as alone in that regard as he thinks.
Avenger Prime isn't the Only Loki Who Could Be a Hero
Much like the Loki who is Avenger Prime, the Loki of the Eighth Cosmos has gone through a drastic shift of his own, albeit without having to sacrifice his entire universe. Instead, it was thanks to the adventures and influence of yet another version of himself that the current Loki has embarked upon a grand heroic chapter unlike any before it. In coming to terms with her place in the universe, the Loki who came before him ascended to the mantle of the God of Stories.
By this measure, Avenger Prime isn't the only heroic Loki in the multiverse, nor is he the only one who has broken their cycle of triumph, tragedy, and utter disaster. That is, assuming those woes aren't still coming for him or his primary variant. There is always the chance that Avenger Prime is in fact correct in his assessment, which would presumably spell disaster for either himself or the Loki fans know best. Considering everything that is at stake where both of them are concerned, it would certainly be for the best if he were wrong. Then again, an indictment of one Loki isn't necessarily an indictment of them all, even if expectations would lead any reasonable person to believe that to be true.