eko nārāyaṇo devaḥ
pūrva-sṛṣṭaḿ sva-māyayā
saḿhṛtya kāla-kalayā
kalpānta idam īśvaraḥ
eka evādvitīyo 'bhūd
ātmādhāro 'khilāśrayaḥ
ekah -- alone; narayanah -- the Supreme Personality of Godhead; devah -- God; purva -- previously; srishtam -- created; sta-mayaya -- by His own potency; samhritya -- withdrawing within Himself; kala -- of time; kalaya -- by the portion; kalpa-ante -- at the time of annihilation; idam -- this universe; isvarah -- the supreme controller; ekah -- alone; eva -- indeed; advitiyah -- without a second; abhut -- became; atma-adharah -- one whose self is the reservoir and resting place of everything; akhila -- of all potencies; asrayah -- the reservoir.
As will be explained in verse 21 of this chapter, the Lord's independent creation and annihilation of the universe can be compared to the spider's creating and withdrawing his web. The word eka, or "one alone," is mentioned twice in this verse to emphasize that there is only one Supreme Personality of Godhead and that all universal affairs, as well as spiritual pastimes, are conducted by His potency alone. According to Srila Visvanatha Cakravarti Thakura, this verse refers to Karanarnavasayi Vishnu, or Maha-Vishnu lying in the Causal Ocean. The words atmadhara and akhilasraya both indicate that Narayana is the reservoir or shelter of all existence. Atmadhara indicates that the Lord's personal body is the shelter of everything. Maha-Vishnu is a plenary portion of Lord Krishna, the original Supreme Personality of Godhead, from whose body expand the innumerable potencies that manifest the material and spiritual worlds. According to the Brahma-samhita these innumerable worlds rest within the brahmajyoti, or spiritual effulgence, also emanating from the Lord's body. Thus Krishna is isvara, the supreme controller.