He elevates the prāṇa upward, casts the apāna downward; the dwarf seated in the center, all the gods adore him.

This verse describes the dynamics of the vital winds and the Ātman in the heart.

Ūrdhvaṃ prāṇam unnayati — elevates the prāṇa upward. The ascending flow of vital energy.

Apānaṃ pratyag asyati — casts the apāna downward. The exhalation, the descending flow.

Madhye vāmanam āsīnam — the dwarf seated in the center. Vāmana = the small one, the dwarf; the Ātman is diminutive but omnipotent.

Viśve devā upāsate — all the gods adore him. The senses and deities worship him.

This verse resonates with the practice of prāṇāyāma and meditation on the Ātman in the center of being.