देवा वै मृत्योर्बिभ्यतस्त्रयीं विद्या प्राविशंस्ते छन्दोभिरच्छादयन्यदेभिरच्छादयँस्तच्छन्दसा छन्दस्त्वम् ॥ २ ॥
In plain words
The gods, indeed, filled with fear of death, took refuge in the threefold Veda and covered themselves with the sacred meters. Because they covered themselves with them, the meters acquired their very name—chhandas, coverings.
Close to the Sanskrit
The gods indeed, fearing death, entered the threefold knowledge; they covered themselves with the meters. Because they covered themselves with these, that is the meter-ness of the meters.