A Brief Description of Damodarashtakam Verse 1

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namāmīśvaraṁ sac-cid-ānanda-rūpaṁ
lasat-kuṇḍalaṁ gokule bhrājamanam
yaśodā-bhiyolūkhalād dhāvamānaṁ
parāmṛṣṭam atyantato drutya gopyā

To the Supreme Lord, whose form is the embodiment of eternal existence, knowledge, and bliss, whose shark-shaped earrings are swinging to and fro, who is beautifully shining in the divine realm of Gokula, who (due to the offense of breaking the pot of yogurt that His mother was churning into butter and then stealing the butter that was kept hanging from a swing) is quickly running from the wooden grinding mortar in fear of mother Yasoda, but who has been caught from behind by her who ran after Him with greater speed – to that Supreme Lord, Sri Damodara, I offer my humble obeisances.

Srila Sanatana Goswami, in his dig darsini tika on Sri Damodarastakam, has given a beautiful purport on these rasa laden slokas composed by Sri Satyavrata Muni. With the first word of this sloka, namami, which is like the mangalacarana, or auspicous invocation, Sri Satyavrata Muni is offering respects to his worshipable Lord Sri Krsna to invoke auspiciousness. Thereafter, with the next word, isvara, he is mentioning the object of his devotion and the subject of his prayers. 

The nature of the Supreme Lord is then explained as sat-cit-ananda, or eternal, full of knowledge and bliss. There are indeed many expansions and manifestations of the Lord who are known as visnu-tattva. All of them are composed of sat-cit-ananda, but the fountainhead of all these expansions is the Supreme Lord Sri Krsna. It is He who Satyavrata Muni refers to here as Isvara .

In the Brahma Samhita also, Lord Brahma says:
isvarah paramah krsnah
anadir adir govindaha
Krsna who is known as Govinda is the Supreme Godhead. He has an eternal blissful spiritual body. He is the origin of all. He has no other origin and He is the prime cause of all causes.

It is to this Supreme Personality of Godhead that Satyavrata Muni is offering his obeisances. Srila Sanatana Goswami then throws light on how Satyavrata Muni further glorifies the Lord by describing His unparalleled beauty, His holy abode, Gokula, His associates such as Mother Yasoda, and His transcendental pastimes, which steal the hearts of even the greatest yogis. He describes how the beautiful shark shaped earrings on the ears of Damodara swing to and fro and look exceedingly beautiful. It is undoubtedly true that all the forms of the Lord are very beautiful, but none is as captivating as Krsna in Vraja. 

Sri Syamasundara, the Supreme Personality of Godhead, is decorated with 64 qualities, while the other Visnu murtis are said to have 60 qualities. The remaining four qualities, which are unique to Vrajendranandan Syama, are His rupa-madhurya, His venu-madhurya, His lila-madhurya, and His prema-madhurya. Thus it can be understood that baby Krsna, wearing just a string of bells around His waist and otherwise naked, is most enchanting, with His curly locks of hair partially covering His face, and His eyes full of fear of His mother.
The same Supreme Lord, who instils fear in the heart of fear personified, is afraid of His Mother Yashoda because of His offense of breaking the pot of yoghurt that his mother was churning. He then stole that butter, jumped down from the grinding mortar and ran away in fear. This is the sweetness of His enchanting lilas. Nowhere other than in Braja Vrindavan can one have such loving exchanges with the Lord,.  There, the Supreme Lord of the entire spiritual and material worlds is just like a puppet in the hands of His devotees. While running away from His mother, He was caught by her from behind, for she was running faster than He was. The Lord who is not caught by the greatest mystic yogis in their meditations, was thus caught by Mother Yasoda.