Loki is the most powerful volcano in the Solar System. It has been observed to be in continuous though variable activity since 1979. Synthesis of more than a decade of groundbased data suggests that Loki eruptions are cyclic, with a 540 day period. Application of a simple lava cooling model to temperatures in Loki Patera, and eruption start and end times, implies that brightenings are due to a resurfacing wave propagating across the patera. The data are most consistent with lava lake overturn, but resurfacing by lava flows cannot be ruled out. A porosity gradient in the lake crust could cause lava lake overturn to occur periodically on the timescale observed.