Warren Lyttle, who was aged in his 40s, sustained serious injuries after the incident at a bonfire in the Braniel Estate at around 10:15pm on Friday.
He was taken to hospital for treatment but later died from his injuries on Saturday.
The Police Service of Northern Ireland (PSNI) said it is investigating the circumstances surrounding the incident. The Health and Safety Executive for Northern Ireland (HSENI) has also been informed.
Following discussions with Mr Lyttle's family, three loyalist groups in the area confirmed on social media that the bonfire would proceed as planned, with a minute's silence held in his memory before it is lit.
In a statement, the groups said: "As a community, we are heartbroken by this tragic loss and ask that everyone keeps his loved ones in their prayers in the days and weeks ahead. We respectfully ask everyone attending to join us in observing a minute's silence in Warren's memory before the bonfire is lit. We also ask that, once the bonfire has been lit, everyone pays their respects by dispersing quietly and respectfully afterwards."
