Activate Eldrazi Displacer by paying 2C, blinking Toothy.
When Toothy leaves and enters the battlefield, its second ability triggers, causing you to draw at least two cards.
Toothy's first ability and The Locust God trigger for each card drawn.
Resolve all Toothy triggers, putting that many +1/+1 counters on it.
Resolve all Locust God triggers, creating that many 1/1 Insect creature tokens with flying and haste.
Activate Ashnod's Altar twice by sacrificing two Insects, adding CCCC.
Repeat.
By blinking Toothy, Imaginary Friend with Eldrazi Displacer, you trigger Toothy's leave-the-battlefield ability to draw cards equal to its accumulated counters, which immediately sparks a cascade of triggers from The Locust God to flood the board with flying Insect tokens. Ashnod's Altar then provides the colorless mana needed to fuel Eldrazi Displacer's activation cost by converting a couple of those newly minted Insects into the required energy. This creates an exploding loop where drawing cards makes tokens, sacrificing tokens feeds the blink, and Toothy grows larger to draw even more cards on the next iteration.