When Leonin Relic-Warder enters the battlefield, its first ability triggers.
Holding priority, activate Parallax Wave by removing a fade counter from it, exiling Karmic Guide.
Resolve the Leonin Relic-Warder trigger, exiling Parallax Wave.
When Parallax Wave leaves the battlefield, it triggers.
Holding priority, activate Altar of Dementia by sacrificing Leonin Relic-Warder.
When Leonin Relic-Warder leaves the battlefield, its second ability triggers, returning Parallax Wave from exile to the battlefield.
Resolve the Altar of Dementia ability, causing target player to mill cards equal to Leonin Relic-Warder's power.
Resolve the Parallax Wave trigger from step 5, returning Karmic Guide from exile to the battlefield.
When Karmic Guide enters the battlefield, it triggers, returning Leonin Relic-Warder from your graveyard to the battlefield.
Repeat from step 2.
This intricate loop relies on a clever interplay of exile-and-return triggers to recycle our board indefinitely. By using Parallax Wave to temporarily remove Leonin Relic-Warder and Karmic Guide from the battlefield, we can constantly reset their entry triggers while keeping the engine self-sustaining. Altar of Dementia harnesses this endless cycle by turning each sacrificial iteration into a mill stream, feeding off the power of our looping creatures until the opponent's library is completely gone.