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Altanak's second ability resolves before the spell or ability that caused it to trigger

While the fully upgraded list probably isn't ultra-competitive, it should be pretty decent, based mostly on the power of Kadena, Slinking Sorcerer as a commander and a play style that lets you take advantage of powerful (and cheap) instants like Counterspell by leaving up mana each turn

Sphere allows you to fine-tune your sweeper in an advantageous way

Mana Drain does benefit from complementary deck design which is basically useful ways to expend an influx of colourless mana but beyond this it is very good in any kind of deck