This version of Teferi sees a large amount of play in Commander Superfriends decks, where its instant-speed activations can activate four times per turn cycle, getting you to that ultimate even quicker

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Not only can it help you venture into the Dungeon multiple times, but all your other creatures also get +1/+1 when you finish a Dungeon
If you can attack, Sephiroth, Renowned Soldier adds extra damage every time you sacrifice Yuffie, reducing the number of turns until victory
Merfolk is a relevant Creature type if youre already messing about with them in Commander, but its not relevant to why this card is so good