Start from the material for the first stage, where the magic ring starts to charge up

Use a noise map to control the overall fade, and the same one to control the panning texture within

Here's how the Chromatic Aberration effect is made: tile 3 channels from the same noise map separately and merge them together

Replace these inputs with a dynamic parameter for the Niagara system use

Here are rough curves used for adjusting the fade in/out effect

With some smoke added we can keep going

Start with the easy part, some particle bursts with a flare in the center

Add this shockwave with a distortion then, we'll have to make some more materials for this

After that, let's reuse the build-up material in a different way: add offset at the beginning with a steep curve, and increase the shape noise overtime

Spike

I grabbed this nice ice material from HERE, I used the crack mask to bring some emissive only in the cracks

I also made it opaque to avoid some translucency priority problems

To make it explode(at least it seems like), I used Generate Death Event and related it to another emitter with location sampled using Recieve Death Event

Make the spike blink before exploding

All emitters are using the same user parameter for the color, so it's easy to adjust the color with many methods