Blink of an Eye (Red)

Whenever this fragments, you may banish a Lightning aura permanent you control with no holo counters, then return it to the arena with a holo counter.

Fragment

Rulings

From the Omens of the Third Age release notes

Blink of an Eye’s first ability triggers each time this card fragments (e.g. when its Fragment triggered effect resolves on the stack). This is an optional effect: you may choose and banish a Lightning aura permanent you control with no holo counters in the arena when the triggered effect resolves. The banished aura will immediately return to the arena with a holo counter.
When resolving Blink of an Eye’s triggered effect, the chosen Lightning aura will move to its owner’s banished zone, and will immediately return to the arena under the control of its owner.
When resolving Blink of an Eye’s triggered effect, there is no priority between any of the effects generated (e.g. banishing an aura, returning an aura with a holo counter).
Tokens cease to exist when they leave the arena. If you choose to banish a Lightning aura with the token subtype, that token will cease to exist instead of being moved to the banished zone and will not be returned to the arena.
The Lightning aura you banish must be an object in the arena with both the Lightning supertype and the Aura subtype. You also cannot banish a defending Lightning aura you control on the combat chain nor Lightning auras on the stack waiting to resolve as they are not Lightning aura permanents in the arena.

Keyword notes

Fragment - Whenever a card with 2 or more {d} defends this, this gets -2{p}

Fragment is an ability keyword.
Fragment will trigger each time a card with 2 or more is added as a defending card on its chain link. If multiple cards are added as defending cards at the same time (e.g. the defend step), the Fragment ability will trigger for each defending card being added that fits its triggering condition.
Fragment has an event-based triggering condition: its triggered effect will still resolve even if the defending card that triggered it has less than 2 or no longer exists at the time it resolves.
If a defending card doesn’t have 2 or more , and then it gets 2 or more , fragment doesn’t trigger because the card didn’t have 2 or more 2 at the time it was defending.
When a Fragment triggered effect resolves on the stack, that card with the ability fragments. A card that fragments can be used for the purposes of other cards and effects (e.g. “Whenever this fragments”). If there are multiple Fragment triggered effects on the stack, a card fragments each time one of those triggered effects resolves on the stack.
If a card or effect requires an object that has fragmented (e.g. attack that has fragmented), it is looking for an object where its fragment triggered effect has triggered and resolved.
A card still fragments if resolving the triggered effect would put the card’s to less than or equal to zero.
If a card gains Fragment while there are cards with 2 or more already defending it (e.g. Lunar Mirage), Fragment will not trigger retroactively. It will only trigger when additional defending cards that meet its condition are added to the chain link.