In the song Maoz Tzur it says
לְעֵת תָּכִין מַטְבֵּחַ מִצָּר הַמְנַבֵּחַ -
which the OU translates as -
When You will have prepared the slaughter for the blaspheming foe.
Who is this blaspheming foe of which we sing?
It probably refers to Edom, who is described in the last verse. In that verse, our salvation from Edom is written in future tense, as a prayer.
It may instead refer collectively to all 5 exiles described in the song, of which Edom is the last. After our final redemption, we will dedicate the 3rd beit hamikdash.
I don't think it refers to each exile individually, since it would take a little bit of gymnastics to explain how we dedicated the mizbeach after both Bavel and Persia.