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?
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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.