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Until your next turn, your life total can't change and you gain protection from everything. All permanents you control phase out. (While they're phased out, they're treated as though they don't exist. They phase in before you untap during your untap step.)
Exile Teferi's Protection.
Read from the rules text. A card that enables a keyword makes or is the thing; a card that rewards it gets better when you have it. Two cards interact when one enables what the other rewards.