Obligatory: SIR, THIS IS A CASINO. This isn't financial advice in any way shape or form.
TLDR: This run is going to end with the cannabis stocks back down 50-80% or more from the levels they are at. $CRLBF is the real play here for the smart players that want USA exposure to the legislation. We just like the stocks now, not later.
Ok, listen up normies.
Yeah I'm talking to the newbies specifically because the OGs here already know everything I'm about to share, but your insufferable groupthink and movement mentality shit pissed me off enough to make a post. Don't post DD if you have no clue. Ask someone for help and take your ridicule until someone comes along to help you.
I used to post weekly DD on Sunday here a couple of years ago before one of you literally contacted my wife IRL. Not even kidding. So I made a new account. This is my first contribution back and I'm going to try and ensure some of you don't blow your chance at massive gains here by explaining what is actually going on.
CNBC and anybody telling you that this is just 'momentum' and 'sentiment' is lying to you. The hedge funds are playing these right along with us. Don't ask me for proof, this isn't Twitter. Reasons why they are playing with us:

1. When there is money to be made, hedge funds and HFT funds are there before you
2. The floats are so small on these they can take sizable positions on both sides and stand to have massive gains, all the while handing you guys the bags.

That's all you need to know.
So in response to all you posting "real DD" with why these companies are the best and you're going to hold to the moon and never sell:
I'm over it -- I can tell instantly how uninformed you are when I read some poorly thought out DD about why CGC or TLRY or APHA is a long term play because they're talking about USA legislation. These are Canadian companies. Get your head back on straight. You're here for the trade and the bet, not for the fundamentals, and if that's it, then fine, ignore the rest of this post and pick an exit, and if not, read on so you don't hold more bags.
This place has never been one to care for fundamentals, but let me talk some sense into you so you can post some gain porn and I can tell you to fuck off instead of you guys all yelling "MaNiPuLaTiOn ShOrT LaDdErS"
Let's take a look at some of today's gainers:
(changed tickers for automod avoidance)
$USMJay - Penny stock, worth absolute nothing for a reason
$SNDL - Up ridiculous amount, have a billion shares outstanding, just diluted them all the other day
$TeeRTeeC - Terra Tech, they grow weed, from all indications, do it poorly
$OhGeeEye - lol
$HUGE - Probably the only one in the lot worth a YOLO on the chance they get an acquisition like GW Pharma did but they don't have the same product portfolio or prospects GW has.
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Now, if you're simply playing this to get in and get out, great for you. The people saying (and believing) "$SNDL $10 EOW! HOLD THE LINE" and stuff like this are just absolutely brand new normies and are clueless, do not listen to them. If you yolo'd on cheap calls in Dec/Jan, congrats, take your gains and don't be like the $GME bagholders.
If you're investing in any of the names I just posted above, expect any money you put in to at some point in the next 12 months be worth approximately 20% of what it is worth now. Literally. They're far worse than the main bunch (CGC, CRON, ACB, TLRY, APHA) but the main bunch is nothing to write home about either.
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THIS IS WHAT IS REALLY HAPPENING:

Tilray had 40% short interest. It's not $GME level, but it's pretty high. When the stock crested $40 it really started taking off, why though? Notice this week's FD option chain:
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https://preview.redd.it/kyqeiwljeug61.png?width=917&format=png&auto=webp&s=0c1b48e12518515f09582289bd7f8a4f47a09629
Tilray has a 95M share float, those 42 calls represent roughly 1.5M shares held as a hedge just by themselves. Previous to this run up, that represents roughly 5% of the average daily volume of the stock, BY ITSELF. Those are shares that until Monday can be considered removed from the float because they're held as a hedge. They may get loaned out to be shorted, but that will only speed up the squeeze here.
The important part: Today (2/10/21) the stock fell hard after open down to around 44 and found massive support all the way back to up 66. The most sold front week call? $40/$42 strikes. Premium when I screen shotted this? $22.20. Stocks going to pin above $60 for awhile likely, unless people are stupid enough to buy the OTM calls, in which case, it may squeeze itself higher.
Smart hedge funds are going to pile into this, sell you the calls, shove the price up to keep selling you calls, then watch them all evaporate worthless in one of the future weeks in the chain, dump back the shares to help shove the price down, oh and did I mention? They shorted the top.
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https://preview.redd.it/ivy78woneug61.png?width=392&format=png&auto=webp&s=0604940c09126dc6d5b96a9cc5f17e4013ae5d9d
It's just another plain old stock acting as a derivative of the option chain gamma squeeze. That's it, with a bit of short squeeze thrown in there and a WHOLE BUNCH of WSB fomo. The shorts are covering and pushing up the volume, likely re-shorting on the way up, and then you have WSB fomo'ing in to round out the total: a massive volume of 200 million shares today. You've got people that think this thing will skyrocket to 500+ (and it may) but the stakes get higher and higher each ladder up you take and the moves become more violent and more likely it comes all the way back down in short time the quicker it goes up.
Might it get there? Sure. But be prepare to take profits when it does because...

ITS CALLED MEAN REVERSION. THIS CANT GO ON FOREVER.

Not to mention, the moves you are seeing are in completely overvalued companies, with horrible fundamentals, and poor prospects.
Oh what's that? CGC got some CBD treats for Martha, seems fitting that something ill is going on in this industry considering she went to prison for insider trading. If the dog treats get you excited about the stock, Martha belongs here more than you do.
200M shares today means people who were long term bag holders cashed out and the shares have turned over the float two times in two days. That also means the shorts have turned over and are now short again. It means the HFT firms are feasting on all of you. It means Citadel is making a pile on the spreads.
What to take away: An amount of shares equal to the entire float has changed hands, or in other words, fewer reason for people to bag hold. Fewer people that have to hedge. Fewer people that have to cover. Fewer people to help stabilize any of these upper price tiers, and keep the price stable by holding, and more reason it's going to collapse sooner (or later).
But, this IS a casino after all...

Let's see what happened with TLRY last time this happened (oh, you're new here? Yeah, this isn't the first time):

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https://preview.redd.it/p652mvgreug61.png?width=587&format=png&auto=webp&s=d95f2b0ccf946717859bffb28601dfd29e999e0b
Looks eerily familiar to something else recently. Last time this occurred it traded between $100 and $300 in a single week timeframe.
For those of you that are new: THIS IS NOT NORMAL. STOCKS DO NOT ALWAYS DO THIS. You are in the infancy of a new age of trading, but people still know, fundamentals matter a whole lot more than everyone is leading on, and these valuations are getting extremely overextended.
Eventually, in the first squeeze Tilray bled off until the pandemic hit and it piled down to $2.43 a share. At $2.43/share, I would have bought it. Even at $10/12/14. At these levels? You're just ultimately out of touch but I look forward to the loss porn.
So in short, again: Sir, this is a casino.
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Timeline of events, and how to not become a bagholder:

1. $APHA earnings are good, stocks pop a bit, and level off
2. Legislators pull a pump and dump since they probably have calls and say planning on some laws regarding changing the schedule of cannabis (notice: we will likely NOT get outright legalization, just re-scheduling)
3. $CGC earnings are actually awful, with the caveat they have profitability on the horizon
4. $TLRY gets a UK deal
5. $TLRY starts going insane - since $APHA is a reverse merger with a .81 value share to share, it starts pumping, people start buying the lower priced cannabis stuff and entire sector starts moving on "overall strength"
6. There's no strength, there's a gamma squeeze backed by investor momentum, and a short squeeze on Tilray.
7. This is going to come back down violently then plateau out like GME and pull a slow bleed the rest of the way back down, just like the second graph I posted. There is no fundamental or even POSSIBILITY of better fundamentals immediately on US legislation. The cost to enter the US market will most definitely cause capex and goodwill capital outflows, and set back their profitability since there are established MSO's in the USA already. The USA opening the market to these companies will only further degrade the actual balance sheets/income statements and slow down profits and you know what institutions and shareholders like? Yep. Profits.
8. Finally, how to not become a bag holder: The market can stay irrational way, way, way longer than you expect. So this may go on for a bit, but refer back to 7. It's coming back down eventually, set expectations and pick your exit, or start to shave off your position as it goes up and let a portion of it run. Eventually, you have to sell to actually realize a gain, don't forget that. Once you do, close the chart, remove it from your watchlist, check back in on it in a month if you want to get back in when you have a clear head.

The Canadian operators are literally the last companies I'd play off a US legislation play, and one of the only ones worth owning in $APHA for the arbitrage play on the shares. But if Tilray comes crashing back down, $APHA will as well along with all of them, and you have to hope you lose a lot less on $APHA crashing than you'll make on the arbitrage between the share price.
THIS IS ALL JUST "SENTIMENT" BASED YOLOING BY THIS SUB. It has probably driven uneducated retail into the trades also - who will also become bag holders.
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Let me put this in big letters for those of you that can only read big font and use crayons:

NONE OF THESE COMPANIES HAVE REAL USA MARKET EXPOSURE, THEY ARE CANADIAN COMPANIES. THEY DO NOT HAVE MARKET POSITIONING AND ARE NOT POISED TO TAKE ADVANTAGE OF US LEGALIZATION.

IF ANYTHING: IT WILL HURT THEIR BOTTOM LINE AND SET BACK EARNINGS BECAUSE OF CAPEX AND CASH OUTFLOWS TO GET A POSITION IN THE MARKET AND SOME OF THEM WILL GO OUT OF BUSINESS BECAUSE OF IT, WHILE OTHERS WILL FALL OUT OF PROFITIABILITY TO ENTER THE MARKET AND COMPETE WITH THE REAL PLAYERS.
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^{Who are the real players? (Cresco $CRLBF and Curaleaf $CURLF - do your own DD or wait for a post next week}\***************)*
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Conclusion: Nobody should plan on holding these long term. Don't let someone else hand you bags like I did this morning at open on the pop unless you plan to hand your bags off and find the next play.
You likely will not time the top. Pick a place you're ready to exit the trade, exit the trade or slowly shave your position, close the graphs and don't fomo back in. Just be done with the trade afterwards. You're likely not a cannabis multi millionaire and will not be one, unless you were loaded to the brim with low cost calls from last summefall or unless you literally yolo'd $10M into one of these a few weeks ago, and in that case, you belong here, congrats on your gains and fuck you.
THIS IS A SECTOFOMO SQUEEZE. AND IT WILL END. THIS IS NOT SENTIMENT AND CNBC IS TROLLING US WITH IT LIKE WE HAVE THE POWER.
And if you think WE are the ones driving the price up, the hedge funds are definitely watching and playing and they can bring these down at will at almost any time they want. You're holding a lit molotov, the only question is: will you throw it before it blows up?
The rest of you? Plz fuck off with you 20 shares @ $2 on Sundial, fuck off with the "HOLD THE LINE SNDL $10 EOW", fuck off with your fomo, and fuck off with the "movement" and "lets push this to the sky" stuff and most importantly don't post DD if you have zero clue what is going on.
You know what "lets push this to the sky" sounds like? Market manipulation. We're not in this together, I literally handed one of you a bag to hold this morning and even if they go up for another month, eventually, that bags gonna be heavy and I ain't coming back for it. I ain't tipping you either.
These prices are insanely high for these companies. The multiples are out of control, and if you buy in at these levels, well, best of luck, I hope it works out for you. I'm fighting the fomo of extended gains, and will continue to put my money elsewhere.

SIR, THIS IS A CASINO.

Positions: I had the meme stocks like you literally all of them minus ACB and CGC. I took gains and bought 500 shares of Cresco prob increasing to 1,000 tomorrow, and kept the rest off the table to pay my wife's boyfriend's rent.
Disclaimer: I have Tilray puts I'm prepared to average down on and diamond hand like a real boss because this is coming back down.
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Edit: You know what I forgot to add? Some of the biggest holders, the cannabis ETFs and funds, you know what they did today? They trimmed their positions. And they will continue to do so because of fiduciary responsibility and when you de-concentrate shares into the retail's hands, the moves will get more and more finnicky and more and more violent.
Edit 2: Some normie tried calling me out like I never saw this trade coming or am a hedge shill, https://imgur.com/a/asAVkiC - I had thousands of shares, these are just the trades from this month, and I'm not advocating a buy, I sold mostly all of them this morning except for adding Cresco back in. You want the gain numbers? You do the math, I'm not your math tutor, I sold like 6 minutes after open for most of them. I have Tilray puts for next week and will be buying a few months out at various strikes as it continues to climb.
Yeah, I think these are coming back down in price sooner rather than later, that isn't extraordinary information for a common sense person.
Edit 3: I'm getting piles of messages from people who used to follow my DD back in 2018/2019. Yes, it's the real SoRefreshing, proof: https://imgur.com/a/Pn5LqCe
Edit 4: Eh don't request me with "What should I do with XX" be a big adult grown up and decide your own risk tolerance and exits. I responded to the first 10 or so. Now I have 100. I can't. I disabled chat messages.
Edit 5: jesus with the awards go buy TSLA calls this is WSB not fb/twtr disclaimer: have TSLA calls
Edit 6: Oh look, they're pinning it around the $42 strike. Go figure.

To preface, this post is meant to elucidate some of the properties of magic: how it exists and functions in the world of Runeterra. For the purposes of this post, I will not go into much depth regarding the complex magics, and will instead primarily refer to the main 3 “streams”. Points will be backed up using reliable sources, Scathlocke being the Head of all things Narrative and Worldbuilding-wise in Lore. That being said, until Riot releases information on Universe or Nexus, (while unlikely) things are liable to change regarding information provided by Rioters in twitter and boards replies, thus should be taken with a grain of salt.

__________________________________________________________________

The Origins of Magic:

As Runeterra, an amalgamation of the Spiritual and Material/Physical realms, was created by an unknown race of Celestials using the World Runes, all magic can be said to have roots in the Celestial Realm. While that might make it seem superior, being the originator, think of it more like it fostered the growth of the realms to becoming their own distinct units.
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In the League of Legends Universe (main), magic exists in three distinct forms: Celestial, Spiritual and Elemental. From there, you have multiple blends and combinations.
N.B. The energy produced by those of the Void is NOT magic.

https://twitter.com/LaurieGoulding/status/1137415463535693824

__________________________________________________________________

Fundamentally, each main stream encompasses specific concepts, one is not inherently better than the other and, to varying extents, each is able to mimic some of the effects of the other:

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• - Celestial Magic deals with creation and pure ideals, thus can also include maintenance, change and destruction.
• - Spirit Magic deals with mental and emotional concepts, life as well as reality and the perception of it.
• - Elemental Magic deals with the manipulation of the physical world and the physical laws and rules of reality (Physics).

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Magic exists ambiently; flowing as metaphysical rivers and streams throughout the world similar in concept to ley lines. Areas where magic is high in concentration will commonly produce the most number of natural born mages, to the point where it is less likely for one to not possess the ability to use/do magic. The reverse is true for those born in an area where ambient magic is low in concentration. This is evidenced with Ionia and Ixtal, being fonts of Elemental and Spiritual magic respectively, whereas a region like Demacia; surrounded and founded upon magic nullifying petricite, very few mages are produced.

https://nexus.leagueoflegends.com/en-us/2017/04/dev-on-vastayan-evolution/

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Each stream of magic flows from an origin source: Celestial magic flows from the Celestial Realm as well as the World Runes, Spiritual Magic originates from the Spiritual Realm, and Elemental Magic from the Physical realm, all suffusing into the material plane.

https://twitter.com/LaurieGoulding/status/1229983493188284418

Regions where the barriers between realms are weakest and the magic flows strongest are known as “fonts” of magic. Ionia is an example of this in regards to spirit magic. To varying extents, use of each main branch can mirror the other and produce similar effects, even if not strictly the same source/magic type (e.g. all can produce fire).

https://twitter.com/LaurieGoulding/status/1229983493188284418

As said before, Ionia is a font of spirit magic. The barriers between the mortal and spirit realm are less distinct, thereby allowing the two to interact in strange, exotic manners. As a result, spirit magic suffuses and saturates the lands of Ionia. However, raw concentrated spirit magic has chaotic, unpredictable effects upon reality, making the environment a dangerous place. As such, humans erected Quinlons in Ionia to restrict and filter the flow of magic from the fonts. Quinlons being man-made magical filters that limit the amount of magic flowing from the spirit realm into Ionia... they also filter out the more chaotic/negative energy, concentrating it into a liquid-like substance (IchoTears). When tattooed upon the skin or consumed, this concentrated negative magic enables the use and manipulation of shadow magic (used to great effect by Zed and his Order). Currently, the agreement between humans and Vastaya has been shattered: The Quinlons are restricting too much magic, and Zed’s Order actively alters some to fuel their shadow magic. The vastaya, requiring magic to live similarly to how we need air to live, are understandably not too ecstatic.

https://www.leagueboards.net/thread/8c0b14a1-6a72-420b-a4f7-fe97a02684e2/show-threadhttps://nexus.leagueoflegends.com/en-us/2017/04/dev-on-vastayan-evolution/

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Theoretically, Targon would serve as a font of Celestial magic seeing as the barriers between the mortal and Celestial Realm are thinnest near the peak, thereby allowing the easiest interaction and allowing the magic to suffuse onto the physical plane.
A region serving as a font of magic doesn't necessarily mean only that type of magic is present. It just acts as a source.
One doesn't have to be on a ley line/stream to do magic... the effects and efficiency just increase with proximity, similar to a wifi/cell signal. As they encompass the entirety of Runeterra, you are almost always guaranteed to have some signal (barring specific scenarios/anomalies.)

https://twitter.com/LaurieGoulding/status/1257086236704960512https://twitter.com/LaurieGoulding/status/1257098176290410496

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__________________________________________________________________

How Magic is Used:

Anyone and everyone can learn to harness magic, however, not everyone is born with the talent. These lucky individuals are known as mages.

https://twitter.com/LaurieGoulding/status/1159016781278789636

From what we’ve seen, mages don't quite generate magic per se, they access what is naturally present, interacting with the ambient magic in the environment rather than directly producing it. More akin to vessels than generators, their strength and aptitude likely depends on how much they can store, channel, shape and emit (as well as restore) at any given time. But, as said by Ryze in “From the Ashes” magic likes to be used, not stored… similar to the air we hold in our lungs… a quite apt comparison that will be explained further below in theory crafting. This is the trend for most mortals.
Those born of magic, those with magic WITHIN them, as part of them, often referred to as "magical" beings, are far more attuned to the magic out there in the world, able to interact and shape magic in ways most can’t even begin to fathom due to their intrinsic link. An example being the Vastaya, who are more innately connected to magic, requiring it to live (like how we need to breathe oxygen to survive). Their use of magic still follows the same principle of not being innately generated, yet their connection allows them to perceive and interact with the worlds in exotic ways. The Vastayashai’rei, the ancient ancestors of our modern Vastaya further demonstrate this: Originally mortals, they learnt how to be completely 1:1 between the material and spirit realms, taking in the spirit realm and becoming deathless, manipulating the magics of each realm… effectively becoming “super mages”.

https://twitter.com/LaurieGoulding/status/1273305085360005120

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The Axiomata is a system solely related to Elemental Magic and its manipulations to varying effects. It serves as a formulaic/diagrammatic system of understanding and manipulating elemental magic inspired by the flow of the natural “currents” of magic but itself isn't one of the flows, merely one understanding. It's a system of teaching and learning elemental magic, akin to studying strict formulas (or Axioms) based on rules. The benefit to it is that anyone can learn it, Ryze's critique of it would be that it limits and restricts magic's potential.

https://twitter.com/LaurieGoulding/status/1242485570854465540

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In “The Axiomata” (Short Story), a ley line was "tapped" and “swum” through, enabling Aliay to interact with the world in a broader, more encompassing fashion thereby allowing him to see and experience the outside world and glimpse ongoing events outside of Ixtal.
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In terms of those who seem to directly challenge the established "magic isn't produced innately" principle, in a sense, they don't. Looking at the Aspects (the hosts more so than the actual Celestial Aspects) and the Ascended, they are directly (and indirectly for the Ascended) rigged to the Aspects, thereby serving as conduits and as such, are able to channel their power. Using Leona’s color story, "The Light Bringer" as an example:

“Leona let the fire into her blood, feeling the ancient creature merge its essence with hers more completely, becoming one with her senses and gifting her with perceptions not of this world.”

and

“She reached deep inside herself, drawing on the awesome power from beyond the mountain. The sun emerged from behind its highest peaks as Leona thrust her hand to the light.”

On the other hand, we have Syndra who seemingly produces magic. To an extent this is true, what she presumably does still falls in line with the fundamental concept of mages. While not officially shown on the League Universe, if we go by the original version of "The Dreaming Pool", "The Dreaming Cave" (which was edited for clarity and to cut down on length) Instead of being relegated to only using the ambient natural magics of the physical world, Syndra is able to rip magic directly from the Spiritual Realm.

“Syndra conjured another dark sphere—all of her bitterness, resentment and anger made manifest. Torn from the spirit realm across the threshold into reality, it hovered above her hand, slowly spinning.”

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It's something that is unique to her and can be quite dangerous to the natural lands (as we know that pure, concentrated spirit magic flowing can have adverse, chaotic effects.)

https://www.leagueboards.net/thread/74fd339a-b9be-4a95-a933-d9c149777e28/show-thread

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Her magic leaches the lands of the natural, ambient magic, thereby causing something akin to "magical fallout" and irradiating the environment. This implies her magic is flooding and washing out the natural magics of the land… replacing it with hers: Raw, concentrated Spirit magic.
We know, from the information about Quinlons, that spirit magic in high concentrations is dangerous and adversely affects the physical realm, particularly when negative. Something further suggested in Syndra’s Biography:

”Such negativity had a strange, unpredictable effect on reality, and Syndra had grown far beyond his ability as a mentor.”

And further falls in line with information given to us about Fae’lor in “The Dreaming Pool” and “Sisterhood of War Part 1: Old Wounds” regarding the quality of the lands of the island before and after Syndra’s first and second rampages.
The fact that Syndra's mood state mirrors the effect of the Quinlons further substantiates this.
__________________________________________________________________

In regards to the specifics of how mages utilize magic (theory work that falls in line with everything we know):

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https://preview.redd.it/z47osvjxe5751.png?width=770&format=png&auto=webp&s=2cc0054b80e620b420db0c1392adc18081f1cbe0
This is a graph detailing the process of breathing, specifically as it relates to the volume of air present in the lungs at any given time. Tidal Volume is the range of normal, unconscious breathing: The volume inhaled and exhaled normally.
As shown in the graph, after breathing out at Tidal Volume (the decline at that level), there's still more air present in your lungs due to them not having fully deflated. Thus, even after breathing out at normal levels)more air may be expelled: Expiratory Reserve Volume.
The reverse is true for the process of inhalation: Inhalation at Tidal Volume, then continuing to inhale to reach the Inspiratory Reserve Volume.
(Deep breath in-> inspiratory reserve volume, deep breath out-> Expiratory reserve volume)... inhaling and exhaling a lot more air than you will in normal breathing... with the normal breathing level being tidal volume.
Big breaths In and Out usually require conscious intent, whereas the Tidal Volume is usually unconsciously regulated. After reaching the Expiratory Reserve Volume, more air still remains in the lungs, known as the Residual Volume. This is almost never accessed and exhaled, requires rigorous intent, and is dangerous to attempt. The total span of these is the Total Lung Capacity.
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Now, to apply this concept to mages:
Most mages seemingly don’t consciously draw upon magic, rather they passively draw in and absorb magic, similar to the tidal volume of breathing. Following this logic, there would remain a base level of magic that "exists" within the mage... This doesn’t mean it is innately produced, it is just a sink that's partially filled. (For comparison, relate it to the Expiratory Reserve Volume.)
As such, most mages will only know about emitting magic... not absorbing it, because most of the time, they're just consciously pushing out and manipulating magic, instead of consciously drawing it in.
More adept mages know how to consciously draw in more magic than they'd normally have access to, and know how to regulate the intake, use and emission: Ryze in “From the Ashes” is an example of this, displayed when trying to teach Kegan:

“You do not create the air you breathe,” the sorcerer said. “You draw it inside you, letting it sustain you. You use it as your body requires, and then release it as you exhale. It is never yours. You are just a vessel for it. You breathe in, you breathe out. You are a channel through which air flows.”
Kegan made to release his breath, though his master shook his head.
“No. Not yet. Feel the air in your lungs, Kegan. Feel it pushing at the cage of your body. Feel it straining to escape.”

And

“Therein lies the problem,” his master observed, reading his posture. “I told you the air was not yours, yet you are thrilled with yourself for how long you kept it inside you. It is the same with magic. You want it, believing it can be owned. You cling to it, forgetting that you are merely a channel through which it passes. You choke it in your heart, and in your hands. And so the magic is strangled in your grip, because you see it as something to bind to your will. It is not, and never will be. It is like air. You must draw in what exists around you, use it for a moment, then let it free.”

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Lissandra, in “Legend of the Frozen Watchers”, is another example:

“Summoning every last iota of the ancient magic around her, including that of her allies, she sacrificed everything to seal the rift-between-realms with True Ice, entombing the Watchers within it.”

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When you try to take a deep breath in, the air eventually starts fighting to get out... the balloon is strained; you can't retain that level and, inevitably, the air escapes. Similarly to Ryze's explanation of why Kegan was failing at storing the magic.
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From this, I posit what happens with mages around petricite is similar to what happens when you enter a vacuum: Those unaware and not consciously regulating the level of air will have their breath stolen. However, if you are aware, and know about the base concepts of consciously breathing, you will be able to store your air for a period of time before it gets taken. And with training, the level you are able to store, and the duration of which the breath may be held, increases. (You can relate this to holding your breath underwater, you know not to exhale... and if prepared, you know to inhale more than normal and hold your breath.)
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Petricite nullifies magic by absorbing it, effectively sapping and stealing the mage’s reserves. For those aware of its properties, and adept at manipulating magic, they would be able to “hold their breath” i.e. hold their magic tightly for a short while, enabling them to continue controlled usage of it. An example of this is seen in the Ryze Cinematic, "Call of Power", when Ryze performs magic in the Petricite Forest.
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It should be noted this isn't a literal 1:1 transition of concepts, it’d likely be much harder to recognize and consciously regulate the levels of magic (as displayed by Kegan), but the fundamental concept would remain the same.
To be clear though, this does not speak to the shaping of magic and how it manifests for each mage. How each mage manifests the phenomenon is tied to their ideals and the cultural influences shaping it and to an extent, is ultimately personal: e.g. Lux being tied to "light", and those in The Freljord being more inclined to ice and shamanistic magics etc.
As said before, each person's approach to magic is pretty unique... Even within the Yun Tal, there are proficiencies and unique understandings/perspectives of shaping magic, this is what enables them to keep making new axioms and experiment further).
To use an example that ties back to the theory proposed, Sylas' innate approach is to be able to see/sense it and copy/take that "template"... Akin to a copiecheater in class who takes someone's homework. If he learned, he likely would have the capacity to do his own crafting of spells/magic.
You can consider it the reverse of Lissandra/Ryze... in a sense (theory-wise), he's currently only able to inhale consciously and exhale passively (tidal volume-> Inspiratory Reserve Volume) but not quite able to do it passively. His "tidal volume" is negligible, but his "lungs" are very elastic so can inhale a lot, however, similarly to an untied balloon, would be forced to expel most of the magic once it's not being consciously drawn in. Added to this, there is likely a limit to how much he can take in at any given time, less he risks being overloaded.
The Petricite would therefore act as the containeoxygen tank for the magic absorbed... allowing him to access it whenever needed.. whereas without it, he's constantly been shown to immediately use the magic upon absorbing (can't hold it for long...if at all).
In regards to why he can't consciously absorb ambient magic, it's likely too diffuse and "unconcentrated"/""unstable", whereas the magic stored in petricite and other mages etc already has a stable template... concentrated in once place, thereby enabling to have a firmer "grasp". Sorta like how u can pick up a block of ice, but doing the same with water or vapor is much harder.... it "slips" out. Relating back to if his base volume is low, but the "elastic potential" of his "vessel" is high, the diffuse magic absorbed wouldn't be much in the first place, plus he hasn't innately adapted an application to shaping the magic himself, so he naturally does what he's best suited to: Inflating his proverbial balloon by filling with the concentrated, stabilized templates of others and emitting it (or storing in the petricite).
TLDR on mages, and Scath’s thoughts on the theory:

https://twitter.com/LaurieGoulding/status/1274390411448991746
https://twitter.com/LaurieGoulding/status/1274401745242738688

​
​
Relevant Reads on Universe:

https://universe.leagueoflegends.com/en_US/story/from-the-ashes/
https://universe.leagueoflegends.com/en_GB/story/axiomata/
https://universe.leagueoflegends.com/en_US/story/leona-color-story/
https://universe.leagueoflegends.com/en_US/story/champion/syndra/
https://universe.leagueoflegends.com/en_US/story/the-dreaming-pool/
https://universe.leagueoflegends.com/en_US/story/ahri-colo
https://universe.leagueoflegends.com/en_US/story/legend-of-the-frozen-watchers/
https://universe.leagueoflegends.com/en_US/race/vastaya/
https://www.reddit.com/syndramains/comments/8zpvyx/the_dreaming_cave_short_story_text_for_those_that/
https://universe.leagueoflegends.com/en_US/story/for-demacia/
https://universe.leagueoflegends.com/en_US/story/flesh-and-stone/
https://universe.leagueoflegends.com/en_US/story/galio-color-story/
https://universe.leagueoflegends.com/en_US/story/shackles-of-belief/
https://universe.leagueoflegends.com/en_us/story/demacian-heart
https://universe.leagueoflegends.com/en_US/story/xayah-color-story/
https://universe.leagueoflegends.com/en_US/story/sisterhood-of-war-i/
https://universe.leagueoflegends.com/en_US/story/sisterhood-of-war-ii/

__________________________________________________________________

Flavor of life information regarding entities seemingly comprised of magic: Spirits and Celestials.

Spirits:
Spirits are the natural denizens of the Spirit Realm, everything that exists upon the physical realm is said to have a spiritual reflection, as learned in Riven's color story, "Seams and Scars".
​

“I’m a mender,” she said as she held the pottery out to a wide-eyed Riven. “No need to replace anything.”
Riven took the plate and examined it. “How does it work?” she asked, running a finger down a thick black seam.
"Everything has a spirit, and every spirit wants to be whole. I ask them what they need to mend, and give it to them.”

The concept of “time” exists differently from how it does in the physical realm… if it exists at all (Evidenced by Bandle City, as well as the Vastaya Forests). Many spirits seemingly start as something primordial, shapeless, and barely sentient before being tied to varying concepts, fundamentally shaping their interaction with the world, as somewhat evidenced by Evelynn and the nature of the Spirit Gods (Spirit gods, if completely forgotten, revert to the state described). It is not known if this is true for all residents of the spirit realm. Yordles are fundamentally different from other spirits encountered. I.e. they are much more physical and “substantial”.
The Spirit Realm itself is also comprised of “pocket dimensions” that do not have a physical realm correlation. The Glade is an example of this, the dimension of the Fae (of which Lulu’s companion, Pix, is a part of). It is theorized that Bandle City may be an offshoot of The Glade.
When mortals die, their souls are transported to the Spirit Realm, upon whence they’ll be placed in the Afterlife/world. Many "afterlife/afterworld" pocket dimensions exist, Mitna Rachnum (Mordekaiser's death realm) is one of them. Rarely (relatively speaking) do souls make their way into Mordekaiser's realm however. The Shadow Isles deserves mention as the catastrophe that occured warped the rules of the natural worlds, as well as life and death. The raw necromantic (spiritual) magic that suffuses the lands has warped reality and stilled the passage of time. It has become a region of undeath as a result of the trapped souls being unable to truly pass on.
​
Aside from Yordles, the Fae and souls, other spirits exist, those standing out being Demons and Spirit Gods:
​
All demons are spirits, not all spirits are demons. I.e. Demons are a specific type of spirit. (This is for actual demons, not entities that have been labelled demonic despite being of human/physical or even celestial origin.) They subsist and feed on emotions, specifically those that are negative or overabundant to the point of negativity/overindulgence. They also perpetuate these feelings either directly, or indirectly in mortals. E.g. Evelynn feeds on agony and pain, and will seduce then torture people, feeding off of their pain. Tahm Kench on the other hand, subsists on misery resulting from greed, gluttony and addiction. He will tempt the person, and when they fall prey to that, will feed off of them. Demons can feed incrementally or devour the person wholly... sometimes literally, sometimes metaphorically. Generally it ultimately results in the person's death.
​
Spirit Gods are best described as “spiritual embodiments of concepts and cultural ideals”. They are ancient beings granted relevance aeons prior to common mortal existence. They hearken back to when the barriers between realms were ephemeral, thus could gain footholds in the physical plane and mortal cultures. It is theorized that they were originally spirits of certain concepts that managed to link themselves to the culture of mortals, gaining power, form and true sapience due to the increasing worship and cultural attention. Others hypothesize that they themselves were completely “born” of the combined perceptions of a staunch faith. Whatever they may be, it has been noted to be incredibly unlikely for a new Spirit God to form as the conditions of the current worlds do not favor it. Instead it’ll be more likely for an already established entity to fill that attention.
Points to note regarding Spirits:

• To an extent, every spirit so far has a basis on perception... Not everything is literally "I need you to believe in me for me to live." For demons, their source of "attention" or gaining sustenance is based on the emotion/mental energy that they are draining and perpetuating. Not necessarily a need for belief. Though many do have their own cults of worship, so it's likely that some of that energy can be fed upon too... but ultimately, it's the energy of the emotion/feeling/concept that needs to be there, not a belief.
• A demon will take shape based on the desired appeal of the person perceiving them. To a lusty, heterosexual man, Eve will appear as an incredibly sexy, sultry lady, thereby tempting him to pursue her. Tahm Kench will appear as a seller or peddler of goods and fortunes, an auctioneer… perhaps even a Casino roulette. Whatever will appeal to and best exploit that person's inner weakness and temptations.
• Spirits can physically take form by animating and using physical materials nearby, scrapping them together to achieve the desired form (As we see with Fiddlesticks and Volibear)... they can also materialize as condensed raw magic given form. There are rules and limitations guiding how they manifest of which we haven't been privy to. However, we can assume it's based on their current strength, abundance of magic around and the context of the situation. They can choose a form, but often will appear based on the perceptions and inherent beliefs and moods of the surrounding mortals. But yes, they can shapeshift and are the reason why the Vastayashai'rei and their descendants, the Vastaya, have such fluid form.

​
*Nagakabouros has been confirmed to be a Spirit God, born of the Spirit Realm. The true scope of her being is not known beyond being linked with Life, Chaos and Motion. Other examples of Spirit Gods include Kindred, the Freljordian Demigods and Janna. Demons include Fiddlesticks, Raum, Nocturne, Tahm Kench and Evelynn.
​
Celestials:
Those of the Celestial Realm are known as Celestials. The antithesis of the Void and its denizens, The Watchers. The Celestial Realm and its inhabitants are heavily centered around creation and maintenance. Not much is known about these timeless entities however they played a key role in the creation of the cosmos as well as Runeterra and its development as a whole. Fate and the celestial machinations guiding mortal existence can be interpreted by looking to the heavens however, to the ire of some, Mortals are not beholden to these preset destinies, and instead often create their own.
The Celestials that we know of are Aurelion Sol, his kin, The Aspects, Bard, and Soraka.
Aspects are the pure ideals/celestial concepts made “personified”, and will occasionally bind with a mortal host and traverse Runeterra to do whatever work is needed.
*(Edited in for clarity:) The Ascended are indirectly rigged to Aspects (celestial concepts). Ascension doesn't necessarily grant them celestial magic, it dramatically magnifies all of their previous traits.

https://twitter.com/LaurieGoulding/status/1222583655794524160

_______________________________________________________________________________________________________
I see you’ve reached the end, my weary traveler. Feast on some cookies and recoup. In regards to any questions and theories, happy to discuss in the comments. If in relation to the various creatures and their more specific interactions with Magic, The Great Chronicler, Sharjo, is doing a TL;DR on the Races of Runeterra which will likely touch on many of those aspects. So I'll leave that to him. For awesome, quick questions or more in depth conversations with fans of the Lore of League, join the discord server :D

https://discord.gg/dYyW6KT

Thanks for bearing with me! Hope this explained things in a clear manner.

To preface, this post is meant to elucidate some of the properties of magic in lore: how it exists and functions in the world of Runeterra. For the purposes of this post, I will not go into much depth regarding the complex magics, and will instead primarily refer to the main 3 “streams”. Points will be backed up using reliable sources, Scathlocke being the Head of all things Narrative and Worldbuilding-wise in Lore. That being said, until Riot releases information on Universe or Nexus, (while unlikely) things are liable to change regarding information provided by Rioters in twitter and boards replies, thus should be taken with a grain of salt.

__________________________________________________________________

The Origins of Magic:

As Runeterra, an amalgamation of the Spiritual and Material/Physical realms, was created by an unknown race of Celestials using the World Runes, all magic can be said to have roots in the Celestial Realm. While that might make it seem superior, being the originator, think of it more like it fostered the growth of the realms to becoming their own distinct units.
​
In the League of Legends Universe (main), magic exists in three distinct forms: Celestial, Spiritual and Elemental. From there, you have multiple blends and combinations.
N.B. The energy produced by those of the Void is NOT magic.

https://twitter.com/LaurieGoulding/status/1137415463535693824

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Fundamentally, each main stream encompasses specific concepts, one is not inherently better than the other and, to varying extents, each is able to mimic some of the effects of the other:

​

• Celestial Magic deals with creation and pure ideals, thus can also include maintenance, change and destruction.
• Spirit Magic deals with mental and emotional concepts, life as well as reality and the perception of it.
• Elemental Magic deals with the manipulation of the physical world and the physical laws and rules of reality (Physics).

​
Magic exists ambiently; flowing as metaphysical rivers and streams throughout the world similar in concept to ley lines. Areas where magic is high in concentration will commonly produce the most number of natural born mages, to the point where it is less likely for one to not possess the ability to use/do magic. The reverse is true for those born in an area where ambient magic is low in concentration. This is evidenced with Ionia and Ixtal, being fonts of Elemental and Spiritual magic respectively, whereas a region like Demacia; surrounded and founded upon magic nullifying petricite, very few mages are produced.

https://nexus.leagueoflegends.com/en-us/2017/04/dev-on-vastayan-evolution/

​
Each stream of magic flows from an origin source: Celestial magic flows from the Celestial Realm as well as the World Runes, Spiritual Magic originates from the Spiritual Realm, and Elemental Magic from the Physical realm, all suffusing into the material plane.

https://twitter.com/LaurieGoulding/status/1229983493188284418

Regions where the barriers between realms are weakest and the magic flows strongest are known as “fonts” of magic. Ionia is an example of this in regards to spirit magic. To varying extents, use of each main branch can mirror the other and produce similar effects, even if not strictly the same source/magic type (e.g. all can produce fire).
​
As said before, Ionia is a font of spirit magic. The barriers between the mortal and spirit realm are less distinct, thereby allowing the two to interact in strange, exotic manners. As a result, spirit magic suffuses and saturates the lands of Ionia. However, raw concentrated spirit magic has chaotic, unpredictable effects upon reality, making the environment a dangerous place. As such, humans erected Quinlons in Ionia to restrict and filter the flow of magic from the fonts. Quinlons being man-made magical filters that limit the amount of magic flowing from the spirit realm into Ionia... they also filter out the more chaotic/negative energy, concentrating it into a liquid-like substance (IchoTears). When tattooed upon the skin or consumed, this concentrated negative magic enables the use and manipulation of shadow magic (used to great effect by Zed and his Order). Currently, the agreement between humans and Vastaya has been shattered: The Quinlons are restricting too much magic, and Zed’s Order actively alters some to fuel their shadow magic. The vastaya, requiring magic to live similarly to how we need air to live, are understandably not too ecstatic.

https://www.leagueboards.net/thread/8c0b14a1-6a72-420b-a4f7-fe97a02684e2/show-threadhttps://nexus.leagueoflegends.com/en-us/2017/04/dev-on-vastayan-evolution/

​
Theoretically, Targon would serve as a font of Celestial magic seeing as the barriers between the mortal and Celestial Realm are thinnest near the peak, thereby allowing the easiest interaction and allowing the magic to suffuse onto the physical plane.
A region serving as a font of magic doesn't necessarily mean only that type of magic is present. It just acts as a source.
One doesn't have to be on a ley line/stream to do magic... the effects and efficiency just increase with proximity, similar to a wifi/cell signal. As they encompass the entirety of Runeterra, you are almost always guaranteed to have some signal (barring specific scenarios/anomalies.)

https://twitter.com/LaurieGoulding/status/1257086236704960512https://twitter.com/LaurieGoulding/status/1257098176290410496

​

__________________________________________________________________

How Magic is Used:

Anyone and everyone can learn to harness magic, however, not everyone is born with the talent. These lucky individuals are known as mages.

https://twitter.com/LaurieGoulding/status/1159016781278789636

From what we’ve seen, mages don't quite generate magic per se, they access what is naturally present, interacting with the ambient magic in the environment rather than directly producing it. More akin to vessels than generators, their strength and aptitude likely depends on how much they can store, channel, shape and emit (as well as restore) at any given time. But, as said by Ryze in “From the Ashes” magic likes to be used, not stored… similar to the air we hold in our lungs… a quite apt comparison that will be explained further below in theory crafting. This is the trend for most mortals.
Those born of magic, those with magic WITHIN them, as part of them, often referred to as "magical" beings, are far more attuned to the magic out there in the world, able to interact and shape magic in ways most can’t even begin to fathom due to their intrinsic link. An example being the Vastaya, who are more innately connected to magic, requiring it to live (like how we need to breathe oxygen to survive). Their use of magic still follows the same principle of not being innately generated, yet their connection allows them to perceive and interact with the worlds in exotic ways. The Vastayashai’rei, the ancient ancestors of our modern Vastaya further demonstrate this: Originally mortals, they learnt how to be completely 1:1 between the material and spirit realms, taking in the spirit realm and becoming deathless, manipulating the magics of each realm… effectively becoming “super mages”.

https://twitter.com/LaurieGoulding/status/1273305085360005120

​
The Axiomata is a system solely related to Elemental Magic and its manipulations to varying effects. It serves as a formulaic/diagrammatic system of understanding and manipulating elemental magic inspired by the flow of the natural “currents” of magic but itself isn't one of the flows, merely one understanding. It's a system of teaching and learning elemental magic, akin to studying strict formulas (or Axioms) based on rules. The benefit to it is that anyone can learn it, Ryze's critique of it would be that it limits and restricts magic's potential.

https://twitter.com/LaurieGoulding/status/1242485570854465540

​
In “The Axiomata” (Short Story), a ley line was "tapped" and “swum” through, enabling Aliay to interact with the world in a broader, more encompassing fashion thereby allowing him to see and experience the outside world and glimpse ongoing events outside of Ixtal.
​
In terms of those who seem to directly challenge the established "magic isn't produced innately" principle, in a sense, they don't. Looking at the Aspects (the hosts more so than the actual Celestial Aspects) and the Ascended, they are directly (and indirectly for the Ascended) rigged to the Aspects, thereby serving as conduits and as such, are able to channel their power. Using Leona’s color story, "The Light Bringer" as an example:

“Leona let the fire into her blood, feeling the ancient creature merge its essence with hers more completely, becoming one with her senses and gifting her with perceptions not of this world.”

and

“She reached deep inside herself, drawing on the awesome power from beyond the mountain. The sun emerged from behind its highest peaks as Leona thrust her hand to the light.”

On the other hand, we have Syndra who seemingly produces magic. To an extent this is true, what she presumably does still falls in line with the fundamental concept of mages. While not officially shown on the League Universe, if we go by the original version of "The Dreaming Pool", "The Dreaming Cave" (which was edited for clarity and to cut down on length) Instead of being relegated to only using the ambient natural magics of the physical world, Syndra is able to rip magic directly from the Spiritual Realm.

“Syndra conjured another dark sphere—all of her bitterness, resentment and anger made manifest. Torn from the spirit realm across the threshold into reality, it hovered above her hand, slowly spinning.”

​
It's something that is unique to her and can be quite dangerous to the natural lands (as we know that pure, concentrated spirit magic flowing can have adverse, chaotic effects.)

https://www.leagueboards.net/thread/74fd339a-b9be-4a95-a933-d9c149777e28/show-thread

​
Her magic leaches the lands of the natural, ambient magic, thereby causing something akin to "magical fallout" and irradiating the environment. This implies her magic is flooding and washing out the natural magics of the land… replacing it with hers: Raw, concentrated Spirit magic.
We know, from the information about Quinlons, that spirit magic in high concentrations is dangerous and adversely affects the physical realm, particularly when negative. Something further suggested in Syndra’s Biography:

”Such negativity had a strange, unpredictable effect on reality, and Syndra had grown far beyond his ability as a mentor.”

And further falls in line with information given to us about Fae’lor in “The Dreaming Pool” and “Sisterhood of War Part 1: Old Wounds” regarding the quality of the lands of the island before and after Syndra’s first and second rampages.
The fact that Syndra's mood state mirrors the effect of the Quinlons further substantiates this.
__________________________________________________________________

In regards to the specifics of how mages utilize magic (theory work that falls in line with everything we know):

https://preview.redd.it/cyl0eju0l4751.png?width=512&format=png&auto=webp&s=b5eec68c1033cb9628b72a5b41fa02b3d650676e
This is a graph detailing the process of breathing, specifically as it relates to the volume of air present in the lungs at any given time. Tidal Volume is the range of normal, unconscious breathing: The volume inhaled and exhaled normally.
As shown in the graph, after breathing out at Tidal Volume (the decline at that level), there's still more air present in your lungs due to them not having fully deflated. Thus, even after breathing out at normal levels)more air may be expelled: Expiratory Reserve Volume.
The reverse is true for the process of inhalation: Inhalation at Tidal Volume, then continuing to inhale to reach the Inspiratory Reserve Volume.
(Deep breath in-> inspiratory reserve volume, deep breath out-> Expiratory reserve volume)... inhaling and exhaling a lot more air than you will in normal breathing... with the normal breathing level being tidal volume.
Big breaths In and Out usually require conscious intent, whereas the Tidal Volume is usually unconsciously regulated. After reaching the Expiratory Reserve Volume, more air still remains in the lungs, known as the Residual Volume. This is almost never accessed and exhaled, requires rigorous intent, and is dangerous to attempt. The total span of these is the Total Lung Capacity.
​
Now, to apply this concept to mages:
Most mages seemingly don’t consciously draw upon magic, rather they passively draw in and absorb magic, similar to the tidal volume of breathing. Following this logic, there would remain a base level of magic that "exists" within the mage... This doesn’t mean it is innately produced, it is just a sink that's partially filled. (For comparison, relate it to the Expiratory Reserve Volume.)
As such, most mages will only know about emitting magic... not absorbing it, because most of the time, they're just consciously pushing out and manipulating magic, instead of consciously drawing it in.
More adept mages know how to consciously draw in more magic than they'd normally have access to, and know how to regulate the intake, use and emission: Ryze in “From the Ashes” is an example of this, displayed when trying to teach Kegan:

“You do not create the air you breathe,” the sorcerer said. “You draw it inside you, letting it sustain you. You use it as your body requires, and then release it as you exhale. It is never yours. You are just a vessel for it. You breathe in, you breathe out. You are a channel through which air flows.”
Kegan made to release his breath, though his master shook his head.
“No. Not yet. Feel the air in your lungs, Kegan. Feel it pushing at the cage of your body. Feel it straining to escape.”

And

“Therein lies the problem,” his master observed, reading his posture. “I told you the air was not yours, yet you are thrilled with yourself for how long you kept it inside you. It is the same with magic. You want it, believing it can be owned. You cling to it, forgetting that you are merely a channel through which it passes. You choke it in your heart, and in your hands. And so the magic is strangled in your grip, because you see it as something to bind to your will. It is not, and never will be. It is like air. You must draw in what exists around you, use it for a moment, then let it free.”

​
Lissandra, in “Legend of the Frozen Watchers”, is another example:

“Summoning every last iota of the ancient magic around her, including that of her allies, she sacrificed everything to seal the rift-between-realms with True Ice, entombing the Watchers within it.”

​
When you try to take a deep breath in, the air eventually starts fighting to get out... the balloon is strained; you can't retain that level and, inevitably, the air escapes. Similarly to Ryze's explanation of why Kegan was failing at storing the magic.
​
From this, I posit what happens with mages around petricite is similar to what happens when you enter a vacuum: Those unaware and not consciously regulating the level of air will have their breath stolen. However, if you are aware, and know about the base concepts of consciously breathing, you will be able to store your air for a period of time before it gets taken. And with training, the level you are able to store, and the duration of which the breath may be held, increases. (You can relate this to holding your breath underwater, you know not to exhale... and if prepared, you know to inhale more than normal and hold your breath.)
​
Petricite nullifies magic by absorbing it, effectively sapping and stealing the mage’s reserves. For those aware of its properties, and adept at manipulating magic, they would be able to “hold their breath” i.e. hold their magic tightly for a short while, enabling them to continue controlled usage of it. An example of this is seen in the Ryze Cinematic, "Call of Power", when Ryze performs magic in the Petricite Forest.
​
It should be noted this isn't a literal 1:1 transition of concepts, it’d likely be much harder to recognize and consciously regulate the levels of magic (as displayed by Kegan), but the fundamental concept would remain the same. To be clear though, this does not speak to the shaping of magic and how it manifests for each mage. How each mage manifests the phenomenon is tied to their ideals and the cultural influences shaping it and to an extent, is ultimately personal: e.g. Lux being tied to "light", and those in The Freljord being more inclined to ice and shamanistic magics etc.
As said before, each person's approach to magic is pretty unique... Even within the Yun Tal, there are proficiencies and unique understandings/perspectives of shaping magic, this is what enables them to keep making new axioms and experiment further).
To use an example that ties back to the theory proposed, Sylas' innate approach is to be able to see/sense it and copy/take that "template"... Akin to a copiecheater in class who takes someone's homework. If he learned, he likely would have the capacity to do his own crafting of spells/magic.
You can consider it the reverse of Lissandra/Ryze... in a sense (theory-wise), he's currently only able to inhale consciously and exhale passively (tidal volume-> Inspiratory Reserve Volume) but not quite able to do it passively. His "tidal volume" is negligible, but his "lungs" are very elastic so can inhale a lot, however, similarly to an untied balloon, would be forced to expel most of the magic once it's not being consciously drawn in. Added to this, there is likely a limit to how much he can take in at any given time, less he risks being overloaded.
The Petricite would therefore act as the containeoxygen tank for the magic absorbed... allowing him to access it whenever needed.. whereas without it, he's constantly been shown to immediately use the magic upon absorbing (can't hold it for long...if at all).
In regards to why he can't consciously absorb ambient magic, it's likely too diffuse and "unconcentrated"/""unstable", whereas the magic stored in petricite and other mages etc already has a stable template... concentrated in once place, thereby enabling to have a firmer "grasp". Sorta like how u can pick up a block of ice, but doing the same with water or vapor is much harder.... it "slips" out. Relating back to if his base volume is low, but the "elastic potential" of his "vessel" is high, the diffuse magic absorbed wouldn't be much in the first place, plus he hasn't innately adapted an application to shaping the magic himself, so he naturally does what he's best suited to: Inflating his proverbial balloon by filling with the concentrated, stabilized templates of others and emitting it (or storing in the petricite).
TLDR on mages, and Scath’s thoughts on the theory:

https://twitter.com/LaurieGoulding/status/1274390411448991746
https://twitter.com/LaurieGoulding/status/1274401745242738688

​
Relevant Reads on Universe:

https://universe.leagueoflegends.com/en_US/story/from-the-ashes/
https://universe.leagueoflegends.com/en_GB/story/axiomata/
https://universe.leagueoflegends.com/en_US/story/leona-color-story/
https://universe.leagueoflegends.com/en_US/story/champion/syndra/
https://universe.leagueoflegends.com/en_US/story/the-dreaming-pool/
https://universe.leagueoflegends.com/en_US/story/ahri-colo
https://universe.leagueoflegends.com/en_US/story/legend-of-the-frozen-watchers/
https://universe.leagueoflegends.com/en_US/race/vastaya/
https://www.reddit.com/syndramains/comments/8zpvyx/the_dreaming_cave_short_story_text_for_those_that/
https://universe.leagueoflegends.com/en_US/story/for-demacia/
https://universe.leagueoflegends.com/en_US/story/flesh-and-stone/
https://universe.leagueoflegends.com/en_US/story/galio-color-story/
https://universe.leagueoflegends.com/en_US/story/shackles-of-belief/
https://universe.leagueoflegends.com/en_us/story/demacian-heart
https://universe.leagueoflegends.com/en_US/story/xayah-color-story/
https://universe.leagueoflegends.com/en_US/story/sisterhood-of-war-i/
https://universe.leagueoflegends.com/en_US/story/sisterhood-of-war-ii/

__________________________________________________________________

Flavor of life information regarding entities seemingly comprised of magic: Spirits and Celestials.

Spirits:
Spirits are the natural denizens of the Spirit Realm, everything that exists upon the physical realm is said to have a spiritual reflection, as learned in Riven's color story, "Seams and Scars".
​

“I’m a mender,” she said as she held the pottery out to a wide-eyed Riven. “No need to replace anything.”
Riven took the plate and examined it. “How does it work?” she asked, running a finger down a thick black seam.
"Everything has a spirit, and every spirit wants to be whole. I ask them what they need to mend, and give it to them.”

The concept of “time” exists differently from how it does in the physical realm… if it exists at all (Evidenced by Bandle City, as well as the Vastaya Forests). Many spirits seemingly start as something primordial, shapeless, and barely sentient before being tied to varying concepts, fundamentally shaping their interaction with the world, as somewhat evidenced by Evelynn and the nature of the Spirit Gods (Spirit gods, if completely forgotten, revert to the state described). It is not known if this is true for all residents of the spirit realm. Yordles are fundamentally different from other spirits encountered. I.e. they are much more physical and “substantial”.
The Spirit Realm itself is also comprised of “pocket dimensions” that do not have a physical realm correlation. The Glade is an example of this, the dimension of the Fae (of which Lulu’s companion, Pix, is a part of). It is theorized that Bandle City may be an offshoot of The Glade.
When mortals die, their souls are transported to the Spirit Realm, upon whence they’ll be placed in the Afterlife/world. Many "afterlife/afterworld" pocket dimensions exist, Mitna Rachnum (Mordekaiser's death realm) is one of them. Rarely (relatively speaking) do souls make their way into Mordekaiser's realm however. The Shadow Isles deserves mention as the catastrophe that occurred warped the rules of the natural worlds, as well as life and death. The raw necromantic (spiritual) magic that suffuses the lands has warped reality and stilled the passage of time. It has become a region of undeath as a result of the trapped souls being unable to truly pass on.
​
Aside from Yordles, the Fae and souls, other spirits exist, those standing out being Demons and Spirit Gods:
​
All demons are spirits, not all spirits are demons. I.e. Demons are a specific type of spirit. (This is for actual demons, not entities that have been labelled demonic despite being of human/physical or even celestial origin.) They subsist and feed on emotions, specifically those that are negative or overabundant to the point of negativity/overindulgence. They also perpetuate these feelings either directly, or indirectly in mortals. E.g. Evelynn feeds on agony and pain, and will seduce then torture people, feeding off of their pain. Tahm Kench on the other hand, subsists on misery resulting from greed, gluttony and addiction. He will tempt the person, and when they fall prey to that, will feed off of them. Demons can feed incrementally or devour the person wholly... sometimes literally, sometimes metaphorically. Generally it ultimately results in the person's death.
​
Spirit Gods are best described as “spiritual embodiments of concepts and cultural ideals”. They are ancient beings granted relevance aeons prior to common mortal existence. They hearken back to when the barriers between realms were ephemeral, thus could gain footholds in the physical plane and mortal cultures. It is theorized that they were originally spirits of certain concepts that managed to link themselves to the culture of mortals, gaining power, form and true sapience due to the increasing worship and cultural attention. Others hypothesize that they themselves were completely “born” of the combined perceptions of a staunch faith. Whatever they may be, it has been noted to be incredibly unlikely for a new Spirit God to form as the conditions of the current worlds do not favor it. Instead it’ll be more likely for an already established entity to fill that attention.
Points to note regarding Spirits:

• To an extent, every spirit so far has a basis on perception... Not everything is literally "I need you to believe in me for me to live." For demons, their source of "attention" or gaining sustenance is based on the emotion/mental energy that they are draining and perpetuating. Not necessarily a need for belief. Though many do have their own cults of worship, so it's likely that some of that energy can be fed upon too... but ultimately, it's the energy of the emotion/feeling/concept that needs to be there, not a belief.
• A demon will take shape based on the desired appeal of the person perceiving them. To a lusty, heterosexual man, Eve will appear as an incredibly sexy, sultry lady, thereby tempting him to pursue her. Tahm Kench will appear as a seller or peddler of goods and fortunes, an auctioneer… perhaps even a Casino roulette. Whatever will appeal to and best exploit that person's inner weakness and temptations.
• Spirits can physically take form by animating and using physical materials nearby, scrapping them together to achieve the desired form (As we see with Fiddlesticks and Volibear)... they can also materialize as condensed raw magic given form. There are rules and limitations guiding how they manifest of which we haven't been privy to. However, we can assume it's based on their current strength, abundance of magic around and the context of the situation. They can choose a form, but often will appear based on the perceptions and inherent beliefs and moods of the surrounding mortals. But yes, they can shapeshift and are the reason why the Vastayashai'rei and their descendants, the Vastaya, have such fluid form.

​
*Nagakabouros has been confirmed to be a Spirit God, born of the Spirit Realm. The true scope of her being is not known beyond being linked with Life, Chaos and Motion. Other examples of Spirit Gods include Kindred, the Freljordian Demigods and Janna. Demons include Fiddlesticks, Raum, Nocturne, Tahm Kench and Evelynn.
​
Celestials:
Those of the Celestial Realm are known as Celestials. The antithesis of the Void and its denizens, The Watchers. The Celestial Realm and its inhabitants are heavily centered around creation and maintenance. Not much is known about these timeless entities however they played a key role in the creation of the cosmos as well as Runeterra and its development as a whole. Fate and the celestial machinations guiding mortal existence can be interpreted by looking to the heavens however, to the ire of some, Mortals are not beholden to these preset destinies, and instead often create their own.
The Celestials that we know of are Aurelion Sol, his kin, The Aspects, Bard, and Soraka.
Aspects are the pure ideals/celestial concepts made “personified”, and will occasionally bind with a mortal host and traverse Runeterra to do whatever work is needed.
*(Edited in for clarity:) The Ascended are indirectly rigged to Aspects (celestial concepts). Ascension doesn't necessarily grant them celestial magic, it dramatically magnifies all of their previous traits.

https://twitter.com/LaurieGoulding/status/1222583655794524160

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I see you’ve reached the end, my weary traveler. Feast on some cookies and recoup. In regards to any questions and theories, happy to discuss in the comments. If in relation to the various creatures and their more specific interactions with Magic, The Great Chronicler, Sharjo, is doing a TL;DR on the Races of Runeterra which will likely touch on many of those aspects. So I'll leave that to him. For awesome, quick questions or more in depth conversations with fans of the Lore of League, join the discord server :D

https://discord.gg/dYyW6KT

Thanks for bearing with me! Hope this explained things in a clear manner.

To preface, this post is meant to elucidate some of the properties of magic in lore: how it exists and functions in the world of Runeterra. For the purposes of this post, I will not go into much depth regarding the complex magics, and will instead primarily refer to the main 3 “streams”. Points will be backed up using reliable sources, Scathlocke being the Head of all things Narrative and Worldbuilding-wise in Lore. That being said, until Riot releases information on Universe or Nexus, (while unlikely) things are liable to change regarding information provided by Rioters in twitter and boards replies, thus should be taken with a grain of salt.

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The Origins of Magic:

As Runeterra, an amalgamation of the Spiritual and Material/Physical realms, was created by an unknown race of Celestials using the World Runes, all magic can be said to have roots in the Celestial Realm. While that might make it seem superior, being the originator, think of it more like it fostered the growth of the realms to becoming their own distinct units.
In the League of Legends Universe (main), magic exists in three distinct forms: Celestial, Spiritual and Elemental. From there, you have multiple blends and combinations.
N.B. The energy produced by those of the Void is NOT magic.

https://twitter.com/LaurieGoulding/status/1137415463535693824

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Fundamentally, each main stream encompasses specific concepts, one is not inherently better than the other and, to varying extents, each is able to mimic some of the effects of the other:

• Celestial Magic deals with creation and pure ideals, thus can also include maintenance, change and destruction.
• Spirit Magic deals with mental and emotional concepts, life as well as reality and the perception of it.
• Elemental Magic deals with the manipulation of the physical world and the physical laws and rules of reality (Physics).

​
Magic exists ambiently; flowing as metaphysical rivers and streams throughout the world similar in concept to ley lines. Areas where magic is high in concentration will commonly produce the most number of natural born mages, to the point where it is less likely for one to not possess the ability to use/do magic. The reverse is true for those born in an area where ambient magic is low in concentration. This is evidenced with Ionia and Ixtal, being fonts of Elemental and Spiritual magic respectively, whereas a region like Demacia; surrounded and founded upon magic nullifying petricite, very few mages are produced.

https://nexus.leagueoflegends.com/en-us/2017/04/dev-on-vastayan-evolution/

​
Each stream of magic flows from an origin source: Celestial magic flows from the Celestial Realm as well as the World Runes, Spiritual Magic originates from the Spiritual Realm, and Elemental Magic from the Physical realm, all suffusing into the material plane.

https://twitter.com/LaurieGoulding/status/1229983493188284418

​
Regions where the barriers between realms are weakest and the magic flows strongest are known as “fonts” of magic. Ionia is an example of this in regards to spirit magic. To varying extents, use of each main branch can mirror the other and produce similar effects, even if not strictly the same source/magic type (e.g. all can produce fire).
As said before, Ionia is a font of spirit magic. The barriers between the mortal and spirit realm are less distinct, thereby allowing the two to interact in strange, exotic manners. As a result, spirit magic suffuses and saturates the lands of Ionia. However, raw concentrated spirit magic has chaotic, unpredictable effects upon reality, making the environment a dangerous place. As such, humans erected Quinlons in Ionia to restrict and filter the flow of magic from the fonts. Quinlons being man-made magical filters that limit the amount of magic flowing from the spirit realm into Ionia... they also filter out the more chaotic/negative energy, concentrating it into a liquid-like substance (IchoTears). When tattooed upon the skin or consumed, this concentrated negative magic enables the use and manipulation of shadow magic (used to great effect by Zed and his Order). Currently, the agreement between humans and Vastaya has been shattered: The Quinlons are restricting too much magic, and Zed’s Order actively alters some to fuel their shadow magic. The vastaya, requiring magic to live similarly to how we need air to live, are understandably not too ecstatic.

https://www.leagueboards.net/thread/8c0b14a1-6a72-420b-a4f7-fe97a02684e2/show-threadhttps://nexus.leagueoflegends.com/en-us/2017/04/dev-on-vastayan-evolution/

Theoretically, Targon would serve as a font of Celestial magic seeing as the barriers between the mortal and Celestial Realm are thinnest near the peak, thereby allowing the easiest interaction and allowing the magic to suffuse onto the physical plane.
​
A region serving as a font of magic doesn't necessarily mean only that type of magic is present. It just acts as a source.
One doesn't have to be on a ley line/stream to do magic... the effects and efficiency just increase with proximity, similar to a wifi/cell signal. As they encompass the entirety of Runeterra, you are almost always guaranteed to have some signal (barring specific scenarios/anomalies.)

https://twitter.com/LaurieGoulding/status/1257086236704960512https://twitter.com/LaurieGoulding/status/1257098176290410496

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How Magic is Used:

Anyone and everyone can learn to harness magic, however, not everyone is born with the talent. These lucky individuals are known as mages.

https://twitter.com/LaurieGoulding/status/1159016781278789636

From what we’ve seen, mages don't quite generate magic per se, they access what is naturally present, interacting with the ambient magic in the environment rather than directly producing it. More akin to vessels than generators, their strength and aptitude likely depends on how much they can store, channel, shape and emit (as well as restore) at any given time. But, as said by Ryze in “From the Ashes” magic likes to be used, not stored… similar to the air we hold in our lungs… a quite apt comparison that will be explained further below in theory crafting. This is the trend for most mortals.
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Those born of magic, those with magic WITHIN them, as part of them, often referred to as "magical" beings, are far more attuned to the magic out there in the world, able to interact and shape magic in ways most can’t even begin to fathom due to their intrinsic link. An example being the Vastaya, who are more innately connected to magic, requiring it to live (like how we need to breathe oxygen to survive). Their use of magic still follows the same principle of not being innately generated, yet their connection allows them to perceive and interact with the worlds in exotic ways. The Vastayashai’rei, the ancient ancestors of our modern Vastaya further demonstrate this: Originally mortals, they learnt how to be completely 1:1 between the material and spirit realms, taking in the spirit realm and becoming deathless, manipulating the magics of each realm… effectively becoming “super mages”.

https://twitter.com/LaurieGoulding/status/1273305085360005120

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The Axiomata is a system solely related to Elemental Magic and its manipulations to varying effects. It serves as a formulaic/diagrammatic system of understanding and manipulating elemental magic inspired by the flow of the natural “currents” of magic but itself isn't one of the flows, merely one understanding. It's a system of teaching and learning elemental magic, akin to studying strict formulas (or Axioms) based on rules. The benefit to it is that anyone can learn it, Ryze's critique of it would be that it limits and restricts magic's potential.

https://twitter.com/LaurieGoulding/status/1242485570854465540

In “The Axiomata” (Short Story), a ley line was "tapped" and “swum” through, enabling Aliay to interact with the world in a broader, more encompassing fashion thereby allowing him to see and experience the outside world and glimpse ongoing events outside of Ixtal.
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In terms of those who seem to directly challenge the established "magic isn't produced innately" principle, in a sense, they don't. Looking at the Aspects (the hosts more so than the actual Celestial Aspects) and the Ascended, they are directly (and indirectly for the Ascended) rigged to the Aspects, thereby serving as conduits and as such, are able to channel their power. Using Leona’s color story, "The Light Bringer" as an example:

“Leona let the fire into her blood, feeling the ancient creature merge its essence with hers more completely, becoming one with her senses and gifting her with perceptions not of this world.”

and

“She reached deep inside herself, drawing on the awesome power from beyond the mountain. The sun emerged from behind its highest peaks as Leona thrust her hand to the light.”

​
On the other hand, we have Syndra who seemingly produces magic. To an extent this is true, what she presumably does still falls in line with the fundamental concept of mages. While not officially shown on the League Universe, if we go by the original version of "The Dreaming Pool", "The Dreaming Cave" (which was edited for clarity and to cut down on length) Instead of being relegated to only using the ambient natural magics of the physical world, Syndra is able to rip magic directly from the Spiritual Realm.

“Syndra conjured another dark sphere—all of her bitterness, resentment and anger made manifest. Torn from the spirit realm across the threshold into reality, it hovered above her hand, slowly spinning.”

It's something that is unique to her and can be quite dangerous to the natural lands (as we know that pure, concentrated spirit magic flowing can have adverse, chaotic effects.)

https://www.leagueboards.net/thread/74fd339a-b9be-4a95-a933-d9c149777e28/show-thread

Her magic leaches the lands of the natural, ambient magic, thereby causing something akin to "magical fallout" and irradiating the environment. This implies her magic is flooding and washing out the natural magics of the land… replacing it with hers: Raw, concentrated Spirit magic.
​
We know, from the information about Quinlons, that spirit magic in high concentrations is dangerous and adversely affects the physical realm, particularly when negative. Something further suggested in Syndra’s Biography:

”Such negativity had a strange, unpredictable effect on reality, and Syndra had grown far beyond his ability as a mentor.”

And further falls in line with information given to us about Fae’lor in “The Dreaming Pool” and “Sisterhood of War Part 1: Old Wounds” regarding the quality of the lands of the island before and after Syndra’s first and second rampages.
The fact that Syndra's mood state mirrors the effect of the Quinlons further substantiates this.

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In regards to the specifics of how mages utilize magic (theory work that falls in line with everything we know):

​
https://preview.redd.it/jjzkxm9gwud51.png?width=770&format=png&auto=webp&s=ffd090eed5d8322403af7a85462e025aa99fd724
This is a graph detailing the process of breathing, specifically as it relates to the volume of air present in the lungs at any given time. Tidal Volume is the range of normal, unconscious breathing: The volume inhaled and exhaled normally.
As shown in the graph, after breathing out at Tidal Volume (the decline at that level), there's still more air present in your lungs due to them not having fully deflated. Thus, even after breathing out at normal levels)more air may be expelled: Expiratory Reserve Volume.
The reverse is true for the process of inhalation: Inhalation at Tidal Volume, then continuing to inhale to reach the Inspiratory Reserve Volume.
(Deep breath in-> inspiratory reserve volume, deep breath out-> Expiratory reserve volume)... Inhaling and exhaling a lot more air than you will in normal breathing... with the normal breathing level being tidal volume.
Big breaths In and Out usually require conscious intent, whereas the Tidal Volume is usually unconsciously regulated. After reaching the Expiratory Reserve Volume, more air still remains in the lungs, known as the Residual Volume. This is almost never accessed and exhaled, requires rigorous intent, and is dangerous to attempt. The total span of these is the Total Lung Capacity.
​
Now, to apply this concept to mages:
Most mages seemingly don’t consciously draw upon magic, rather they passively draw in and absorb magic, similar to the tidal volume of breathing. Following this logic, there would remain a base level of magic that "exists" within the mage... This doesn’t mean it is innately produced, it is just a sink that's partially filled. (For comparison, relate it to the Expiratory Reserve Volume.)
As such, most mages will only know about emitting magic... not absorbing it, because most of the time, they're just consciously pushing out and manipulating magic, instead of consciously drawing it in.
More adept mages know how to consciously draw in more magic than they'd normally have access to, and know how to regulate the intake, use and emission: Ryze in “From the Ashes” is an example of this, displayed when trying to teach Kegan:

“You do not create the air you breathe,” the sorcerer said. “You draw it inside you, letting it sustain you. You use it as your body requires, and then release it as you exhale. It is never yours. You are just a vessel for it. You breathe in, you breathe out. You are a channel through which air flows.”
Kegan made to release his breath, though his master shook his head.
“No. Not yet. Feel the air in your lungs, Kegan. Feel it pushing at the cage of your body. Feel it straining to escape.”

And

"Therein lies the problem,” his master observed, reading his posture. “I told you the air was not yours, yet you are thrilled with yourself for how long you kept it inside you. It is the same with magic. You want it, believing it can be owned. You cling to it, forgetting that you are merely a channel through which it passes. You choke it in your heart, and in your hands. And so the magic is strangled in your grip, because you see it as something to bind to your will. It is not, and never will be. It is like air. You must draw in what exists around you, use it for a moment, then let it free.”

​
Lissandra, in “Legend of the Frozen Watchers”, is another example:
“Summoning every last iota of the ancient magic around her, including that of her allies, she sacrificed everything to seal the rift-between-realms with True Ice, entombing the Watchers within it.”
​
When you try to take a deep breath in, the air eventually starts fighting to get out... the balloon is strained; you can't retain that level and, inevitably, the air escapes. Similarly to Ryze's explanation of why Kegan was failing at storing the magic.
​
From this, I posit what happens with mages around petricite is similar to what happens when you enter a vacuum: Those unaware and not consciously regulating the level of air will have their breath stolen. However, if you are aware, and know about the base concepts of consciously breathing, you will be able to store your air for a period of time before it gets taken. And with training, the level you are able to store, and the duration of which the breath may be held, increases. (You can relate this to holding your breath underwater, you know not to exhale... and if prepared, you know to inhale more than normal and hold your breath.)
Petricite nullifies magic by absorbing it, effectively sapping and stealing the mage’s reserves. For those aware of its properties, and adept at manipulating magic, they would be able to “hold their breath” i.e. hold their magic tightly for a short while, enabling them to continue controlled usage of it. An example of this is seen in the Ryze Cinematic, "Call of Power", when Ryze performs magic in the Petricite Forest.
​
It should be noted this isn't a literal 1:1 transition of concepts, it’d likely be much harder to recognize and consciously regulate the levels of magic (as displayed by Kegan), but the fundamental concept would remain the same. To be clear though, this does not speak to the shaping of magic and how it manifests for each mage. How each mage manifests the phenomenon is tied to their ideals and the cultural influences shaping it and to an extent, is ultimately personal: e.g. Lux being tied to "light", and those in The Freljord being more inclined to ice and shamanistic magics etc.
As said before, each person's approach to magic is pretty unique... Even within the Yun Tal, there are proficiencies and unique understandings/perspectives of shaping magic, this is what enables them to keep making new axioms and experiment further).
To use an example that ties back to the theory proposed, Sylas' innate approach is to be able to see/sense it and copy/take that "template"... Akin to a copiecheater in class who takes someone's homework. If he learned, he likely would have the capacity to do his own crafting of spells/magic.
You can consider it the reverse of Lissandra/Ryze... in a sense (theory-wise), he's currently only able to inhale consciously and exhale passively (tidal volume-> Inspiratory Reserve Volume) but not quite able to do it passively. His "tidal volume" is negligible, but his "lungs" are very elastic so can inhale a lot, however, similarly to an untied balloon, would be forced to expel most of the magic once it's not being consciously drawn in. Added to this, there is likely a limit to how much he can take in at any given time, less he risks being overloaded.
The Petricite would therefore act as the containeoxygen tank for the magic absorbed... allowing him to access it whenever needed.. whereas without it, he's constantly been shown to immediately use the magic upon absorbing (can't hold it for long...if at all).
In regards to why he can't consciously absorb ambient magic, it's likely too diffuse and "unconcentrated"/""unstable", whereas the magic stored in petricite and other mages etc already has a stable template... concentrated in once place, thereby enabling to have a firmer "grasp". Sorta like how u can pick up a block of ice, but doing the same with water or vapor is much harder.... it "slips" out. Relating back to if his base volume is low, but the "elastic potential" of his "vessel" is high, the diffuse magic absorbed wouldn't be much in the first place, plus he hasn't innately adapted an application to shaping the magic himself, so he naturally does what he's best suited to: Inflating his proverbial balloon by filling with the concentrated, stabilized templates of others and emitting it (or storing in the petricite).
TL;DR on mages, and Scath’s thoughts on the theory:

https://twitter.com/LaurieGoulding/status/1274390411448991746https://twitter.com/LaurieGoulding/status/1274401745242738688

​
​
Relevant Reads on Universe:

https://universe.leagueoflegends.com/en_US/story/from-the-ashes/https://universe.leagueoflegends.com/en_GB/story/axiomata/https://universe.leagueoflegends.com/en_US/story/leona-color-story/https://universe.leagueoflegends.com/en_US/story/champion/syndra/https://universe.leagueoflegends.com/en_US/story/the-dreaming-pool/https://universe.leagueoflegends.com/en_US/story/ahri-colohttps://universe.leagueoflegends.com/en_US/story/legend-of-the-frozen-watchers/https://universe.leagueoflegends.com/en_US/race/vastaya/https://www.reddit.com/syndramains/comments/8zpvyx/the_dreaming_cave_short_story_text_for_those_that/https://universe.leagueoflegends.com/en_US/story/for-demacia/https://universe.leagueoflegends.com/en_US/story/flesh-and-stone/https://universe.leagueoflegends.com/en_US/story/galio-color-story/https://universe.leagueoflegends.com/en_US/story/shackles-of-belief/https://universe.leagueoflegends.com/en_us/story/demacian-hearthttps://universe.leagueoflegends.com/en_US/story/xayah-color-story/https://universe.leagueoflegends.com/en_US/story/sisterhood-of-war-i/https://universe.leagueoflegends.com/en_US/story/sisterhood-of-war-ii/

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Flavor of life information regarding entities seemingly comprised of magic: Spirits and Celestials.

Spirits:
Spirits are the natural denizens of the Spirit Realm, everything that exists upon the physical realm is said to have a spiritual reflection, as learned in Riven's color story, "Seams and Scars".

“I’m a mender,” she said as she held the pottery out to a wide-eyed Riven. “No need to replace anything.”
Riven took the plate and examined it. “How does it work?” she asked, running a finger down a thick black seam.
"Everything has a spirit, and every spirit wants to be whole. I ask them what they need to mend, and give it to them.”

The concept of “time” exists differently from how it does in the physical realm… if it exists at all (Evidenced by Bandle City, as well as the Vastaya Forests). Many spirits seemingly start as something primordial, shapeless, and barely sentient before being tied to varying concepts, fundamentally shaping their interaction with the world, as somewhat evidenced by Evelynn and the nature of the Spirit Gods (Spirit gods, if completely forgotten, revert to the state described). It is not known if this is true for all residents of the spirit realm. Yordles are fundamentally different from other spirits encountered. I.e. they are much more physical and “substantial”.
The Spirit Realm itself is also comprised of “pocket dimensions” that do not have a physical realm correlation. The Glade is an example of this, the dimension of the Fae (of which Lulu’s companion, Pix, is a part of). It is theorized that Bandle City may be an offshoot of The Glade.
When mortals die, their souls are transported to the Spirit Realm, upon whence they’ll be placed in the Afterlife/world. Many "afterlife/afterworld" pocket dimensions exist, Mitna Rachnum (Mordekaiser's death realm) is one of them. Rarely (relatively speaking) do souls make their way into Mordekaiser's realm however. The Shadow Isles deserves mention as the catastrophe that occurred warped the rules of the natural worlds, as well as life and death. The raw necromantic (spiritual) magic that suffuses the lands has warped reality and stilled the passage of time. It has become a region of undeath as a result of the trapped souls being unable to truly pass on.
​
Aside from Yordles, the Fae and souls, other spirits exist, those standing out being Demons and Spirit Gods:
​
All demons are spirits, not all spirits are demons. I.e. Demons are a specific type of spirit. (This is for actual demons, not entities that have been labelled demonic despite being of human/physical or even celestial origin.) They subsist and feed on emotions, specifically those that are negative or overabundant to the point of negativity/overindulgence. They also perpetuate these feelings either directly, or indirectly in mortals. E.g. Evelynn feeds on agony and pain, and will seduce then torture people, feeding off of their pain. Tahm Kench on the other hand, subsists on misery resulting from greed, gluttony and addiction. He will tempt the person, and when they fall prey to that, will feed off of them. Demons can feed incrementally or devour the person wholly... sometimes literally, sometimes metaphorically. Generally it ultimately results in the person's death.
​
Spirit Gods are best described as “spiritual embodiments of concepts and cultural ideals”. They are ancient beings granted relevance aeons prior to common mortal existence. They hearken back to when the barriers between realms were ephemeral, thus could gain footholds in the physical plane and mortal cultures. It is theorized that they were originally spirits of certain concepts that managed to link themselves to the culture of mortals, gaining power, form and true sapience due to the increasing worship and cultural attention. Others hypothesize that they themselves were completely “born” of the combined perceptions of a staunch faith. Whatever they may be, it has been noted to be incredibly unlikely for a new Spirit God to form as the conditions of the current worlds do not favor it. Instead it’ll be more likely for an already established entity to fill that attention.
Points to note regarding Spirits:

• To an extent, every spirit so far has a basis on perception... Not everything is literally "I need you to believe in me for me to live." For demons, their source of "attention" or gaining sustenance is based on the emotion/mental energy that they are draining and perpetuating. Not necessarily a need for belief. Though many do have their own cults of worship, so it's likely that some of that energy can be fed upon too... but ultimately, it's the energy of the emotion/feeling/concept that needs to be there, not a belief.
• A demon will take shape based on the desired appeal of the person perceiving them. To a lusty, heterosexual man, Eve will appear as an incredibly sexy, sultry lady, thereby tempting him to pursue her. Tahm Kench will appear as a seller or peddler of goods and fortunes, an auctioneer… perhaps even a Casino roulette. Whatever will appeal to and best exploit that person's inner weakness and temptations.
• Spirits can physically take form by animating and using physical materials nearby, scrapping them together to achieve the desired form (As we see with Fiddlesticks and Volibear)... they can also materialize as condensed raw magic given form. There are rules and limitations guiding how they manifest of which we haven't been privy to. However, we can assume it's based on their current strength, abundance of magic around and the context of the situation. They can choose a form, but often will appear based on the perceptions and inherent beliefs and moods of the surrounding mortals. But yes, they can shapeshift and are the reason why the Vastayashai'rei and their descendants, the Vastaya, have such fluid form.

​
*Nagakabouros has been confirmed to be a Spirit God, born of the Spirit Realm. The true scope of her being is not known beyond being linked to the concepts of Life, Chaos and Motion. Other examples of Spirit Gods include Kindred, the Freljordian Demigods and Janna. Demons include Fiddlesticks, Raum, Nocturne, Tahm Kench and Evelynn.
​
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Celestials:
Those of the Celestial Realm are known as Celestials. The antithesis of the Void and its denizens, The Watchers. The Celestial Realm and its inhabitants are heavily centered around creation and maintenance. Not much is known about these timeless entities however they played a key role in the creation of the cosmos as well as Runeterra and its development as a whole. Fate and the celestial machinations guiding mortal existence can be interpreted by looking to the heavens however, to the ire of some, Mortals are not beholden to these preset destinies, and instead often create their own.
The Celestials that we know of are Aurelion Sol, his kin, The Aspects, Bard, and Soraka.
Aspects are the pure ideals/celestial concepts made “personified”, and will occasionally bind with a mortal host and traverse Runeterra to do whatever work is needed.
*(Edited in for clarity:) The Ascended are indirectly rigged to Aspects (celestial concepts). Ascension doesn't necessarily grant them celestial magic, it dramatically magnifies all of their previous traits.

https://twitter.com/LaurieGoulding/status/1222583655794524160

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I see you’ve reached the end, my weary traveler. Feast on some cookies and recoup. In regards to any questions and theories, happy to discuss in the comments. If in relation to the various creatures and their more specific interactions with Magic, The Great Chronicler, Sharjo, is doing a TL;DR on the Races of Runeterra which will likely touch on many of those aspects. So I'll leave that to him. For awesome, quick questions or more in depth conversations with fans of the Lore of League, join the discord server :D

https://discord.gg/dYyW6KT

Thanks for bearing with me! Hope this explained things in a clear manner.

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