Termagant Swarm

• WWizards of the Coast2022-10-07
  Official Ruling
  Use Termagent Swarm's power as it last existed on the battlefield to determine the number of tokens you create.
• WWizards of the Coast2022-10-07
  Official Ruling
  The triggered ability that checks to see if X is 5 or greater refers to the value of X that was chosen as the spell was cast, which may be different from the number of counters it entered with if there are replacement effects involved. This is also true for any other ability that it has which refers to X and triggers when it enters the battlefield.
• WWizards of the Coast2022-10-07
  Official Ruling
  See also "New Keyword Ability: Ravenous" in General Notes.
• WWizards of the Coast2022-10-07
  Official Ruling
  If a permanent spell with ravenous is copied, the copy will have the same value for X, and the token permanent that the spell becomes as it enters the battlefield will enter with X counters.
• WWizards of the Coast2022-10-07
  Official Ruling
  If another permanent enters the battlefield as a copy of a creature with Ravenous, it will not enter with any counters from the ravenous ability.
• WWizards of the Coast2022-10-07
  Official Ruling
  A creature with ravenous gets its counters as it enters the battlefield. It doesn't enter the battlefield first and then get its counters. Any triggered ability that looks for a creature with a certain power or toughness entering the battlefield will see the counters when it checks to see if it should trigger.

Rulings via Scryfall