Another way to spend meter is by performing a technique called Vanishing. Vanish allows you to teleport behind your opponent and strike them at the cost of a bar of meter. The input for Vanish is M+H. Vanish is a multipurpose tool, since it can be used defensively and offensively.
On the offensive side, Vanish can be used to extend combos. It can be cancelled into from cancellable normal attacks and specials. When doing so, you will be granted a Wall Bounce that you can then combo off of. This is also a popular way to combo into Dragon Rushes for Snapback combos. Be careful, for using Vanish in a combo will cause all of your post-Vanish hits to deal significantly less damage and gain significantly less meter. Also, performing a Vanish directly after A Z Assist, Z Change, Guard Cancel, or a move that already caused a wall bounce will not result in a wall bounce upon landing. You can also only access the Vanish wall bounce once per combo.
On the defensive side, Vanish can be used to punish options such as certain Super Attacks that might leave you too far away to punish with anything else. However, a raw vanish doesn’t cause a wall bounce, and will instead send your opponent flying to the opposite side of the screen leaving little to no room for follow-up. Vanish on its own is also not the most damaging option in the world, dealing 850 base damage. However, punish opportunities in situations where only Vanish will reach become a lot scarier if you are in Sparking.
You can also use Vanish to get yourself out of precarious situations, such as the corner or certain mixups. Since it its fairly safe when blocked, there isn’t much risk to using a Vanish for the sake of positioning or escaping a mixup. However, using it in this way requires you to have time for the Vanish to come out, since it isn’t instantaneous and doesn’t have any sort of invulnerability. You’ll need 7 frames for the teleport to activate, and 9 frames before the attack is active. Remember, raw vanishes do not leave much room for combo potential. The most mileage you might be able to conjure out of landing a raw vanish is while cornered and calling a Z Assist before using the Vanish, or while cornered and knocking an opponent out of the air when they’re really low to the ground.
Vanish can whiff on an opponent if they are in the middle of performing a mobile option. Vanish is also always an airborne attack, which means it is liable to be Anti-Aired by 2H if your opponent reacts properly. As far as advantage on block goes, Vanish is sort of a mixed bag. If an opponent is grounded and you perform a Vanish that they block while grounded, you are technically at even advantage. HOWEVER, you can become advantageous by cancelling the landing recovery of a vanish into a button (Most likely an L since the advantage you’re gaining is only about 2 frames). Basically, if you perform a Vanish under these circumstances and mash L while you are landing, your L will come out before your opponent recovers from the blockstun. This becomes a bit tricky to gauge if your opponent stand blocks your Vanish but the height at which your Vanish teleported to is higher than usual for whatever reason (Usually in the case that a Vanish was used right before your opponent landed). Under these circumstances, you will no longer be in an advantageous situation and will be even at best. If Vanish is performed while an opponent is airborne and they block the vanish, you will definitely be disadvantageous by the time they recover from blockstun.