Due to a 2021 rules change to cascade, not only do you stop exiling cards if you exile a nonland card with lesser mana value than the spell with cascade, but the resulting spell you cast must also have lesser mana value. Previously, in cases where a card's mana value differed from the resulting spell, such as with some modal double-faced cards or cards with an Adventure, you could cast a spell with a higher mana value than the exiled card.
A spell's mana value is determined only by its mana cost. Ignore any alternative costs, additional costs, cost increases, or cost reductions.
If a spell with cascade is countered, the cascade ability will still resolve normally.
Magic: The Gathering · ™ & © Wizards of the Coast · Illus. Svetlin Velinov
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If you cast a card "without paying its mana cost," you can't choose to cast it for any alternative costs. You can, however, pay additional costs. If the card has any mandatory additional costs, you must pay those to cast the card.
Cascade triggers when you cast the spell, meaning that it resolves before that spell. If you end up casting the exiled card, it will go on the stack above the spell with cascade.
The mana value of a split card is determined by the combined mana cost of its two halves. If cascade allows you to cast a split card, you may cast either half but not both halves.
When the cascade ability resolves, you must exile cards. The only optional part of the ability is whether or not you cast the last card exiled.
If the card has {X} in its mana cost, you must choose 0 as the value of X when casting it without paying its mana cost.
You exile the cards face up. All players will be able to see them.
If a spell has multiple instances of cascade (for example, if you cast a second The First Sliver), each instance of cascade triggers and resolves separately. The spell you cast due to the first cascade ability will go on the stack on top of the second cascade ability. That spell will resolve before you exile cards for the second cascade ability.
The First Sliver's last ability only applies while it's on the battlefield. If The First Sliver's own cascade ability lets you cast another Sliver card, that Sliver won't have cascade.
