1.2.463 - Xenon (3)

We modified this description like three times, I think the final version is pretty clear.

Description: [Energy] Increases your Dodge Rate to 100%. Each time you dodge an attack, your dodge rate and damage taken will decrease. After dodging a certain number of times, your dodge rate and damage taken will return to normal. Permanently increases your defence.

For level 20 you have this:
Energy Cost: 10, Dodge Rate: +100%, Dodge Reduction: 5%, Damage Taken Reduction: 5%, Dodges Before Reset: 10 - Passive Effect - All Stats: +30, Weapon and Magic Defence: +400

So the moment you use it, you have 100% dodge rate. You dodge once, you now have 95% dodge rate and take 95% regular damage. This keeps going until you dodge 10 times and the skill ends.

Why do I think this skill needs a cooldown?