Merfolk Cave-Diver

Once an ability that causes a creature to explore begins to resolve, no player may take any other actions until it's done. Notably, opponents can't try to remove the exploring creature after you reveal a nonland card but before it receives a counter.

In some unusual cases, noncreature permanents may explore. For example, if the creature card returned by Defossilize is somehow not a creature once it's on the battlefield, it can still explore. You'll take all the same actions, and you may end up putting a +1/+1 counter on the permanent. (Note that some effects target a creature, and those effects would still require a legal target to have it explore.)

If no card is revealed, most likely because that player's library is empty, the exploring creature receives a +1/+1 counter.

If a creature leaves the battlefield before an effect instructs it to explore, it still explores. Abilities like Merfolk Cave-Diver's that trigger whenever a creature you control explores will still trigger.

Some spells or abilities might cause a creature to explore multiple times in a row. If you reveal a nonland card when a creature explores and leave it on top of your library, then the creature explores again immediately afterwards, you'll reveal the same card again.

If an ability instructs a creature to explore, its controller reveals the top card of their library. If it's a land card, they'll put it into their hand. Otherwise, they'll put a +1/+1 counter on that creature, then choose to either leave that card on top of their library or put it into their graveyard.