[Update #2]: All of MTG Arena's cyber-ninja infused Kamigawa: Neon Dynasty cards have now been revealed.

[Update]: MTG Arena's cyberpunk themed Kamigawa: Neon Dynasty will be landing on February 10, 2022.

Given the dominance of blue-flavored control and mono-colored aggro decks in Standard, I'm very happy to say that Wizards of the Coast did not wait for the upcoming Kamigawa: Neon Dynasty expansion before making some much-needed adjustments. To be more specific, Alrund's Epiphany, Divide by Zero and Faceless Haven have now been banned from Standard, while the previously suspended Memory Lapse has now been fully banned in the Historic format!

Additionally, in order to shake up the Alchemy meta, Wizards of the Coast has also unleashed an assortment of balance changes. Highly powerful cards like the Fearsome Whelp, Inquisitor Captain and Hullbreaker Horror have been toned down, while many dungeon-themed cards have been significantly buffed as the whole archetype was pretty much nonexistent in ranked play.

Most interestingly of all, the previously banned and incredibly annoying Teferi, Time Raveler has now returned to Historic in a freshly rebalanced form! You can check it out, alongside all of the aforementioned buffs and nerfs, over at the official patch notes.

As for whether these changes are good, I'd say the answer is twofold. On the Alchemy side of things I'd say this has been a highly successful update as it has toned down oppressive cards without destroying them, while simultaneously giving a boost to previously unplayable ones.

The problem arises when you put Historic into the equation, because while many of the nerfed cards were too powerful for Alchemy, they were perfectly fine in the much deeper Historic card pool. So while the loss of cards like Lier or Inquisitor Captain isn't massive for the format, it's still a shame to see Historic negatively impacted by the mere presence of Alchemy.

Whatever your thoughts on the matter may be, you can learn more about MTG Arena's future, as well as the Kamigawa: Neon Dynasty expansion, over at latest developer update.