[Update #2]: MTG Arena's cyberpunk themed Kamigawa: Neon Dynasty will be landing on February 10, 2022.

[Update]: The bans and balance changes have now arrived, while the Double Feature draft event will be launching on January 28th.

Given the dominance of control and mono-colored decks in the Standard format, it should come as little surprise to hear that Wizards of the Coast has now announced a bunch of upcoming bans. As such, once the January 27th update arrives, Alrund's Epiphany, Divide by Zero and Faceless Haven will be banned from Standard, while Memory Lapse will be fully banned in Historic.

Additionally, the Alchemy and Historic formats will also be undergoing a variety of balance changes. The ever-present Fearsome Whelp, Inquisitor Captain and Hullbreaker Horror will be getting a nerf, while a whole assortment of Venture-based cards will be getting some much-needed buffs. Most interestingly of all, the previously banned Teferi, Time Raveler will be returning to Historic in a freshly nerfed form!

There's far too many changes to explain in brief, so if you're interested in all of the specifics you'll find the exact list of buffs and nerfs over at the MTG Arena website. Wizards of the Coast has done a rather nice job of explaining why each of the cards was tweaked, so it should also hopefully give you a better idea of the sort of direction they're taking the Alchemy format in. 

As a final note, it's also worth mentioning that the Standard bans will give you appropriate wildcards for each of the banned cards. So whether you care for these individual cards or not, it's still purely beneficial to craft them as you'll get your resources back on January 27th. The same does not apply to the Alchemy-based balance changes, however, so don't make a costly mistake on that front!

Once the update goes live I'll make sure to let you know. Until then, have fun brewing up new deck ideas!