Not only can it protect you from a range of spells, but it can tap the opponent down, and then allow you to untap and slam a Stasis in to play, so it is often much better than a regular Counterspell for this strategy
Or is it underloaded
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The only things Baylen cant do on their own is removal, recursion, and protection, so pack a couple of mass-blink spells like Eerie Interlude to save yourself in the event of a board wipe and a Raise the Past for when someone counters it
At least maybe in your play group, but spoiler alert: it's not great
And while it may not be quite as powerful as the previous cards when theyre in just the right deck, its a lot more versatile