Nowadays Equipment decks have been eating really good lately, with several mechanics introduced which help mitigate the creature/Equipment balance, reduce the mana awkwardness of both paying for the Equipment and equip cost, and making Equipment more efficient overall by just using colored pips
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The loss of Gaeas Liege hurt decks that were built around the Lieges ability to turn any Land into a basic Forest until the Liege left play
If you like slinging spells and killing opponents quickly, I'd definitely recommend it as a solid budget option, although the fact that our creatures are pretty fragile might keep it from being a legitimate top-tier option in Standard
Zaxara's color identity opens you up to many more deck-building possibilities than the other top Hydra commanders
It shuts down other effects as well - your opponents can't cast spells from anywhere other than their hands, so no casting spells using Madness, Plot, Mayhem, or a whole bunch of red impulse draw effects