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It stops an attacker, it removes a blocker, it can protect your stuff from a Wrath, yours or theirs, you can kill tokens, you can re-trigger etb effects or you can just say "nothing will be killing my Kaya this turn"

But Im happy with the 3 or 4 cards in their to get round hexproof targets

Similarly, if an effect creates a token and puts counters on it (such as a Fractal token) the additional token will also get those counters

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So while Counterspell might be able to deal with any threat, most times you'd be better off drafting Dark Banishing or Incinerate so you could drop early creatures, and then use the removal to mop up afterwards instead of having to wait for your gracious opponent to walk into your untapped Islands