Have

Lord of Atlantis

Other Merfolk get +1/+1 and have islandwalk. (They can't be blocked as long as defending player controls an Island.)

Don't Have

The One Ring

Indestructible
When The One Ring enters, if you cast it, you gain protection from everything until your next turn.
At the beginning of your upkeep, you lose 1 life for each burden counter on The One Ring.
{T}: Put a burden counter on The One Ring, then draw a card for each burden counter on The One Ring.

Flare of Denial

You may sacrifice a nontoken blue creature rather than pay this spell's mana cost.
Counter target spell.

Waterlogged Grove

{T}, Pay 1 life: Add {G} or {U}.
{1}, {T}, Sacrifice this land: Draw a card.

Tishana's Tidebinder

Flash
When this creature enters, counter up to one target activated or triggered ability. If an ability of an artifact, creature, or planeswalker is countered this way, that permanent loses all abilities for as long as this creature remains on the battlefield. (Mana abilities can't be targeted.)

Kira, Great Glass-Spinner

Flying
Creatures you control have "Whenever this creature becomes the target of a spell or ability for the first time each turn, counter that spell or ability."

Deeproot Pilgrimage

Whenever one or more nontoken Merfolk you control become tapped, create a 1/1 blue Merfolk creature token with hexproof.

Stern Scolding

Counter target creature spell with power or toughness 2 or less.

Silvergill Adept

As an additional cost to cast this spell, reveal a Merfolk card from your hand or pay {3}.
When this creature enters, draw a card.

Island

Subtlety

Flash
Flying
When this creature enters, choose up to one target creature spell or planeswalker spell. Its owner puts it on their choice of the top or bottom of their library.
Evoke—Exile a blue card from your hand.

Hurkyl's Recall

Return all artifacts target player owns to their hand.

Merfolk Trickster

Flash
When this creature enters, tap target creature an opponent controls. It loses all abilities until end of turn.

Mutavault

{T}: Add {C}.
{1}: This land becomes a 2/2 creature with all creature types until end of turn. It's still a land.

Tide Shaper

Kicker {1} (You may pay an additional {1} as you cast this spell.)
When this creature enters, if it was kicked, target land becomes an Island for as long as this creature remains on the battlefield.
This creature gets +1/+1 as long as an opponent controls an Island.

Svyelun of Sea and Sky

Svyelun has indestructible as long as you control at least two other Merfolk.
Whenever Svyelun attacks, draw a card.
Other Merfolk you control have ward {1}. (Whenever another Merfolk you control becomes the target of a spell or ability an opponent controls, counter it unless that player pays {1}.)

Dismember

({B/P} can be paid with either {B} or 2 life.)
Target creature gets -5/-5 until end of turn.

Otawara, Soaring City

{T}: Add {U}.
Channel — {3}{U}, Discard this card: Return target artifact, creature, enchantment, or planeswalker to its owner's hand. This ability costs {1} less to activate for each legendary creature you control.

Spell Pierce

Counter target noncreature spell unless its controller pays {2}.

Unlicensed Hearse

{T}: Exile up to two target cards from a single graveyard.
Unlicensed Hearse's power and toughness are each equal to the number of cards exiled with it.
Crew 2

Master of the Pearl Trident

Other Merfolk creatures you control get +1/+1 and have islandwalk. (They can't be blocked as long as defending player controls an Island.)

Vodalian Hexcatcher

Flash
Other Merfolk you control get +1/+1.
Sacrifice a Merfolk: Counter target noncreature spell unless its controller pays {1}.

Aether Vial

At the beginning of your upkeep, you may put a charge counter on this artifact.
{T}: You may put a creature card with mana value equal to the number of charge counters on this artifact from your hand onto the battlefield.

Spreading Seas

Enchant land
When this Aura enters, draw a card.
Enchanted land is an Island.

Rishadan Dockhand

Islandwalk (This creature can't be blocked as long as defending player controls an Island.)
{1}, {T}: Tap target land.