Its a Commander with a ton of value (Im looking to squeeze him into another underwater-themed deck as we speak), but theres also Kindred Discovery in the deck as well to get even more card draw from your Merfolk
You can use this to grab a silver bullet for your current situation, like Tuktuk Scrapper
Grave Titan offers a good amount of defense, a good amount of value and a very snowbally win condition that can attack while retaining defenses
The value it generates as a 1-mana loot effect, drawing you two cards and letting you pitch two essential graveyard cards, with the option to flashback, is frankly insane
WotC cut out the +1/+ and trample from the Tarkir: Dragonstorm equipment and the resonant red enchantment got showered off and rebalanced with a cost to copy spells before they were re-admitted to the Alchemy card pool
Key Cards to Look Out For: Melded Moxite (Common) An ideal fit for this archetype