They function as a bit of a wild card in that they fulfill many roles: as preemptive removal, as a tempo play, as interaction to stop winning plays, and as protection
Same goes for -1/-1 counters, which can be weaponized with Nesting Grounds or Fate Transfer and turned into a problem for your opponent
On top of that, the creature has evasion and lifelink to keep itself and you in the game and buffs your herd to threaten to take victory
Might not be one of the strongest slimes overall, but its a decent 3-drop for your ooze typal builds
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This card is usually seen with the likes of Viscera Seer or Village Rites so that you can retrieve the cards at will or avoid it getting exiled