August 2020 edit: I've tweaked the deck a little based on recent pulls/trades I've acquired. But the general idea described below is the same. Enjoy! The deck works better than you might think!

Hey, y'all. Thanks for checking out this deck. I love Rainbow Lich - kudos to Ali Eldrazi for the original design - and I was frankly very sad to see it rotate out of standard recently. Lich's Mastery is an amazing card for janky, fun decks, and it actually gets wins. But this deck is hard to pilot. Thankfully, we now have Fires of Invention to solve a lot of the problems. 

The deck here relies on board wipes to stay alive. Getting a Fires down is key. Without it, you're very likely dead in the water since your board wipes cost all kinds of strange mana combinations and the lands are focused mostly on red to ensure Fires by turn 4, and blue or blue-green to ramp you in the early game. The win condition I've found most useful is Approach. With a Lich's Mastery and a Fires on the table, you approach, and the shuffle resolves before life-gain trigger on Mastery, meaning you draw it again immediately after. And with Fires out, you play it again for free as your second spell and voila - victory. Drawn from Dreams and Narset are usually enough to find the pieces you need. But failing that, there is sideboard wishes in Acquisition and Fae.

In case you've never seen the Rainbow Lich in action before, there is an infinite turn loop you can pull off as well: Chance for Glory with Mastery down, Mirari Conjecture to get back Chance, Sideboard wish for Nature's Spiral to get back Conjecture once it's gone, and the engine really starts revving up once you get the second Conjecture and copying all your Chances and Spirals and Acquisitions, and so forth. 

Most of the sideboard is Wish material. Get what you need when you need it in order to survive, board wipe, get back important cards from the graveyard, dig in the library, gain life, or just finish the game (Banefire). I realized that this deck’s only true weakness is enchantment removal, and in particular Fires-removal. So in game two, if you suspect your opponent is siding those cards in, swap out fires for gifts of paradise and play a more traditional Rainbow Lich. I HAVE caught opponents off guard with this strategy, and it’s brought me victory.

YES, I know there are better cards (board wipes) to include, but I don't own any of them. I have  1x Search for Azcanta, for example, plus it could really use 4x supreme verdicts. So please slot in your better cards where you can.

This thing is FUN to play. Can't stress that enough. But it's difficult. Good luck. And thanks again for looking!!!

Updated July 17, 2020