Chaos Wrap is an excellent piece of removal, or combo card if used on yourself. It can be a Beast Within in Red, or a Show and Tell if used when stacking your own deck. It has a larger upside if used on yourself, since the resulting permanent will have what's effectively Divine Shield (the Hearthstone mechanic). If given to another player, then that can be a bit of a headache, but usually less if the shuffled permanent was way stronger.

To prevent damaging cards, I'm ruling that you can't sleeve the cards any more than they already are in my cube. They're double-sleeved, so that's two instances of wrap, which feels like a strong baseline.

It's replacing Trial and Error, which has grown weaker due to overall cube changes. As the number of Counterspells is currently low, the fizzle effect is only just a novelty for a cheap removal spell.