There are a couple reasons for making this format:
nostalgia
sticking it to WotC, who've become greedier and greedier since the advent of the Mythic rarity (do you remember when they said they wouldn't make format staples Mythic?)
WotC can't artificially inject cards into this format since it's custom (see Modern Horizons kekw)
Premodern already covers cards until Mirrodin
including Onslaught, or going further into Zendikar would include fetchlands, which are far too strong and require too much shuffling, and shuffling is ENEMY #1 after all
this period has a ton of interaction outside of some fringe players (Dragonstorm, Dredge, etc), but even those decks are not going to blow you out consistently on turn 4 or something like that.
Legal Sets
8th Edition
Mirrodin
Darksteel
Fifth Dawn
Champions of Kamigawa
Betrayers of Kamigawa
Saviors of Kamigawa
9th Edition
Ravnica: City of Guilds
Guildpact
Dissension
Coldsnap
Time Spiral
Planar Chaos
Future Sight
10th Edition
Lorwyn
Morningtide
Shadowmoor
Eventide
Watchlist
Urzatron
Gifts Ungiven
Dark Confidant
Tarmogoyf
Banlist Rationale
Arcbound Ravager
Um...
Bitterblossom
Faeries is too good with this card.
Cranial Plating
See Arcbound Ravager
Umezawa's Jitte
Uh...
Skullclamp
Mate
Sensei's Divining Top
I mean at least fetches aren't legal, but this would be far too ubiquitous if legal.
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