Throughout Destiny, there have been many references to ancient mythology such as the Ishtar Sink on Venus (Ishtar is a god in ancient Mesopotamian culture) and the Cabal phalanx (a reference to an ancient Greek battle formation). If you have any other evidence of this or theories of how this could tie into lore please tell me! Thanks and raid on!
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No, it's not directly based on a singular mythology. But most names of gear derives from mythologies or history.