In my opinion , hard light has always been one of Destiny's (and gaming in general) best gun designs . Whether we're talking about the aesthetics of the gun , the sound or the concept , firing ionized polymer rounds etc. it's a really cool gun . Sadly , in terms of utility , it has always been one of the worst , and even in D2 with the option to change elements , it is still underwhelming .
But here's how to make it a very useful , well-balanced and overall good exotic weapon :
MAKE IT STABLE !
Seriously , think about it . Currently , what is hard light's niche ? the ricochet rounds ? not really , they're more cosmetic than anything else , except in VERY RARE situations when the ricochets might hit something multiple times . The overpenetration ? yes , that's pretty nice and useful but nothing special , worthy of exotic status . being able to change elements ? maybe if it has been in D1 , but in D2 not really since we can do that for 5K glimmer and you can't switch elements during prestige nightfalls for example .
No , currently what really sets it apart is one thing : no damage falloff . That's right , technically hard light has infinite range (which makes sense since the ionized rounds' damage is caused by their heat than their kinetic energy ) . The only problem is that it is pretty much the MOST UNSTABLE gun in the game , despite having the highest stability and recoil direction stats . That means that if you're trying to shoot at something from a distance , your first bullet will hit , but the gun will kick so much that the next ones will miss by 20 miles .
HOWEVER , if you were to make it ACTUALLY as stable as its stats indicate , then we could ACTUALLY make use of this perk , allowing hard light to be the only gun that can effectively sustain continuous damage on distant targets . That WOULD be useful , that WOULD make sense , that WOULD set it apart from other guns and that WOULDN'T be overpowered/broken in any situation .
So basically make hard light as stable as possible (more stable than a coldheart for example , which is another omolon weapon which is pretty stable , proof that omolon can pull that off) and POOF it suddenly becomes a desirable exotic !
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Hard Light is one of the best exotics in the game. The lack of stability is the tradeoff for no damage falloff. It was really good in D1, and still is in D2.