In ascending order of importance:
[b][u]I:[/u][/b] Markov Chain increases Melee damage in addition to the weapon’s damage
[b][u]II:[/u][/b] Markov Chain lasts longer
[b][u]III:[/u][/b] Replaces the default melee with a Monte Carlo’s bayonet Stab (we’ve literally been asking this since D1)
In my opinion it’s only fitting that Markov Chain increase melee damage as well, since Monte Carlo is such a melee-centric exotic, and it would be perfectly balanced since Markov Chain cancels whenever you swap weapons (thus preventing it stacking with One-Two punch). It would also help give Peregrine Greaves some viability in PvE since Peregrine Greaves can’t proc with One-Two punch.
This is currently my favorite exotic in the game, and I really hope it gets a Catalyst deserving of its potential (and style. That gun is [b][i]SEXY[/i][/b])
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One thing I've learned reading the forums overs the years.. Bungie will absolutely not take any creative advice from players. Not to say it's bad, just the fact that some are extremely well thought out with good balance behind it. Gotten to the point where I quit reading these, because I get disappointed when a new exotic or new catalyst drops.