Why is it light level 36, when it should be level 42? I want to be rewarded for grinding my ass of in the iron banner, and all I get is mediocre gear? That's stupid
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You can always ascend it should you choose. If you look at past Iron Banners, Bungie typically likes to up the light level throughout the "season" for future Iron Banners. Because house of wolves just launched and this is the first iron banner with it, the gear isn't max level. This is the same formula they launched with The Dark Below and initial game launch. IE - if you want to be an early adopter and ascend it early, go for it. If the past is an indicator of the future, expect the max light level to be purchasable later on.