I like the idea of using Etheric light for something as at present its worthless. However as much I loved my Yr 1 weapons, I do not want them in year two. I like the fact I use different weapons now. I got so bored of only VoC, FB, BH, GHorn etc. Plus Nightfalls would be even easier which is not a good thing. If anything make them harder.
Etheric Light though could be used for infusing year 2 weapons. For instance, you get 274 weapon from an engram you wish to keep. If you had an etheric light you could immediately infuse it to 290/300. Any further increases need to be done with weapons as normal.
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Using it to infuse weapons/armor is the best use. Or allow it to be turned in for faction rep.