Make the bond buyable, you only get renown when you wear the bond, gain faster the more faction armor you wear.
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this sort of thing was exactly how factions worked in D1. You equipped a class item related to the faction you were with, and you gained reputation with them while you did stuff. Patrols, Strikes, Crucible, Nightfalls, Public Events. You got any kind of reputation for it? if you had the class item equipped you got Faction reputation. And then having things like the Emblem and Shader related to that faction increased your reputation gain as well.
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Yep, D1 vet myself.