I like Destabilizing Rounds as a concept, but the way the perk works currently is kind of just like a lower value Incandescent.
You defeat a target to apply Volatile with a short ranged effect and then you can kill 2 enemies to set off the collective of enemies that are volatile provided they remain grouped up
The setup on Destabilizing Rounds requires that 3 enemies be defeated for a chained destruction effect and it doesn't soften up surrounding enemies while Incandescent does both pretty well.
It'd be great for Destabilizing if the initial debuff applying explosion also did damage on par with Incandescent's Scorch spreading explosions, and this may be a Volatile debuff issue but in my opinion it takes too much damage to detonate a Volatile target.
I also find it off that Volt Shot can stun Overloads, Incandescent can stun Unstops, but Destabilizing Rounds can't stun Anti Barriers even though it's supposed to be a void equivalent to both. It'd be a great buff for the sandbox if kills with Destabilizing Rounds also offered Volatile Rounds for 5 seconds
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The only way to utilise it correctly (or atleast consistently) is on hunter with the chest piece. Sadly destabilising rounds caught a nerf to proc rate meaning your guess is as good as mine for activation. It would be much better as a reload perk on kill like volt shot.