It gives a pinnacle each week for one character on your account, so people will still be doing it. Noticed that this week.
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And you get 1 key weekly from a new raid which gives you a red border weapon from a raid if you complete 12 man activity
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Doubt it as your LL doesn’t really matter at all. Your capped for almost every activity in the game, so there is zero point in maxing your LL now
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No point in maxing it but bring it up to the where you are capped is still better than being 30 power under