So, the only thread I found on interpreting the Lost Prophecies is a few years old now, so I decided to make one, now that much more time has passed.
Mind you, I didn’t join Destiny 2 until Season of the Chosen, but I do have a good idea of past events. That being said, I might get a few things wrong.
So, let’s begin.
Two siblings cleaved by time and space, reflections never found alone,
The ending of the eldritch race—a path long seen but never known.
This likely refers to the Gardener and Winnower, and going by the other thread, also the Black Garden, which is outside of space and time.
To Tower comes a war in red; an orphan sounds the empire’s call.
Mortal angels mourn the dead while lightless light wraps night in pall.
This almost certainly is referring to the Red War, Dominus Ghaul, and how the Light was taken from us.
An army meets, and stands, and falls. Three nobles wage their hopeless war.
In shifting madness, evil crawls. One stands above the battle’s roar.
Also referring to the Red War? I imagine the three nobles refer to the Vanguards, and the one standing above the battle’s roar is the Guardian.
A charnel but effulgent orb—beacon in a loathsome dark—
Fêted, fetid corpses rise—a too-long-absent gibbous spark.
This likely refers to the Traveler creating Ghosts to rise Guardians. Can’t think of many other interpretations.
A visitor ignites the sky, and in the truth of light it dreams:
Above the dead and yet-to-die, a legion’s blade with fire screams.
Also referring to the Red War and Ghaul’s invasion.
Amid the endless death one flew—unnatural all-consuming need—
And in the space between the two, accursed comprehension freed.
I wasn’t around for Curse of Osiris, so I’m guessing that this refers to Osiris searching the Infinite Forest, and maybe the “accursed comprehension” refers to Panoptes?
A spark of knowledge with each fall, the purpose of the endless youth.
No longer shunned, dark’s nameless call now brings about tenebrous truth.
So, the Season of Arrivals brought us the Tree of Silver Wings, which we got messages from during the Interference missions, iirc. And I imagine the “endless youth” could refer to Guardians, but maybe it could refer to the promise that the Darkness only had life?
They sowed the First, now reap the Last; forever narrows to a line
Where Light will fade into the past; when all’s converted, nothing shines.
This could refer to the Black Fleet, and how it brought about the first Collapse. Perhaps the upcoming war in Lightfall will be the “last Collapse”? I think more time might be needed for this one.
A sacred eye that speaks in lies—upending futures in its path.
The way before us to the skies shall see itself in ancient wrath.
Now, this is where I might guess Season of the Undying, but I’m inclined to believe this refers to Season of the Splicer’s story. Quria, the Dreaming Mind, fell under Savathûn’s influence, and she was known as the Queen of Lies. “The way before us to the skies shall see itself in ancient wrath” might be the Endless Night, since it did block out the sun. Though, I’m having a hard time guessing what “upending futures in its path” refers to in the context of Season of the Splicer.
See who’s robed as if a god, who stands with pride above the rest!
Destroy this ancient nameless fraud! Destroy the one whose death was blessed!
I’m almost positive this refers to the events of The Witch Queen. On her death, Savathûn was brought back by the Traveler, and since her domain was lies and deception, she could be considered a fraud.
There’s just one thing stopping me from being fully positive. The “nameless” part is where this interpretation could fail, as many have known Savathûn’s name, and maybe point to the Witness, with the “robed as if a god” part. “As if” means not actually a god, but close to one, and with what we know of the Witness so far, Prophecy 10 could also point to it.
So, those are my interpretations of the Lost Prophecies. Feel free to point out anything I might have wrong or bring up your own interpretations, too- I don’t think we’re at a point for some of these where we can safely say what it exactly refers to.