The Binding Coil will end, but we'll get another endgame raid in the expansion with an ilvl increase along with (more than likely) a level increase. All signs point to the expansion being released after 2.5.Given that we know that 2.4 will be the end of the Binding Coil story arc, I believe the iLevel will finally reach its max point. Afterwards, people will be able to gear up as they want with as much time as they want. As a game developer, I speculate that after 2.4 vertical progression will halt (gear-wise that is) and horizontal progression will be introduced. The next step of actual vertical progression would come with the level cap raise and not from gear iLevel (giving players more time to work their way up the ladder).
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