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I guess the bullets are so big that the handle would be very fat if it had a magazine. But I have to admit that the revolving thing is very small too... Maybe its an ammo generator unit?
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The side arm is what I envision a hand cannon should look like
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And then the sidearms come along...
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Haha well they are clearly energy weapons. Hand cannons most likely generate ammo from glimmer since it has that kind of properties according to lore.