I am for Oryx worming his way out of his deal with the Deep. He probably Took his worm and allowed himself to fall as a means to break free and observe the final shape of the universe (possibly using Nokris as a meat suit). He has been showing Guardians a lesson in sword logic and it would make most sense if he found a way to watch as we slaughter every last race of the Darkness with our new power taken from Oryx. It makes more sense if he lives as he was the curious one and wants to see how far the now superior organisms (Guardians) can go. He also loves his sisters to the point where he attempts to kill them in their throne world, and it would make sense for him to use Guardians as a means of doing what he could not. I doubt Oryx was mad at us for killing Crota from paternal standpoint and more as a tribute loss.
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Plus a part of Oryx exists and is protected inside of the Touch of Malice. The gyroscope piece is what contains the part of oryx, and then that feeds upon our light in order to provide us with extra rounds with higher damage at the end of each magazine at a cost to our health. So I wouldn't say he is dead completely, but I don't think he will ever be able to come back in the same form as before.
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I do like the idea of Oryx just watching Guardians grow and conquer, and I can imagine it as an interesting story expansion. Oryx Cults springing up amongst Fallen or Cabal forces, being influenced by the God to use Hive power as their own.