Current framework:
Players gain Legacy. Legacy points are a sliding scale that goes up through activity, and goes down by being spent. You can earn Legacy through two core mechanics:
Deeds: Great deeds include things like killing powerful monsters, landing devastating blows upon noteworthy foes, or surviving against all odds in a deadly situation. But it also related to roleplaying your character's Traits, as any time you gain Inspiration for clever deeds or acting in accordance with your background or alignment, it also counts as a Deed. Each Deed grants 1 Legacy point.
Labors: When a player takes on a Quest or other important undertaking they undergo a Labor. Each Labor that is successfully completed can grant between 3 and 10 Legacy points.
Legacy Points are spent to imbue common items with magical power. This can be anything from a common sword to the crown of a Kingdom. Any object you imbue with these points becomes a Legacy Item, and will grow in power as you add more points to it. Legacy Items can be taken from you, but unless you willingly give the item to another, it's powers cease to function outside of your hands. If you should perish, the item ceases to function until used by someone with an Ideal trait compatible with yours, or a Bond trait connecting them to you.
Any legacy item immediately gains a +1 bonus. For weapons this is an attack and damage modifier, armors and shields get an AC bonus, accessories grant a bonus to saving throws.
Legacy Points are spent on Special Functions. Some are small cost expenditures, like Immune to Harm, which keeps the item from ever being destroyed. Others are much larger, like a Special Function which causes your Berserker Rage to reduce damage taken from Poison and Fire.
At different point expenditures, the item grows in power. Becoming a +2 item and eventually a +3 item if you put enough points into it.
Players will be encouraged to give their items special names, which can grow their legend in turn. The bonus from your highest Legacy Item is applied to your Renown.