Instead of nerfing it across the board, and ruining it even further for Solar, where it was already unpopular, Bungie should be nerfing it specifically for Prismatic. One way that should be pretty easy to do this is to just remove its ability to benefit from the melee damage increase from Knockout. They'll still get the desired damage nerf for Prismatic, while leaving Solar alone, where Consecration was already struggling.
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Or just nerf the dmg when you equip frenzied blade melee. Having 3 charges should have a cost.