The Destiny Content Vault, or DCV, will allow Bungie to rotate older, less popular content out of the game. When a mode or area is "vaulted", the team can work on ways to bring it back and make it more relevant.
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Destiny 1 Content Coming to Destiny 2
The biggest news is that this means Destiny 1 content can be rotated into Destiny 2, starting with the first game's opening area, The Cosmodrome, being rotated in later this year along with three strikes.
Considering Bungie kicked off Destiny 2 in 2017 and hasn't looked back outside of a small, siloed Cosmodrome mission as part of an exotic quest, the arrival of older content opens up plenty of opportunities for players to jump into missions they've previously missed.
Perhaps most excitingly for longtime fans is Game Director Luke Smith's confirmation that Destiny's first (and best) raid, The Vault of Glass, will be returning. Check out his tweet below.
Not everything is lost to the dark corners of time.— Luke Smith (@thislukesmith) June 9, 2020
Vault of Glass will return in Destiny 2 Year 4 (not during 2020).