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Season 2 of Iron Fist is now available on Netflix and I watched all episodes.

While it is a marked improvement over Season 1 and the Defenders mini series, the conclusion was rather confusing.

Specifically,

Colleen is shown stopping a crime while her katana glows white like her fist and Danny shoots two guns while his fists (and the bullets) glow yellow.

Which of these two is now the Iron Fist?

From what I had seen in the earlier episodes, the power of the dragon was transferred to Colleen, so Danny shouldn't have any special abilities anymore.

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    In an interesting twist, the series has been canceled so another possibility is that no one will carry that title...
    – m1gp0z
    Commented Oct 25, 2018 at 16:07

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The correct answer would, technically, be Colleen Wing.

She had the Dragon's power transferred to her through the tattooing ritual while Danny no longer had it.

Then, of course, there is the time jump about which we know nothing where Danny has apparently learned to channel his chi again and use it to magically empower pistols.

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The "powered pistols" are a reference to Orson Randall (and more about him, an earlier Iron Fist who trained Wendell Rand, Danny's father (at least in the comics).

Orson Randall adopted his "Gun-fu" technique from Wu Ao-Shi, Pirate Queen of Pinghai Bai - aka the first female Iron Fist, who the Iron Fist TV series has posited may also be Colleen Wing's direct ancestor.

Source

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