Loot Progression Question.

I’m completely new to the game, and I’ve been loving it. I'm currently on Ra-Akar. My question is: does the game have loot progression similar to Terraria? In Terraria, after beating a boss, you usually upgrade your weapons and armor. Is the progression similar here? I'm currently playing as a mage since it looked the most interesting, does the game have some sort of wiki progression like Terraria ?