Alchemy

Alchemy is a feature planned to be added in the 1.0.5 update. It involves potions, most likely created at an alchemy station, and is a way for players to gain positive "buffs". The currently active buffs appear under the item hot bar with a coundown showing how long is left until the buff wears off.

Confirmed potions are anti-gravity (allowing the player to walk on ceilings), treasure-finding (causing nearby orebodies and pots to glitter and become more visible), increased agility and water walking. The developers video showed several other active buffs.

The anti-gravity potion appears to be activatable at will but the others seem to be constantly active.

Alchemy was confirmed with a Development Post and also a YouTube Video released by the developer's channel.