Molten armor

Molten Armor is made of Hellstone and is the best armor currently in the game. A full set requires 105 Hellstone Bars and provides 28 base defense. The set bonuses of the armor add another 10 defense and emits light while moving similar to the Meteor Armor. However it should still be used with a Torch or an Orb of Light while mining as it's not effective while standing still.

As of version 1.0.2 the 10 defense set bonus doesn't work.