Aqua Scepter

The Aqua Scepter is a staff-type weapon received from Chests inside Dungeons. It shoots a stream of water 7 blocks from the player with a damage of 15 and consumes 12 mana in the process. Although its speed is slow, when the attack button is held it shoots a continuous stream of water and constantly consumes mana.

It has been confirmed by the developer that you will be able to use this on Lava to generate Obsidian in a later patch.

During alpha and beta testing, the Aqua Scepter was often considered overpowered, due to the fact that it used so little mana. The mana cost has been raised by the developers since then.