Umbrella

The Umbrella is a held item that can be found in surface chests and are dropped by Umbrella Slimes. When used, the umbrella appears above your character and allows the player to fall at a slower rate. It prevents fall damage, and replicates the effect of the Featherfall Potion.

Trivia

 * Is likely a reference to the Nintendo game "Kirby". In said game you can obtain an umbrella of the same design, with the same usage.