Fireblossom

Fireblossom was introduced in the 1.0.5 patch.

It appears as a small, magma-colored flower. It grows on Ash Blocks in the Underworld or above ground and can be cut with virtually any weapon or tool.

A Fireblossom will bloom when it is in contact with Lava (the plant is not damaged by lava). When in bloom, you can receive its seeds along with the plant itself when you destroy it.

Fireblossom is an ingredient in two kinds of alchemy Potions*:

Used in

 * You can see this listing in-game by placing Fireblossom in the Guide's Crafting menu.