Fireblossom

Fireblossom was introduced in the 1.0.5 patch.

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

A Fireblossom will bloom when it is next to Lava. When in bloom, you can receive it's seeds 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.