Honey Balloon

The Honey Balloon is an accessory that combines the functions of a Shiny Red Balloon and a Honey Comb: it increases the wearer's jump height by ~75% (6 blocks->10½ blocks) while instead reducing it by ~15% when underwater (8 blocks->7 blocks), and releases a small swarm of angry bees when hurt, which seek out and deal small amounts of damage to enemies.

Trivia

 * This is the only combination using the Honey Comb that uses an accessory that is not triggered by damage (Shiny Red Balloon), and the only combination using the Shiny Red Balloon that uses an accessory which does not provide a double jump (Honey Comb).
 * Despite being introduced (existing in the game files), this item could not be crafted prior to version 1.2.2. It did not show up as a craftable item when presenting either of the two (assumed) materials to the Guide either.

History
Ballon de miel 蜂蜜气球