Molten armor

It takes a total of 105 Hellstone Bars to craft a full set of Molten Armor. This means you need 630 Hellstone and 210 Obsidian to make a whole set.

It consists of a Molten Helmet, Molten Breastplate, and Molten Greaves.

As of version 1.0.3 a full set grants 22 base defense, plus 5 bonus, and emits light while moving. However it should still be used with a Torch or an Orb of Light or a Molten Pickaxe while mining as it's not effective while standing still.

Molten Armor is the highest defense armor currently in the game.