Grappling Hook

The Grappling Hook is an item created using a Hook and three Iron Chains. When used, the Grappling Hook will extend, latching onto anything it can reach; if it goes too far, it will retract. If the player uses the Grappling Hook again when he's latched onto a wall, they will be pulled onto the wall and stuck there until they jump or use the Grappling hook on another block, allowing for easier placement of torches.

If you fire it straight down when falling it will pull you to the ground with no fall damage, very useful for getting to the bottom of chasms.

The Grappling Hook is currently used in the crafting recipe for the Ivy Whip, an upgraded version of the Grappling Hook.

Here is a Demonstration of the Grappling Hook.

Tips and Tricks
You can use the Grappling Hook and Ivy Whip to gain a little speed boost every time you launch it from the air. This is done by shooting the floor at around about a 45 degrees angle this can be done a little higher or lower as well but it works by pressing the jump button before you hit the area the hook is giving you a small speed boost forward as if you have the Hermes Boots on. This can also be used to start up the Hermes Boots to get the running speed quicker.