Water Candle

The Water Candle is an item found on shelves in Dungeons, and are recolored versions of candles. They can be removed with a hammer, hamaxe, hamdrax, or by right clicking.

When the Water Candle is held in a player's hand (not in their inventory or placed on a surface), monster spawn rate and the amount of monsters allowed to spawn in the world total, are both increased by significant amounts like Doctor Bones etc. This makes it effective for players who want to farm for mob drops or wish to increase their chances of summoning the King Slime. The Water Candle also increases the amount of Fallen Stars when held at night time.

Trivia

 * Prior to the 1.0.3 update there was a bug where the Water Candle had no effect. Instead, the Band of Regeneration had the wanted effect. Since the tile ID of the Water Candle is the same as the item ID of the Band of Regeneration, it is likely that the game developers confused tile and item ID.
 * When wearing a robe, and holding the Water Candle, the leg animation doesn't work, making it look like the player is floating. The bobbing of the player doesn't work either, just like the Candle.
 * The candle and water candle have the same size and shape, just different colors.
 * The water candle used with the Spectre Boots makes the clouds turn blue and emit light.