As this item is only obtained by fishing in lava, using lava critters as bait or a Hotline Fishing Hook is required to acquire it.
Tips[]
This item can be used together with a Golden Fishing Rod to essentially convert it to an improved version of the Hotline Fishing Hook with 5% more fishing power, while also allowing a single fishing pole to be used everywhere.
However, using both the Hotline Fishing Hook and this item increases catch frequency in lava by more than 50%, which may be preferable to the slight fishing power bonus.