The Sponge

The Sponge is a craftable post-Moon Lord accessory that combines the effects of the Ambrosial Ampoule and The Absorber. It provides the following bonuses:
 * 10 defense
 * +20 max life and mana
 * +4 life regeneration
 * 10% increased damage reduction
 * 12% increased movement speed
 * 24% increased jump speed
 * 50% increased mining speed
 * 5% of incoming damage from enemies is converted into healing
 * Standing still boosts life and mana regeneration
 * Water physics are ignored.
 * Immunity to Poisoned, Frozen, Chilled, Frostburn and Venom
 * Honey life regeneration boosting effect with no penalty based on movement speed
 * Most bee/hornet enemies and their projectiles will deal only 75% damage
 * Increased defense by 5, damage reduction by 10% and movement speed by 20% while submerged in liquid
 * Enemies are damaged on contact
 * Provides a very powerful movement speed boost for a short time after being hit
 * Emit sparks and mushroom spores when hit

Trivia

 * During April 1st (April Fool's Day), the Sponge's sprite changes to a cube resembling a real life cleaning sponge.
 * The Sponge gets its name from the term "damage sponge" due to its ability to increase the defense and survivability of the player.