Naughty Present

The Frost Moon is a wave event that scales with how fast you kill, and everything worth having sits behind waves most players never see. So the item is never the constraint. Your arena, your damage per second and your ability to keep the counter climbing are. Set up lasting buffs, a full run of campfires and heart lanterns, and enough healing to survive a bad wave before you burn one.

Night only, and it will not fire while a moon event is already running, so there is no way to chain two of them into a longer night. It does override a Blood Moon, which is a fair trade since that night was not going to give you much anyway. For the other event, the Pumpkin Moon Medallion works the same way.