Phantom Phoenix

Two arrows leave the bow on every shot but only one comes out of your stack, which is effectively half price ammo forever. Every third pull adds a large phoenix on top, and that projectile tears through an entire line of enemies before bursting on the first block, floor or pool of liquid it touches. The bow hesitates on the shot that produces the phoenix and then returns to its normal rhythm. Anything the phoenix passes through catches Hellfire.

The doubled shot is the reason to carry it, and piercing ammo throws that away. Jester's and Unholy Arrows both let a single enemy absorb only one of the two arrows, so you lose half your output for nothing. Plain Wooden Arrows get converted to Flaming Arrows on the way out at no cost, which makes an Endless Quiver better on this bow than on nearly any other. Holy Arrows turn it into something close to a Daedalus Stormbow with a thinner rain of stars but far easier aim.

The bow ignores its own listed velocity and uses fixed speeds for both the arrows and the phoenix, so accessories and modifiers that add projectile speed do nothing here. Unreal is still the roll to chase for everything else it carries.

Wearing the full Dark Artist set blows the phoenix explosion out to several times its normal footprint. That takes a competent line clearing bow and turns it into something that wipes an event lane in a single shot, and it is the best reason to keep the set on after the bow drops. The phoenix also squeezes through one tile gaps, so a wall between you and a crowd is less of an obstacle than it looks.

Ogres drop it in the later tiers of the Old One's Army, which puts it in your hands around the same time as the early hardmode repeaters. Its base damage is lower than theirs, but two arrows per shot and free ammo upgrading closes the gap and often clears it outright. Like everything else the event hands out, it is a crossover weapon lifted from Dungeon Defenders 2.