Tiki Torch

Water kills them. Splash one and it goes out, snaps and lands back on the ground as an item, so any trip through a flooded cave or a rainy surface build will cost you a few. They also cannot be plucked back up with the interact key the way a regular torch can, so retrieving one means swinging a pickaxe at it.

Their real value is that they sit outside the torch luck system entirely. Ordinary torches punish you for lighting a biome with the wrong type, and these simply do not participate, so they are a safe default for tunnels and arenas in a biome whose matching torch you have not unlocked yet. For a permanent base you still want the proper biome torch, since the luck bonus is worth having once you can get it.