Waffle's Iron

The pan lobs a waffle on every swing and the waffle drops fast, so this is an arc you throw at something in front of you rather than a ranged attack. Aim below where you would with a flatter projectile. The pan itself can set enemies burning on contact, and over a long fight that burn quietly does more work than the toss does.

The only source is Mechdusa, and Mechdusa only exists in a world running both the Remix and For the Worthy seeds at once. That is a deliberately unfair joke world, not a playthrough anyone stumbles into, so treat the sword as a trophy for finishing that challenge rather than a weapon on any normal progression path.

It is a nod to the video maker WaffleTime, who was asked to design an item and paid the favor back by letting the developers dictate a run each. One of them picked the hardest joke seed in the game on the highest difficulty with permanent item loss. Dropping the reward from a fused three-boss mech fits, since mechanical boss tutorials were what he was known for.