What is the blue candle buff/de buff?

When exploring the dungeon I saw a buff or de buff pop up on screen. What is the buff? What does it do? Would it be a good idea to put the candle in my home?
Best Answer
That blue candle you're seeing is a Water Candle. When you're within range of it, it increases the spawn rate by 30%, and the maximum number of enemies on screen by 50%, so unless you're planning on farming enemies near your house, it probably wouldn't be a good idea to put the candle there.
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Answer 2
It's a water candle: http://terraria.gamepedia.com/Water_Candle
It causes monsters to spawn 33% faster and also allows 50% more enemies on the screen simultaneously.
Holding a candle near a placed candle stacks the effect.
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