Once you defeat The Elder, you will loot the Swamp Key which is the key to the next stage of progression.
Using the Swamp Key
Swamp biomes seem to be located a good ways from where you first spawn.
You will want to be prepared when exploring with some starting materials for a new base, as well as a portal. Once you find your first swamp biome, you will want to look for the only building-looking object in the biome.
These are swamp crypts and are the first step to using the swamp key. The key opens these doors, allowing you to go inside and explore.
It should be noted that the key does not destroy on use at this time, thankfully.

Getting Iron
Inside the swamp crypts, you will find that most doorways are filled with muddy scrap piles. These can be mined with a copper pickaxe, giving you scrap iron, leather scraps, and withered bones.
Wither bones are important for summoning the third boss, Bonemass. You will need 10 of these to summon him.
The scrap iron is the real prize here. Unlike bronze, you just need 1 ore type to make iron ingots. 1 scrap iron turns into 1 iron ingot.

You will most likely need to completely farm the muddy scrap piles in at least 2 or 3 crypts to get a full set of iron armor and tools.
The armor pieces alone require 20 iron for each piece, so be prepared to do some grinding here.
The smelter is used to smelt the scrap iron
Wrapping Up
The grind really steps up once you get to the swamp and iron farming, hopefully you’re ready for it!
Thankfully, the iron armor set is very visually pleasing, and a nice aesthetic upgrade from leather and bronze armor.
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