The Milky Chrysalis is an Equipment item introduced in Risk of Rain 2.
Having the Chrysalis adds two pairs of wings onto the characters back, and activating the item spreads them. For 15 seconds, holding down jump will make the character fly up, and letting go will make them float down. During flight, movement speed is increased by 20%.
This item is great for dodging grounded enemies, such as the Beetle Guard or the Imp, or exploring the map. For example, most Newt Altars can be reached normally, but this item makes many of them easier to spot and reach.
MUL-T Transport Mode allows for a very speedy flight, since it can be activated twice per use and has a long duration.