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From Terraria Wiki
Chains are used both for climbing, and as components for various crafting recipes. They are used in crafting items such as the Grappling Hook, Sawmill, all types of Watches, and Chandeliers. Chains can be placed and used like Rope and offer the same climbing speed (1,000ft in 14 seconds), although they cannot be turned into coils like ropes can. Placed chains are background objects, and much like furniture, do not count as background walls in a Room.
- Added Martian, Granite, Marble, and Meteorite Chandeliers.
- Range increased from +2 to +3.
- Sell price reduced from 2 to 40 .
- Chains can be placed and can be used to climb like the new Rope.
- Recipe changed from 3 Bars for 1 Chain to 1 Bar for 10 Chains.
- Name changed from "Iron Chain" to "Chain" since it can be crafted with Lead Bars.