Obsidian
A vitrificated dark material. Can be broken into really sharp pieces.
Overview
Obsidian is a very hard ore found in the volcanic biome. It is a late-game resource with a very narrow use case, making it easy to overlook unless you are specifically planning defensive infrastructure.
Its only known purpose is as an ingredient for crafting 

Since its role is so limited, Obsidian is best treated as a targeted mining resource rather than something to stockpile heavily. Once you have gathered enough for your planned traps, additional excavation is generally unnecessary unless you expect to expand that defense network later.
Official description
A vitrificated dark material. Can be broken into really sharp pieces.