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The base damage is up (161/147), and the per-projectile damage is up (70%/60%). We've lost two projectiles from wildfire, and one from lab enchantment.
Here's a bit of math:
(161/147)*((8*.7)/(10*.6))=1.0222...
(161/147)*((11*.7)/(14*.6))=1.00396...
That means that if you can get 8 projectiles with no lab enchantment, you're doing more damage than you would have been doing before with 10 projectiles (from the second wildfire jewel) and no lab enchantment. That's only 3 extra projectiles, when grelwood shank and dying sun exist (and thrusting sword corruptions, for that matter).
Similarly, if you can get to 11 projectiles with a lab enchantment, you'll be dealing more damage than you'd be doing with 14 projectiles (with the extra three being the 'lost' ball from lab enchant and your second wildfire) before the changes. It's only fractionally more, of course.
And if you get more projectiles, the gap grows larger. The more projectiles you have, the better new molten strike becomes. Don't forget that the actual melee attack is doing about 9% more damage as well; I didn't include it in calculations because it's not scaled by the same modifiers, but the melee hit can easily hit just as hard as one of your balls in many builds.
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