How does a Tiki Torch differ from a standard Torch?
Solution 1:
The main difference between the Tiki Torch and the regular Torch is that the Tiki Torch cannot be held in your hand and carried. You have to place it on the ground to use it.
As you can see from these screenshots, they give off the same level of luminescence.
Solution 2:
According to the official Terraria wiki, it cannot be held like a normal torch.
Solution 3:
Besides not being able to hold a tiki torch, there is another difference. Tiki torches can be placed on wooden platforms, regular torches can't.
Solution 4:
You can place tiki torches on wooden platforms, which you cannot do with normal torches. I found this helpful when fighting bosses at night.