Yeah, it's not really a new thing. Power Within, BDCR, CoD, Tin Crystallization Catalyst, and a good spell like Dark Bead will do 1500+ damage.|
Great for bosses but a tad overkill when a lot of mobs have 400 health or whatever.
You can easily be competitive weapon damage wise by buffing a few choice weapons up to Enchanted+5. That's how my sorcerer rolls. Weapon damage first, with spells for bosses or if I get in a tight spot or get invaded.
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