When created, Void Liquid will quickly drill down through the world because of its extremely high density. It does not destroy materials like acid would, but instead displaces the pixels of materials it digs through.
Void Liquid particles will disappear after ~3.3 seconds. Unloading does the same.
Void Liquid converts [fungus] or Toxic Sludge into more Void Liquid on contact. This can cause the Overgrown Cavern to be entirely converted into Void Liquid.