The Tri-Tip Dagger is a new item in Risk of Rain 2.
This item stacks additively, meaning that having 7 daggers makes attacks with a Proc Coefficient of 1.0 always bleed enemies.
Bleed ticks 4 times per second. The duration of the bleed is affected by the proc coefficient, with a base of 3 seconds. It does 20% of your base character damage per tick, and can stack upon itself for even more damage.