It Lurks Below is a survival action RPG taking cues from both Terraria and Diablo. The latter is key, because its creator David Brevik was key to the creation of both the original Diablo and its sequel. After a stint in Early Access, It Lurks Below has released proper today.
While there's no lack of pixel art dungeon crawlers on Steam, It Lurks Below places a heavy emphasis on stat crunching: in addition to growing and refining one of the eight playable classes, items have randomised qualities and the levels are randomly generated. Based on the Steam description, it appears the aim was to nail down the compulsive RNG loop of Diablo in a sidescrolling setting.
There's a survival aspect too, involving the usual sustenance meters, but you'll also be unlocking new buildings for the hub town. That said, there are four game modes, and one of them does away with these survival aspects entirely, which will probably come as a relief to some.
It Lurks Below is available on Steam. Here's the original reveal trailer to refresh your memory.