Risk of Rain 2 Soulbound Catalyst
By Nathan Fusco

Risk of Rain 2's Soulbound Catalyst is one of the best items in the game and one of the few legendary items.
The item reduces equipment cooldown by 4s (+2s per stack) for every kill you get. It's a rather rare drop.
Hotfix Patch (Build ID #3743353) has now been pushed to address issues where enemies executed from freezing didn't call the correct events, leading to no money, on-kill procs, and potentially a 99% stalled Teleporter event. Thank you all for your patience and vigilant reporting!
— Risk of Rain 2 (@RiskofRain) April 16, 2019
Risk of Rain 2 Soulbound Catalyst
First off, you need to unlock the item by activating eight different Newt Altars. That allows the item to be in the loot pool, but doesn't guarantee that it will drop. Here is a guide on finding all the different altars.
As for the Newt Altars themselves, they are small, blue rocks with spikes of blue light shining out of them. They randomly spawn in every single level and can be hidden in a variety of obscure locations. If you are trying to find eight unique Newt Altars, be aware that after activating a Newt Altar in one location, using it again on another run will not count towards this achievement.
The Newt Altars are hard to spot but look for the distinctive blue glow that makes them look like item crates. Check behind every nook and cranny as well as every hard to reach ledge.
Photo courtesy Hopoo Games