Roughly two million years ago, the Taylor Glacier sealed beneath it a small body of water which contained an ancient community of microbes. Trapped below a thick layer of ice, they have remained there ever since, isolated inside a natural time capsule. Evolving independently of the rest of the living world, these microbes exist in a place with no light or free oxygen and little heat, and are essentially the definition of "primordial ooze." The trapped lake has very high salinity and is rich in iron, which gives the waterfall its red color. A fissure in the glacier allows the subglacial lake to flow out, forming the falls without contaminating the ecosystem within.
Even if it doesn't confirm extraterrestrial life, this planet's Blood Falls is a wonder to behold both visually and scientifically.