Pearlwood

Pearlwood is the Hallow replacement for normal wood. Pearlwood can be acquired by chopping down trees that have been afflicted by the Hallow. (Easily distinguished by their Dr. Seuss-like colored foliage.)

Pearlwood has much better attributes than if you crafted something from normal wood. (For example, normal wooden sword does 7 damage while a Pearlwood Sword does 11 damage.) However, a player will usually have to have been in hardmode to have access to hallow, or hallow-spreading items, which heavily implies you have access to much higher-tier equipment.

As such, the primary use for pearlwood is merely to give you an aesthetic alternative to normal wood, or to color-code your treasure chests.

Acorns work in the hallow, so farming pearlwood is as easy as having a flat open patch of hallowed grassy dirt and planting acorns... just with the added hassle of pixies and the occasional unicorn trying to kill you.

Hallow can be spread via Hallowed Seeds, Holy Water or Blue Solution, however, allowing players to set up and farm pearlwood on non-hardmode worlds. Hallow spreads like corruption in pre-hardmode worlds, so a cordoned-off chunk of terrain can be set to spawn hallowed trees.