Axes

Axes are the basic type of tool that can be used to used to destroy trees (for collecting Wood). They can also be used as weapons. Despite how many later-tiered Axes don't match up to the Molten Hamaxe's 150% axe power, all axe tiers from Palladium and on are still able to mine up trees faster due to the rapid rate at which they hit the tree.

The best prefix for any Axe is Legendary.

A tree has 500% hit points and a cactus 170% hit points. The speed of cutting down trees is modified only by the axe's speed prefix and nothing else.

New players spawn with a Copper Axe.

Reforge
Axes can be reforged to increase speed of cutting down trees. The best prefix is Light for pre-hardmode axes and Legendary for hardmode axes. Exceptions to this rule are Meteor Hamaxe which has the same speed with Legendary modifier as Light modifier, and Shroomite Digging Claw which will cut down faster when reforged to Light.

Chainsaws cannot be reforged for speed, making them inferior to Axes. The Sawtooth Shark is the only pre-hardmode chainsaw, and it takes 1.06s to cut down a tree, making it better than Meteor Hamaxe but worse than Molten Hamaxe.

History
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