Haemorrhaxe

One tool that fells trees and knocks out walls means one fewer slot gone in an inventory that is always full, and that is the real argument for any hamaxe. This one comes off the two Blood Moon fishing enemies, so you tend to get it while doing something else rather than by setting out to farm it.

Reforge for the job you actually use it for. Speed rolls make it a better tool, damage rolls make it a passable weapon, and no single roll does both well. Most people want the tool.

On the Too Easy seed this becomes something else entirely. It can break demon altars, which normally waits on a hammer you only get after the Wall of Flesh, so on that seed you can start the Hardmode ore cascade without killing a boss first. On a normal world the trick is moot, since you will not be holding this until well after Hardmode has begun anyway.

It is haemorrhage crossed with axe, and it reads out loud as hammer axe, which is what it does.