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From Terraria Wiki
The Orichalcum Waraxe is a Hardmode axe that is obtainable after crafting a Mythril Anvil or an Orichalcum Anvil, and is the axe alternative to the Orichalcum Chainsaw. Along with its slightly weaker alternate the Mythril Waraxe, it is stronger than the Cobalt or Palladium Waraxe but weaker than the Adamantite or Titanium Waraxe which can be obtained later. Like all other axes and chainsaws, it is solely used to cut down trees, cacti, and giant glowing mushrooms.
Its best Modifier is Legendary. While Light may seem to provide a better speed boost by percentages, after rounding Legendary and Light mine at equal speeds.