I don't know if this is how it's supposed to be, but axes do a lot of damage! A wooden axe does 7 damage, which is equal to that of a diamond sword!
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duplicates 1
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Thank you for your report!
However, this issue is a Duplicate of MC-86930.
That ticket has already been resolved, which means this is not considered a bug and won't be fixed. Please do not leave a comment on the linked ticket.
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See MC-98940. This is Working as Intended. The axe's cooldown is much longer though.