Chopping down a friggin tree should give you more wood than just 1 log...3 logs seems more reasonable for the amount of durability the cheap rusty axe has.
Good idea, but there's a large amount of just waiting to do nothing. Like ShadowNight8 said, this is set up to be a mobile game. The timer on the chests and the fact that the game limits the number of chests you can have makes me want to leave and not want to play again.
We will release new big patch with new heroes and abilities in 2-3 weeks, updates that will change chances of items will be applied in that patch too