The description of Olaf in 'Shadow and Fortune' is slightly different from his current visuals. For instance, he only has one axe in the story, and the axe is described as being made of ice, rather than steel.
Upcoming Olaf visual update confirmed? :)
Could be possible that this is a hint for a future olaf update,but it could also be that olaf originally wielded 2 axes until he got himself a second one(or that he lost one axe,before he came to bilgewater and will replace it once he is back in the freljord).
The true ice was said to only cover the edge of his axe,so it might be just a thin layer on the end of its blade.
