The best one-handed sword weapon in the game. It replaced the Emerald Sword as the best one-handed sword. It was implemented in the Update 8.2 and it can currently be seen in Demodras's cave during the special task covered by 2 Gold Ingots along with some other rares.
Before gamemasters were dismissed, CipSoft gave them a list of items to choose as a token of their appreciation and this is one of the items that were on this list. GM Dragonasconfirmed some of the stats of this weapon.
On August 9, 2010, two gamemasters created auctions for Solar Axe. The first is GM Sulwyn who is auctioning this item on Saphira (thread link) and on Calmera (thread link).
The second is Pytru (GM Havey) who is auctioning Solar Axe, Dark Trinity Mace or The Epiphany (the highest bidder chooses the item). He also confirmed the remaining stats. His thread can be found here.
A third is Aestyn (GM Aestyn) who is auction a Solar Axe, Dark Trinity Mace, or the Epiphany just like GM Havey for the highest bidder choosing the item. His thread can be found here here.
A fourth is Coo(CM Token owner) who is auctioning Nightmare Shield, and The Epiphany. His thread can be found here.