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The steel does look soft, which is probably what you want if you’re using a cleaver for cleaving. By the same token, if using for cleaving you’d sharpen at about 25 degrees per edge, which is probably steeper than the angle you have there, though it’s difficult to see from the photo. The edge would hold up better at the steeper angle, but it wouldn’t slice as well, if you’re using it for slicing.
The edge is far from sharp, but do the dents appear after sharpening, which would suggest a fault in the steel, or after use?