High Speed Steel (HSS) is one of the most commonly used materials that are used to forge drill bits. This is an advanced alloy that is more heat resistant than high carbon steel. HSS is now used in drilling metal, hardwood, and most other materials at a higher speed than carbon steel bits and have made carbon steel bits almost obsolete.
Different chainsaws operate differently and also require different maintenance. Consult your manual for manufacturer/model specific related care. However it is safe to say that almost every moving part of a chainsaw should be or would benefit from lubrication. Also, regular inspection of the motor, chain, oil, and guide bar is wise. A chainsaw is a powerful and dangerous tool.