The Legendary Demon Blades are a matched pair of katana of equal power that once belonged to the Ninja Village Leader. This webcomic-only weapon set changed hands after Saitama stripped them from their original wielder.
These two swords are described as a set of twin katana, each carrying identical strength. In their earliest history they were held by the leader of the ninja village, who wielded them as his signature armament.
The blades appear only in the original webcomic continuity and are logged as an active weapon following their transfer to new hands.
The pair is renowned chiefly for their reputation and their status as a legendary matched armament rather than for any single documented effect. What the source confirms is that they are two katana of equal caliber, prized enough to be worth confiscating and redistributing after a decisive fight.

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The Legendary Demon Blades are a matched pair of katana of equal power that originally belonged to the Ninja Village Leader.
Flashy Flash and Speed-o'-Sound Sonic each carry one of the Legendary Demon Blades after Saitama split the pair between them.
Saitama defeated the Ninja Village Leader and seized his gear, including the twin katana that became the Legendary Demon Blades.
No, the Legendary Demon Blades appear only in the original One Punch Man webcomic continuity.
The Legendary Demon Blades are renowned chiefly for their reputation as a matched, equally powerful set, prized enough to be worth confiscating and redistributing after a decisive fight.
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