Lubricant needs to be located between the pin and bushing to reduce elongation. Lube between the side plates will reduce side plate wear, but no one measures that. The fact that a wax lubed chain makes noise indicates that there is no lube left, which is what you should expect, since wax is a short-lived lube. The chain is not the problem, it's the poor lube and being too lazy to relube at appropriate intervals that are the problem. If you regularly use a chain to 1% elongation, the cassette will undoubtedly skip with a new chain.
A well lubed campy chain can show far less than .5% elongation after 6,000 miles of use, but still be shot, due to excessive side and roller wear. The roller wear can be 20-30 times greater than the pin to roller wear (that causes elongation). There is more to wear checking than just measuring elongation.
Last edited by DaveSSS; 12-28-18 at 08:41 AM.