Litespud

This is pretty much what I do - buy three new chains with a new cassette and cycle through them until the cassette is worn, then replace the lot. Works out at ~$120 every couple of years, not counting individual chainrings if they don't play nice with the new chains. I use straight paraffin wax, run each chain for ~300 mi and move to the next one. Apart from some wax buildup on the sprockets and the jockey wheels, there's no real cleaning needed. When I've rotated through all three chains, I give them a good brushing to remove loose crap and re-wax them.

jaxgtr

I do the same, except I have a 2 chain rotation.

DaveSSS 

I made a small batch recently, mixing all components by weight, using a digital food scale. I started with 20g of wax and added 8 grams or 40% gear lube. I melted that mixture and then let it harden to verify that all of the gear lube stayed mixed into the paraffin, so there would not be any free-oil to attract dirt. I melted it again and mixed it with only 40 grams or two parts of naphtha/camp stove fuel. The more solvent used, the lower the temperature where it will remain a liquid, but the less lubricant left after the solvent evaporates. Two parts solvent may require a temperature of 90F to remain a liquid. Three parts would lower that temperature. The chain to be lubed would need to be heated to a similar temperature or the lube might not penetrate well before solidifying. I apply 1-2 drops on each roller. Unlike hot dip waxing, I don't have lots of wax on the side plates where it does no good and just falls off.

I use several chains in a rotation. When I clean a chain in naphtha, I let it dry for a day, then apply some lube with the chain hanging vertically from the middle and drizzling it down from the top. I make a second application, when the chain is installed on my bike. I relube about every 150 miles or once a week and take the chain off for cleaning and to exchange for a different chain about once a month.

eduskator

For what it's worth, Steven from OZ Cycle has made great videos on chain waxing on his YT channel. He also made on the lifespan of a waxed chain VS a non-waxed one and the duration between each waxxxxxxx session.

He uses 10 parts paraffin & 1 part PTFE mix and it seems to work like a charm. No other additive are used.

ls01

Naptha will dissolve paraffin wax, but the ratio of wax to naphtha is no good for a lubricant. The naphtha evaporates and leaves behind an insufficient amount of wax to lube anything.
Th reason he adds paraffin oil is to soften the wax so it doesn't just shatter and crumble off of the metal parts when they flex. It acts more like a loose grease with paraffin oil added to it. Steve talks about it while he uses a knife to arrive at the correct balance of oil/paroffin.
I have been waxing chains for a few years now. I did the ptfe mix for a while but now just do the wax and paraffin oil in a 1 quart crock pot.
For A while I even stopped cleaning them before dropping them in the wax but that just ruins the wax prematurely. Now I shake them in naphtha or mineral spirits. Then purple degreaser, rinse in water, and into the wax. I get about a season from a chain, 5k miles roughly speaking.
I do the wax thing because my bikes come into the house. And a dirty greasy, oily, filth covered chain just wouldn't work out well.

DaveSSS 

If you read my most recent post #53 or my post #36, you'll see that I have a formulation that addresses your misconceptions. I add heavy gear lube up to 40% by weight to the paraffin which leaves the paraffin softer and still with no free-oil to attract dirt. Gear lube has extreme pressure additives and is a much better additive than paraffin oil. I use 2-3 parts naphtha and get plenty of wax into the chain where it belongs and not all over the side plates where it does no good. My drivetrain is never greasy, oily or dirty. The combination of wax and gear lube should result in less wear than wax alone. My bikes come into the house too.

https://www.mobil.com/en/lubricants/...ube-ls-75w-90/