Unca_Sam

Wax lubes work well in dry, and stay clean because it's a hydrocarbon that's solid along most of the ambient temperature spectrum we'll see. Even full wax impregnation will disappear pretty quickly once it gets wet. Cool wax will ball up and flake off of wet metal. I think the case is settled until some new technology comes along: wet or oil lubes for wet riding, and dry lubes for dry riding to keep dust from sticking to the chain. Missing links for everyone!

Tangent follows:
From a materials science standpoint, it's an interesting problem with no single solution. You could make a better chain that holds onto its lubrication better somehow, or use materials with less inherent friction in the rollers and joints. You could abandon a chain entirely and use a belt or driveshaft, since you can shield the bearings on the driveshaft better than the exposed rollers. But cheap chains operate just as efficiently as wonderchains, just with an expected shorter service life.

I wonder how NASA would design a bicycle that could operate reliably without supplies like lube...