A long time (March 2013)
Velonews ran a test on 50 chain lubes. Friction Facts' Ultrafast wax mix was one of the lowest friction lubes tested. Friction Facts published this recipe for their ultrafast wax mix:
1 pound of food-grade paraffin wax with a melting point of approx 130F, such as Gulf Paraffin.
5g pure Teflon (PTFE) 3-micron powder. (Available from
http://www.howardpianoindustries.com...e-ptfe-powder/)
1g pure Molybdenum Disulfide (MoS2) sub-micron powder. (Amazon)
I think most of the commercially available waxes are some variation of this recipe, likely using tungsten disulfide in place of the molybdenum disulfide as this has lower friction.