EVERY base oil is vulnerable to oxidation. that is why every decent lubricant will have along with the base oil some additives to address this problem.
wax can be worn too (due to oxidation). AND every base oil is MORE vulnerable to oxidation in the presence of water.
my method involves getting first in the chain one homebrew that has NO WAX in it and then getting the chain in a jar half filled with wax that gets almost to 100C in 10 minutes or so. a lid over a pot with a bit of water that gets heated and release water vapour, the jar is does not contact the water directly but stands above it so that heat is transferred through condensation.
the wax i use is not candle wax but petroleum wax. it's not white paraffin wax.
the homebrew has some volatile solvents that are very quickly done with at the second stage. first of all i clean the chain in a nonpolar solvent and then in a mixture of alcohols: methanol+ethanol+isopropylic. the alcohol bottle is bought as such from the store, i dont need to mix the alcohols. methanol is able to dissolve salts to some extent while isopropyl alcohol does not - one reason i dont need pure isopropyl.
so, one of the reasons i use an alcohol (with isopropyl) wash at the end of the chain cleaning procedure is to clear the nonpolar solvent that is less volatile. and then the hot bath with wax at the end does away with the alcohols.
i dont really need to clean the chain very often, i might skip some part of the cleaning stage sometimes. and i don't need to reapply lube to the chain very often with the homebrew i use. most people need to do it more frequently as wax wears off in time, even in dry weather.
https://www.machinerylubrication.com...tion-lubricant
and there's one more thing when it comes to friction in the chain... it helps a lot to minimize temperature fluctuation, especially when there's no liquid lubricant flowing there. you might say that there's too little heat produced in the chain but mind you... wax is a very poor heat conductor and the surface where heat is produced is very small and in a very short moment. every base oil is more vulnerable to oxidation when heated and you also want the solid lubricant to stay in place. btw, one way to tell the waxy stuff keeps sticking where it was applied is that it keeps the chain at shorter length (even after stomping the pedals etc.) than compared to the length it would have with just oil in it. it's easier to tell this with a singlespeed setup as you just see the chain slack being much less than it would have been with just "chain oil" products.
so this is the most important thing to know about... there is an additive that is an excellent heat conductor and also a very good electrical insulator. i guess there's no point to suggest the percentage of this additive in the whole mixture but i surely use a much higher concentration of hBN than what products known as "ceramic wax" (commercial lubricants) have.
i also use a synthetic gear oil (GL4) product - with all the additives in it - along with the hBN separate additive before the wax dip.