Most parts of a chain incur metal to metal friction so it is the ability of any form of lube to act as a very thin slip barrier between parts that mitigates wear. To my mind it is only a good quality oil that can do that. A thicker treatment like wax can help prevent ingress of dust and grit from the trail but is easily rubbed away by friction and diluted by water as a result.
Which is why I use wet lube first, then dry lube .
Which is why I use wet lube first, then dry lube .