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An advantage of wax is that it is dry.

However, many feel it is not as good a lube as oil (Sheldon Brown, et. al.).

I haven't tried Squirt, but have used another brand of wax emulsion lube. (the kind that has wax suspended in a volatile solvent) In my experience, over 1000 miles of wear, the chain attracted less dirt, but had measurable "stretch" at 1K miles.

Chains I've lubed w/TriFlow using the same protocol do not experience stretch at 1K miles (even though they appeared dirtier), so I gave up the wax-based lube. YMMV

IMO, it is what is inside the chain that matters. It is most important that the rollers have lube inside to allow them to turn on the bushings as they round the sprocket/ring. Wax may be dry, but is that important? A chain w/a dirty exterior is fine, if there is effective lubrication inside.

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