Further to the above, dissolving grease into chains has been done since the 1930s at least, and probably before that.
The technique with used chain is to wash it thoroughly with immersion in paraffin, changing it once to ensure all grit and dirt is removed, then the chain hung to drain and dry. Afterwards, place the chain in a baking tray or similar and add a can of general purpose greas and gently heat it in a domestic oven until the grease is fully melted. Then allow to cool a little, and then hang the chain to drain the surplus. There's no particular need for a specialist product like chain wax, although it does the job, since grease is also very effective.
As the Scottoiler people found though, even water is an effective lubricant on bike chain. It's not lack of lubrication that kills chains, it's road dust etc combining with whatever liquid is on the chain and forming effective grinding paste. Fully enclosed chaincases or oilbaths are best to stop that, but a thick grease coating will substitute to some extent. That's no good on derailleurs of course, they're a fairly hopeless case anyway where chain care is concerned.
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