Hi fellow cycling enthusiast,
So I figure since I do put tons of miles on I keep adding nuggets of real world knowledge with cycling.
For years I used Rock-n-Roll Gold for my chain to lube and with great success. I would normally get about 5k miles of usage before the chain would wear out at .5% (time to replace). Sure you can go to .75% but you risk wearing out your rear cog and chainring. Chains are not expensive (well most) so change them out. Oh and chains don't "stretch" they wear on the roll pins which adds length to the chain.
The real trick to extend the overall life of a chain is to keep it clean and lube. The issue with Rock-n-Roll gold lube is that is it a wet lube (oil base) so over time any road grit will stick to the chain to work into the pins of the chain and start the wearing process quickly. So over the years I would clean my chain almost every ride to get a good life out of it. The other issue with going with a wet lube like this is if you touch the chain you get the black marks on whatever touched it...hands, clothes, leg....anything which sucks.
So I moved to doing chain waxing for many reasons. First off in many reports waxed chain has the lowest friction (more watts, and longer life chain). Secondly when you touch a waxed chain you 99% of the time don't get the black marks. Third is with dirty roads, trails and such less grit will stick to the chain..... Lastly after you set it up...it is about the same price.
What I use is Runaway Bike Hot Tub (search it on amazon) with is a small plastic tub with wax you can use with a pot of boiling water. Then just add more wax to it as you need. With a very clean zero oil chain (I use an ultrasonic cleaner) you do a 10 minute soaking of the chain in the wax. After that let it cool and install on the bike. Now with this you should have a quick link that is reusable to make it super easy. I do this about every 500-800 miles and between that I use a water base wax lube such as Squirt which will keep it going without the wet lube issues.
As of now with my chain on my bike I am over 5k miles on it with nearly zero chain wear showing. I do track gear miles on all my wear items (chains, tires, wheels, frames) so I can tell you to the mile of the usage.....(yeah I am kinda sick about that hahahha).
For someone who does not want to take the chain off but get the waxed chain benefits you can get most by doing a major clean of the chain, cogs, pulley wheels and chain rings and then putting on Squirt or Silca super secret bike chain lube. It might take many cleanings and lube to finally get to an "all waxed chain" but it can be done. I rather just go all in and take my chain off when I need to go a good lube job
Feel free to ask me any questions or if you have anything more to add.