Chain lubricant can be one of the most controversial aspects of bicycle mechanics. It seems like most mechanics you talk to will have their own opinion as to what's best and they will strongly defend their choice. So what is the difference between the chain lube and why are there so many kinds? Before we begin, let's go over some facts about chain wear. How does a chain wear and what is Chain 'Strech'? As a bike is pedaled, the roller, pin, and bushing parts of a chain are forced together under a high load. This causes friction between the metal parts, causing them to wear down. The first picture below shows wear on the pin, the second picture shows wear on the bushing part of the inner link plate (hard to see, it's shown as the lower left part of the hole wearing away). . As these parts wear, the pins gradually become farther apart across inner link plates. This what is referred to as 'chain stretch' ...
The Bike Hive - Indy Professional Bicycle Mechanic