In all the time I've been shooting with a d-loop I have never been told not to wax the material.

That being said, I've also never had the problem of my loop twisting as Jeff did.

I wax my loop material because, as was mentioned, it helps to cinch the knots down better. I'll continue to do so and I highly doubt I'll have a problem with them being too "lubed" up.

As for the original question; Is wax a lubricant? Sure, because of the stuff that makes it up, it has lubricant qualities. Do I believe it is enough of a lube to cause problems? In my experience, no. What I can see being a problem is wax on wax contact. Don't wax your serving where you tie your loop before you tie it and you shouldn't have problems. Cinch a waxed loop down onto dry serving and there shouldn't be a problem.

But, what do I know?