Just a quick note on this - don't get mixed up with the reference to dry and wet lubes. It usually refers to the conditions it should be used in rather than the form it holds.
By that I mean a dry lube will be (and will remain) a very thin liquid that works well in dusty conditions but needs to be reapplied often. A wet lube will be thick and sometimes waxy that repels water well and stays where it's put.
You'd be not quite right there. Yes dry lubes are wet when they're in the bottle, but they comprise a wax or PTFE lubricant in a solvent carrier. The carrier evaporates after application, leaving the lubricant dry on the chain. Dry lubes don't take wet conditions well because the lube gets ground into a powder by the movement of the chain, which is then very prone to flushing off.
Wet lubes remain wet, so are not suited to dry conditions because they will tent to attract dirt. But in the wet, the water-resistant barrier formed by the lube allows water to flush the crap off but leave a decent coat of lube
