As a general proposition for any ferrule type, keeping the ferrule clean and checking its snugness periodically while fishing is more important than any form of lubrication. Lubrication invites overtightening, and if too much is applied, retention of grit. Or the lubrication that enabled it to seem to slide together more easily also enables it to twist or slide apart more readily. In actual use, there is no movement between well fit ferrule surfaces, which mate and act as one, so no lube is required. In other words, lube is an assembly or protective function. Paraffin is soft and decreases fiction, but has low film strength. Bees wax is hard and slightly tacky; it has a much higher film strength and actually increases grip between surfaces. Thus, either has its pitfalls.
Bees wax was used to tighten metal ferrules. Too much could make them fit so tightly they might come apart, or the ferrule itself would part from the rod upon disassembly. It is a temporary measure for a poor metal ferrule fit. Then the ferrule itself should be replaced, kept clean, and assembled with a firm, continuous pressure until it "bottoms"/seats. Lubricating a good fitting metal ferrule, depending on the viscosity of the lubricant used, will just let it twist and work loose. Then the user keeps needing to push and reseat, disassemble and reseat, (picking up debris in the process) in a vicious cycle that wears the ferrule further.
Paraffin is recommended by some makers, as in Fenwick. Cleanliness and proper assembly/disassembly are more important if paraffin is to serve its function. The risk with paraffin is that its lubricity enables what feels like a smooth fit that is actually tighter than need be between the conical (not cylindrical as in metal ferrules) mating surfaces.
Beeswax was also recommended by some, notably Winston for the spigots on its Fisher-supplied 'glass blanks. Beeswax creates a smooth, grippy film. If too much is applied, the user may wind up forcing the sections too tight to replicate the gap observed before the beeswax was applied. Another way to damage the female section. Again, cleanliness and proper assembly are more important and necessary for beeswax to serve its protective function.
As in many applications of "lubricant," which is really acting as a protective film for nonsliding surfaces when used on ferrules, it is very easy to put on too much. It is almost impossible to apply too little. An old tip from a member years ago might be helpful--after ensuring that the ferrule surfaces are clean and free of grit. Fingertip warmth and leather pad with the preferred type of "lube" wiped into it, then wiped/polished in the male, all excess removed.
Even this is less important than cleanliness and assembly. Metal: continuous pressure of cylindrical mating surfaces, applied smoothly until the ferrule seats. Glass-to-glass (conical mating surfaces), slide on--little pressure required--until the surfaces engage. Push snug.
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