I only wax the string that has no serving on it, waxing the serving really doesn't help anything and can cause problems.
When you wax the string do it regularly and don't use very much, you don't want a bunch of excess wax on the string. I personally have a bowtech specialist and it has 452x strings and I haven't waxed it hardly at all, once every few months and I have shot it for over a year and have thousands of shots on the string. I think the new string sets require way less wax than the old strings of yesteryear.
Wax on the serving is generally not suggested, as the wax can pick up dirt and track wax (and dirt) in the cams and slide or rollers. And yes, you can have too much wax, affecting performance. I stripped a customer's string of wax one time (extreme case) and wound up with a 3/4 inch ball of excess wax! When I finished, the strings looked great, plenty of wax still present, but the bowstring didn't stick to your hand when you grabbed it!...Had to pop off the strings and clean all the cam grooves, also.
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