Micro-Crystalline wax blends of carnuba and other waxes are usually buffed onto the wood or rubbed on turnings on the lathe.
What brand and type do you have? Most are for candle making, carving wax models in jewelry making, and for skis and snowboards. When mixed with other oils and waxes, some are used as high gloss wood finishes. The MCwax has little protective property on its own.
On knives, the microcrystalline wax we use is usually Renaissance Wax, which is a small amount of micro-crystalline wax ( 10%) added to a solvent (30%) and cosmoloid oil/wax ( 60%). The bulk of Renaissance Wax is the carrier and cosmoloid. The "Micro-crystalline" catch words are the hype of modern marketing. It is good stuff, but the adds make it sound like something from super high-tech science. What the MCwax does is raise the stability ( lower the volatility) of the wax/oil mix, and make it last longer before re-application is needed.