So, let's start with the basic sciences behind the planet:
1) Basic geology:
The planet most likely has 4 layers internally:
- A metallic carbon core
- A thick "heavy" wax interior/ likely liquid most of the time
- An enormous ocean of water; like upwards of 7000 kilometers*
- An extremely thin crustal layer
So, this planet is extremely strange; extremely large and extremely light. The gaseous atmosphere is still extremely strong, due to a beautiful effect of the planet's convection. The strong volcanism due to the core produces a hella CO2 and as a result, it's quickly converted into waxes again, and oxygen. This atmosphere is kept in, because the convection currents pull up extremely large amounts of metals, like iron, that retain their metallic properties on the surface. Ultimately the small magnetic sphere of the planet is pulled up by these metal plumes, like an extension cord.
One important thing may be that the carbonate-silicate cycle is extremely biased in favor towards carbonate production. This is good, as it prevents large amounts of carbon dioxide from gathering in the atmosphere. At the same time, runaway atmospheric effects are much slower on waxworld than on Earth. Roughly 36 times slower, based on just area, much less considering the effects.
One thing to think about might be the day-night cycle. Unless it's extremely short (ie 36 hrs or less) life could be stalled by the fact that ground simply said doesn't exist except at the poles. Luckily, a strong atmosphere could spread heat rather well, and allow for a worldwide redistribution of heat. This means that the day-night cycle could be significantly shorter. (For the sake of knowledge, the wax I'm considering melts at 67 Celsius and boils at only 320 Celsius.)
I'm going to estimate the amount of land on the planet to be roughly 12% of the land area, with water taking up a 88% of the area, much wetter than Earth. (In fact, there might be even more water, if the wax is unable to spread on top of water, if there are no cratonic areas, and if the land violently sinks under the ocean occasionally...
This is gonna be strange planet...