a hypothesis based on observation
light colored hones (coticule, SS12k, spyderco UF, carborundum 101 & etc.) when viewed under lighted magnification like my current favorite Carson microbrite plus 60-120x LED lighted reveal an interesting landscape after dry honing.
The lapped 'flat' surface is composed of hills and valleys and the Carson delivers a nice 3D view at this magnification. After dry honing, the hilltops are easily identified by black metal and it is shocking how big the valley spaces are in between. Obviously, the edge rides over the hilltops never touching the valley. Any peak sticking up higher than the others is ready to knock out a chip on an edge leading pass.
So then, wet and dry slurry must fill the valleys for more cutting surface area- just as honers report faster cutting with slurry. Water and oil fill the valley as well, but with cutting speed rate slower proportional to the lubricant refreshing rate. Running water = less or no particles in the valley.
With both wet and dry coti slurry I have been experimenting as follows.
1) after building the slurry, let the first passes (<10) be spine leading to wipe off the excess slurry, ideally leaving it in the valleys. Think spreading icing on a cake. This hopefully minimizes the number of edge chipping slurry boulders with their feet firmly planted in a valley and head sticking up above their neighbors.
2) clean the razor then do your edge leading routine as normal, diluting by dribbling or wiping (dry) in the usual manner.
This technique may be more suitable for dry slurry-that is my current interest. Wet slurry is more challenging, with barely any water at all, just damp, drying out quickly and when refreshing you would have to do the spine leading passes again...
One interesting initial observation - the bevel of a dry slurried razor is shiny polished like from SS12k, not frosted like usual coti. This from only one razor and coti though, so this may not be the case with others.