The 700 used a KMC PRO 8 SPEED chain..Available on Amazon for $12. If a chain gets even a little grungy, I'm inclined to just replace it. Unless the chain rings are wearing in an equal amount. What do you guys do?
You'll be buying the chains by the dozen with your suggested approach. Especially if you do any gravel riding. I clean and lube my chain every 250 miles. Your rear gears will likely wear much faster than the chainring.
Basically everyone cleans their chains every couple of hundred miles, more or less. After a gravel ride I wipe mine down with WD40 sprayed on a rag then lube with a brand name product. I clean with a degreaser in a scrubber type cleaner then wipe with a clean cloth and lube. I wipe off excess lube after shifting through the gears a couple of times.
I have a mid-drive ebike which are harder on the bike chain so I replace my chain well before my wear gauge says it's time, usually every ~1,000 miles. Some who have not ended up having to also replace more expensive, and harder to get, drive components.