The melted wax from a lit candle is typically referred to as "candle drippings."
If you mean lit as in "He lit the candle", then the preset tense for lit is Light. "I am lighting the candle."
A paschal candle is lit
Both "The candle is lighted" and "The candle is lit" are correct ways to convey that the candle is currently giving off light. "Lit" is more commonly used in spoken English.
This is lit.
Paschal candle.
Traditionally, the center candle is lit first, symbolizing the presence of the divine or unity. Then the other candles may be lit from the center candle, representing spreading light and connection.
warmer
the paschal candle
The purple is lit second.
The energy in a candle comes from the chemical potential energy stored in the wax. This energy is released in the form of heat and light when the candle is lit, due to the process of combustion.
a wick