My impression is that since glycerine is pretty much non-volatile but stays runny in very cold weather, it creates a scent-proof film on the surface of the lure dab when used as a standalone base/solvent, and in wet weather, it washes off because glycerine is water-soluble and actually draws water from the environment.
I don't know if my idea makes much sense, in terms of surface tension physics and such, but I thought that an emulsion, i.e. a mechanical mixture of polar (water-soluble) and nonpolar (grease-soluble) substances with different volatility would ensure that one way or another the lure will have enough holding capacity for various volatile substances not to lose strength fast, yet those substances will be able to make it to the surface and beyond in any weather, including cold spells, rain and freeze-thaw cycles.
I use a mixture of sun-rendered oils, glands, glycerine and vodka-based castor tincture in my sweet marten lure as the base. To make it homogeneous, I use emulsifier, and add a pinch of thickener (guar gum) so that it's not too runny and has some volume. For very cold weather, I add maybe 1/5th more castor tincture, by volume, directly to the small jar that I take with me.
The lure stays soft at -20F and below. I think it works well. It stinks, everything it touches stinks, including myself, and marten get caught.