i used one can, three layers and no thinner, sprayed it right over the stock paint. It doesnt hold up to cable rub or anything else very well. After riding a bike park for a day the coating came off from my heels rubbing on the chainstays.
Thank you very much for info mate I wanted to dip my bike too because I wanted black frame instead of stock color, but it look like its not too durable on the bike, maybe it could be better with some extra layers in critical places...