Squirt’s SDS says that it contains ethylene glycol and a substance called mopholine. Ethylene glycol is more commonly known as “anti-freeze”. Mopholine is a polar (i.e. water) soluble but also nonpolar soluble substance which is what makes the wax suspendable. It’s also hygroscopic which means it pulls water out of the air. Ethylene glycol is also hygroscopic. Neither material will evaporate due to their chemical properties so they stick around on the chain and in the wax, pulling water out of thin air. That would make them naturally sticky. The wax wouldn’t be affected and, likely, no dirt is really being pulled into the chain because the wax doesn’t flow like oil does. It’s mostly a surface effect.

Even when you add more wax in the course of use, the wax will entrain dirt and grit but it’s not going to act like an oil will. The grit will be encapsulated and held in suspension in the solid wax. There well be some contact but not to the level that grit can contact the chain.

Kinda..with regard to the lubrication properties. But the material is also chemically the same, whether it is hot wax, solvent wax, or emulsion wax. Hot wax can be as simple as just food grade wax or as complicated as whatever woo juice Silca (and its like) are selling at exorbitant prices. Solvent wax tends to be wax dissolved in something that it can be dissolved in, most likely mineral spirits. It can have some modifiers like PTFE but, for the most part, it is akin to food grade wax. Emulsion waxes have other materials in them to get the wax to go into water which it will not do under most conditions.

Squirt’s SDS says that it contains ethylene glycol and a substance called mopholine. Ethylene glycol is more commonly known as “anti-freeze”. Mopholine is a polar (i.e. water) soluble but also nonpolar soluble substance which is what makes the wax suspendable. It’s also hygroscopic which means it pulls water out of the air. Ethylene glycol is also hygroscopic