This is fascinating. I normally favour TF2’s wet lube which reminds me a bit of chainsaw oil seeing the ‘strings’ as you apply and also on the jockey wheels.
This summer I tried TF2’s dry lube which just seems to be a thin oil rather than a solvent with suspended wax. I’m not certain of all of the above. The TF2 dry lube, like the wet lube, seems to go black.
I tried Finish Line’s dry lube which is definitely a solvent with (wax?) suspended in the liquid. Easy to apply and dries quickly. I haven't noticed any blackness or gunk from wax (shavings) building up. Only used daily for 2 weeks so it is early days. No heavy rain or freezing conditions either. I’m going to try it on my Audax bike and see.