I received my first Powerwax in April or May 2025 so I assume it is the second formula. I love that the texture is truly "waxy" like I wanted from a cold wax. It does take some effort with your palette knife to blend with paint, it doesn't simply blend with a brush. I take out a chunk and work it with my knife to soften and smooth out chunks before I add paint. As an acrylic artist I'm excited to have something that works like cold wax since I love the texture and look of oils with cold wax, but I don't work in oil. It does lengthen the drying time of acrylics. For me it's dry to the touch in about a day, still much faster than oils! There is a bit of a solvent smell (makes sense since some kind of solvent is going to be necessary to make a wax water soluble), but it goes away once it dries. I wish I could purchase it somewhere locally because my only concern is having it shipped during the hot summer months.