Dry lube is essentially a lube for clean drivetrain fetishists.
In liquid form at summer temperatures it is very thin, and runs neatly into the rollers but it takes some careful application, literally one drop per link applied to a warm ish chain,. And once on the solvent carrier evaporates leaving a minuscule waxy coating on the external parts of the chain, and once applied you can wipe that off leaving the external, visible parts of the chain sparkly. The lube in the rollers will still be there. That dry effect means that dirt and grit doesn't adhere to the chain like it does if you use a sticky oil like chainsaw oil but the lube inside the rollers and plates does its job perfectly well.
I tend to wipe any dirt or buildup off the chain first, and then lube with the dry lube. I do this after warming the lube in my pocket, and witht the bike at room temperature. Otherwise the lube comes out like
@User9609 'sfirst picture.
The waxy appearance is because it is err, waxy. It's meant to look like that when the solvent carrier has evaporated, or if it's so cold that it can't stay liquid. And remember, it only needs to stay liquid for application purposes. Once dry, it's meant to be, errr, dry.