Happens with Rock 'n' Roll Absolute Dry too. It appear to be just PTFE powder in naphtha. When the naphtha clears out the original chain lube and evaporates, it just leaves the PTFE powder. Still slick, but jangly.
To compare I've also used Rock 'n' Roll Gold, which seems to add a little oil. It does run quieter. I just got some Rock 'n' Roll Extreme, the blue stuff intended for mountain bikes. Haven't ridden it yet, no idea whether it's quieter.
None of the Rock 'n' Roll lubes run as clean as dry wax. They're good and handy, but not nearly as clean as wax. Cleaner than wet lubes though.
I should go back to dry wax. It worked great. I misplaced my chain waxing kit last year while rearranging my apartment, can't find that crock pot, Gulf wax and container of dry PTFE powder I ordered from China, waited weeks for, and promptly forgot.
Ditto, the quicker wear of the mid-priced KMC chains, whether wet lubed or waxed. I like 'em and use 'em, the Missing Links are handy, but they don't last as long. I get about a year or a few thousand miles with my older 7 and 8-speed bikes. Can't really complain for the price. I haven't tried the KMC premium chains.