Oil based deck stains have been around for decades and they do a good job of protecting the wood.
Deck stain oil based.
Try the oil based wood and deck stains like twp 100 twp 1500 and armstrong clark stains for a professional finish that you can enjoy for many more years.
Water based stains are relatively new but becoming more popular.
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Each has its pros and cons.
A longer drying time is expected but this actually allows the stain to accomplish a more even finish.