It looks like lizard or alien skin... lol I like it too. I believe it is water, it doesn't feel oily, and as it sat exposed to air, it seems to have evaporated the surface of the soap is still a bit pitted where the liquid was sitting. (I didn't expect the soap fairy to magically smooth the soap, but it would have been nice.) I cut a couple pieces, but the soap seemed a bit softer than I like so Im going to finish cutting it this afternoon. There were no cracks or abnormal moisture bubbles inside. Here's to hoping the rest of the loaf is just as nice!