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Water-based Stain and Finishing System
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While I have yet to try out the water-based stain, I have used and will readily vouch for the Polycrylic finish.  It is a pleasure to work with. Is non-yellowing and comes in three different sheens: satin, semi-gloss and gloss. The Polycrylic is a favorite of mine for an all water-based woodgraining system which uses 123 Bullseye for the base coat and Modern Masters Tintable Glaze for the graining.
Is there a 100% waterbased wood finishing system out there in the market- place that works?

Minwax has a water-based stain and finish system.  I know, I know , you are worried about the grain raising problems that can occur with water-based products on raw wood.

According to Minwax, you start out down the water-based application road by first conditioning all woods to be stained with their Water-Based Wood Stain with their Water-Based Pre-Stain Wood Conditioner.  This pre-conditioning will solve the grain raising problem.  The wood conditioner after application and drying (for 15 - 30 minutes), needs to be sanded (and vacuumed) prior to staining with the Water-Based Wood Stain.

The wood stain comes in "74 contemporary and traditional wood tone colors", and can be custom tinted into additional colors.  See this link for Minwax Water-Based Wood Stain color chart.

After the stain has dried per label instructions, you are ready to apply a water- based clear coat to complete the all water-based system.
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