Brownells' Oxpho-Blue does provide some rust protection. Not enough that you can leave a firearm outdoors in the rain for a week, but enough that the air in my basement doesn't turn a newly "blued" barrel red overnight (my basement isn't especially damp, but it's not heated).
However, I've found that the color produced by Oxpho-Blue isn't as deep a blue/black as a real hot blue job, or as deep as some of Brownells' other cold blue products (which, unfortunately, don't seem to provide any rust protection whatsoever).
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