Still using Honda 60 moly paste. For what it's worth it does dry out but how the heck are going to spread it out without some kind of liquidity in the application. Worked for 3 decade's until someone decided that M77 needed to replace it.
Grease and paste are made up of the same thing. That would be the thickeners, moly or other protective additives and oil. The difference is and why one is called grease and one paste, is the amount of oil in the formulation. the oil is actually what is providing the protection, and the thickeners aka carriers are what holds the oil in suspension so it stays in place providing the protection.