Name aside, the active here is vitamin C — and it is the real one.
10.5% L-ascorbic acid is a genuine, evidence-backed concentration of the form that actually has decades of research behind it, for both collagen and pigmentation. The added ascorbyl glucoside is a stable derivative that acts as a slow-release backup.
Adenosine is in the formula too. It is not a peptide, but it has modest evidence for calming and barrier support.
The texture is excellent — silky and fast-absorbing, which is hard to achieve with L-ascorbic acid.