The Ordinary tells you exactly what this is, which is rare enough to be worth noting.
Their own product page says it "contains an oil-soluble vitamin C derivative that converts into vitamin C once applied," offering "similar benefits with less irritation potential" — and they explicitly steer experienced users toward their direct L-ascorbic acid products instead. A brand talking you down from its own product is a good sign.
20% THD ascorbate for $20 is the value benchmark in this category. Revision charges eight times that for a comparable ingredient.
The oil base suits dry skin and layers well as a final step, and the Vitamin F (essential fatty acids) supports the barrier.