Has this varnish gone bad ?

[waterworks]

Or is it meant to be like this ?

 

[Bingy man]

I’ve used several water based varnishes that look exactly like that , I’d expect oil based or yacht varnish to have a b r own colour to it . Try some on an off cut and see how it dries /how long it takes compared to the instructions on the can . Only thing I’d be concerned with is has it been exposed to the elements, frost etc .