Two-way cake is a type of compact powder that is commonly used in makeup application, especially for the face. It is called "two-way" because it can be applied dry or wet, depending on the desired coverage and finish. Two-way cake typically contains ingredients like talc, mica, pigments, and binding agents to provide color, coverage, and adherence to the skin. It may also include additional ingredients like silica to absorb excess oil and provide a mattifying effect. Overall, two-way cake offers versatility in application and allows individuals to customize their desired level of coverage and finish, making it a popular choice in makeup routines.