After zooming in , I'm pretty sure all those equally spaced dots are the fastener details on each blade .
The exception is the blob @ about the 5 o'clock position on the edge of the blade .
That looks like a solid contaminant .
Seems rather thick, was the paint older? Perhaps a drop or two of thinner might help. I don't really see bubbling although if it's there, perhaps it's due to out gassing due to a chemical reaction.
Both good observations why. Did you stir your paint thoroughly? Sometimes sediments settle at the bottom. Testors small square bottle paint have that tendency to settle on the bottom. I always stir and shake often when I need to use it.