This glaze creates the opaque-with-clear effect shown (at cone 7R) because it has a highly fluid melt that thins it on contours. It is over fired. On purpose. That comes with consequences. Look at the recipe, it has no clay at all! Clay supplies Al2O3 to glaze melts, it stabilizes it against running off the ware (this glaze is sourcing some Al2O3 from the feldspar, but not enough). That is why 99% of studio glazes contain clay (both to suspend the slurry and stabilize the melt). Clay could likely be added to this to increase the Al2O3 enough so the blisters would be less likely (it would be at the cost of some aesthetics, but likely a compromise is possible). There is another solution: A drop-and-soak firing. See the link below to learn more. One more observation: Look how high the LOI is. Couple that with the high boron, which melts it early, and you have a fluid glaze melt resembling an Aero chocolate bar!
The boron and zinc fluxes make the melt of this glaze highly fluid at cone 7R. That comes with consequences. Notice the Al2O3 and SiO2 in the calculated chemistry. They are at cone 04 levels. The significant ZnO increases surface tension of the melt, this helps bubbles form at the surface (like soap in water). Al2O3 and SiO2 could be added (via more clay), this would stiffen the melt so the large bubbles would be less likely to form (this glaze melts so well that it could accept significantly more clay without loss in gloss). A drop-and-soak firing is another option, in this case a drop of more than 100C might be needed (see the link below to learn more).
The outer green glaze on these cone 6 porcelain mugs has a high melt fluidity. The liner glaze on the lower one, G2926B, is high gloss but not highly melt fluid. Notice that it forms a fairly crisp boundary with the outer glaze at the lip of the mug. The upper liner is G3806C, a fluid melt high gloss clear. The outer and inner glazes bleed together completely forming a very fuzzy boundary.
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The glaze is running down on the inside, so it has a high melt fluidity. "High melt fluidity" is another way of saying that it is being over fired to get the visual effect. It is percolating at top temperature (during the temperature-hold period), forming bubbles. There is enough surface tension to maintain them all the way down to the body, and for as long as the temperature is held. To break the bubbles and heal up after them the kiln needs to be cooled to a point where decreasing melt fluidity can overcome the surface tension. The hold temperature needs to be high enough that the glaze is still fluid enough to run in and and heal the residual craters. A typical drop temperature is 100F.
The glaze on the left (as shown in my account at insight-live.com) is a crystal clear at cone 04. The high frit content minimizes micro-bubbles. The high B2O3 melts it very well (this has 0.66 B2O3, that is three times as high as a typical cone 6 glaze). The recipe on the right is the product of a project to develop a low-thermal-expansion fluid-melt transparent for cone 6 (with added colorants fluid melts produce brilliant and even metallic results and they variegate well). While the balance of fluxes (the red numbers in the formula) is pretty different, look how similar the B2O3, Al2O3 and SiO2 levels are (yellow, red and blue backgrounded numbers in the formula), these mainly determine the melting range. That means that a fluid-melt cone 6 glaze is actually just a low temperature glaze being overfired to cone 6.