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Notes from Blurr’s Interview: Is His Silence on $RFD Meaningful? What follows is purely my personal interpretation and speculation based on Blurr’s comments in his recent interview. @blurr not only did not suggest any connection between Refund (RFD) and Papertrade but also, as perhaps expected, made no reference to Refund throughout the lengthy interview. On its own, this is not particularly surprising, since Papertrade was the main focus of the discussion. However, given that parts of the interview covered his personal history and some of his more notable experiences in crypto, the complete absence of RFD is, at least to me, worth noting. Blurr explained that remaining anonymous was never an ideological or carefully planned decision. He simply had little interest in social media or in putting his personal life in the public eye. Now, however, as Papertrade approaches launch, he has chosen to reveal his identity much more openly and effectively put his personal reputation behind a project that, by his own admission, could carry reputational consequences for both him and his partner if it fails. Elsewhere in the interview, Blurr discussed several notable experiences from his years in crypto, ranging from his early involvement with DeFi and Curve to specific trades and opportunities he encountered over the years. Yet he said nothing about creating and the launch of Refund, a project that attracted considerable attention within the crypto space when it launched. Why was RFD completely absent from his story? There is no definitive answer. The simplest explanation may be that he didn’t want to discuss RFD or simply did not consider it relevant to this particular interview. But there is also a more optimistic interpretation: perhaps, from his perspective, the RFD story is not finished yet, and he does not want to discuss it until its next phase is ready to be presented. That possibility is particularly interesting at this stage. Papertrade has not yet launched, and it would be perfectly reasonable for Blurr to want the market’s attention focused entirely on introducing and launching the new platform. Mentioning RFD in such an interview would immediately invite a different set of questions: What is the future of RFD? What will happen to its treasury and LP? Is RFD still an active project? And, perhaps most importantly, is there any connection between RFD and Papertrade? If there is indeed a future plan for RFD, remaining silent for now could therefore be a rational communication strategy. Of course, the opposite interpretation remains equally possible: he may simply want to keep RFD separate from his current narrative. Another point I found interesting was Blurr’s awareness of reputational risk. When discussing potential failure modes, he jokingly referred to the possibility of people becoming angry and posting negative tweets. Elsewhere, he explained that Papertrade does not necessarily offer enormous personal upside to him and his partner, while something going seriously wrong could still have negative consequences for both of them. This raises an interesting question: if Blurr is now putting his personal reputation directly behind Papertrade, why would he not be concerned about dissatisfaction among long-term RFD holders spilling over into his new project? If there were absolutely no future plans for RFD, doxxing himself and becoming one of the public faces of Papertrade would naturally expose him to more questions and criticism from RFD holders. One possible interpretation is therefore that he expects it eventually to become clear that his involvement with Refund is not over. Again, this is a behavioral inference, not evidence that any specific plan exists. $PAPER and the Still-Evolving Part of the Ecosystem Another part of the interview that deserves attention in this context is Blurr’s discussion of PAPER. 🧵1/3 youtu.be/2tMMfjBqgvo