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April 24, 2026

Summary

In Episode 312 of The Block Runner Podcast, hosts William, I-man, and TJ unpack a wild week for $NAT: overnight listings on three centralized exchanges with zero fees paid, a god-candle to a $150M market cap, and a deeper, more rigorous walk-through of the Bitcoin security-budget math than the show has ever done on-air. They run the numbers through Michael Saylor's $441 trillion scenario, show why fees can't close the gap, and lay out the case for NAT as a supplementary second subsidy capable of delivering $2.1B/day to miners. The episode closes with a commitment: the next video from The Block Runner is NAT.fun going live.

Disclosure: William and I-man are founders of NAT.fun and hold NAT tokens. All analysis in this episode reflects their perspective as participants in the ecosystem.

Key topics:

  1. NAT token listed on MEXC, LBank, and CoinEx overnight — a fourth exchange followed the next day — with no listing fees paid, consistent with Constantinople-era organic exchange adoption
  2. The god-candle: NAT market cap to ~$150M in an instant, flipping ORDI; hosts normalize expectations to a new ~$40–$60M floor with extreme volatility still ahead
  3. Bankless on the Bitcoin security budget: Justin Drake's ultrasound-money framing, why "add tail issuance or move to proof-of-stake" is not a viable answer for Bitcoin
  4. The full math walkthrough: at $100T market cap in 30 years, Bitcoin delivers only $116K per block — roughly half of today's $243K — a ~0.00006% security-to-value ratio
  5. Running it through Michael Saylor's $441T scenario: five halvings out, Bitcoin still delivers only $2M/block and spends 0.0002% of its market cap on security — 100x below the U.S. 3.4% GDP-to-security benchmark
  6. Why "fees will cover it" doesn't math out: $10,781 per transaction, every block, every day, forever, to approximate a U.S.-equivalent security ratio on a $100T BTC
  7. NAT as a second subsidy: decoupled from Bitcoin's exponential decay, earned by miners alongside BTC, and still delivering in 2140 when subsidy hits zero
  8. The efficiency comparison: at a $15T NAT market cap paired with Saylor's $441T BTC, NAT delivers ~$285M/block — 100x more than BTC at the same point in time
  9. The on-air correction and the natgmi.com slider: at $1T NAT, miners receive $15M/block — 7x Bitcoin's current efficiency — or $2.1B/day
  10. Why the hosts can't be the messengers: the token-founder conflict and the need for a neutral Andreas-style explainer to carry the math to Bitcoin's mainstream
  11. NAT.fun preview and network-effect thesis: why the launch platform's success underwrites NAT's long-run demand, and why the hosts are going silent until it ships — the next video IS the launch

Do the math yourself. If you arrive somewhere different, bring it into the comments.

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256

Summary

We discuss our experience on the day of $NAT being officially mined by Bitcoin miners and discuss in detail what the prospects are for $NAT and DMT in supporting the growth of the Bitcoin ecosystem. As well as game plan steps moving forward in order to further educate the mining community and regular folk about what it is $NAT represents as the first DMT asset contributing to furthering the future sustainability of Bitcoin. We then showcase some of the Ordinal assets for mint that will contribute to adding liquidity for $NAT on TaparooSwap, a Bitcoin L1 AMM DEX.

With our efforts and the community behind us we can strengthen $NAT overtime and build a strong NATwork effect in support of the DMT ecosystem as a whole. We firmly believe the success of $NAT will be the catalyst for the entire Bitcoin ecosystem as it represents a native to Bitcoin product that is closest aligned to the ethos and value of Bitcoin itself. At the end we discuss Jason Lowery’s recent bullish sentiment around Digital Matter Theory and how we align with his talking points of his next book titled “Digital Power”. Having notable actors in the Bitcoin community continually propagating the idea of Bitcoin’s higher purpose being the utilization of its immutable substrate layer will further elevate the DMT mission.

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255

Summary

We explore the rapid advancements occurring outside of the crypto space, particularly in AI and robotics, and consider how a robotic revolution could shape society. Innovation seems to be accelerating across fields like AI, robotics, and quantum computing, making it increasingly difficult to keep up. Turning the focus back to the crypto world, we reflect on how the current market doesn't mirror this same momentum. With market sentiment at all-time lows, largely due to memecoin saturation and growing awareness of insider manipulation, we discuss potential solutions for emerging from this slump. Among the more promising developments is $NAT, a fundamentally sound asset that we believe points the way forward for the crypto market. Through the lens of Digital Matter Theory, $NAT introduces groundbreaking concepts that bring real substance to the crypto space by utilizing Bitcoin’s properties in the digital asset creation process. In the coming weeks, $NAT will fulfill its ultimate goal: to become Bitcoin’s second official subsidy reward token, setting the stage for a multi-billion dollar market cap. We believe that as awareness of $NAT spreads, it will reinvigorate the community with a renewed sense of purpose—something the market desperately needs right now.

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254

Summary

AI Agents thrive on data, and @cookiedotfun is building the ultimate supply. 🍪🤖

We sat down with founder Filip to break down how Cookie is revolutionizing AI with unique data aggregation, powering smarter, more capable agents. Plus, how $COOKIE fits into it all. 🚀

Watch now:

Building AI Infra For The Agentic Economy w/ Filip Wielanier, CEO of Cookie3 | TBR #254 https://youtu.be/89hWvkNvNZ0

@cookiedotfun has been highly regarded for its unique data aggregation methods and application for AI Agents. In a world as competitive as AI, data is the lifeblood that will make Agents more performant than others and therefore more desirable. The Cookie DAO foundation is working toward building a state of the art data system that will supply AI Agents with these necessary knowledge sources. We break down with the founder Filip how Cookie works and how the $cookie tokens play an integral role in supporting this ecosystem. Since the release of Cookie.fun, a tremendous onboarding of users into the Cookie ecosystem has followed due to the platforms ability to parse through on-chain and off-chain information that is relevant to the Agentic space in web3. We ask Filip how he see’s the AI Agent space progressing from here and how Cookie’s data technology will help elevate AI Agent launch platforms give their agents more optimal capabilities, as reflected by their own recently deployed agent swarm supporting Agent Cookie.

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253

Summary

We start by talking about the recent deployment of Agent Cookie and how it is showcasing the utilization of multi-agent swarm technology to more efficiently produce content. We speculate on how these types of swarms can be applied to produce content that can reach a broader demographic outside of crypto twitter, also share our insights on the current state of the AI agent landscape now that the sector is down 70-80% from its all time highs. We then transition to the Bittensor ecosystem and how we think the launch of dTAO will play out. This is a moment we have been waiting to see manifest for over 2 years and if successful gives TAO the potential to be regarded as the ETH of this cycle. However there are several contingencies that have to be considered in regards to the existing market participant demographics and the probability of an original product emergence from within the ecosystem itself.

We break down how important innovation and new narratives are for ecosystems to experience success in the web3 space. We’ve seen ecosystems that have good designs on paper such as Polkadot play out to not meeting the initial expectations set at their launch. We believe the cause of this is due to a lack of innovative products that were deployed that leveraged that ecosystems benefits and unique properties. Bittensor will require the same in order for it to stand out at the end of the day for it to achieve its unicorn status in the crypto AI landscape.

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252

Summary

We break down the state of the Meme economy and make comparisons to what we saw in the 2021 bull cycle. Memes on Solana have strong parallels to the NFT market on Ethereum from last cycle, especially when you compare revenue figures of the top marketplaces like pump.fun to Opensea. We give our thoughts on where we are on the timeline of meme mania and speak about the impacts memes are having on the broader crypto market. This includes methods of launching new projects by leveraging memes as a more user friendly go to market vehicle to onboard community and then adding complexity layers down the road to not off-put sentiment.

Also, when it comes to marketing narratives memes seem to be dominating the mind share so we discuss how we are approaching $NAT from a marketing perspective. Now that $NAT is weeks away from officially becoming Bitcoin’s second subsidy reward coin, how we classify this new coin is important for public perception. Some do not see $NAT as a candidate to fit within the existing market demographic of memes and rather see a new narrative formed around the coin that distinguishes it from the meme asset class due to its technical provenance to DMT and the broader mission of supplying Bitcoin miners with additional subsidy to sustain network security. We discuss our thoughts on this and also the liquidity dilemma when it comes to supporting Bitcoin assets. All sectors of the Bitcoin ecosystem are facing this problem and are actively working toward building solutions that can either bring more liquidity to Bitcoin from other chains or port Bitcoin native assets to other chains like Solana to benefit from those capital markets.

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