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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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236

Summary

We sit down with the leader of Skullx community, Knox who shares his background with the collection as an early day participant when it was based on Ethereum, to now fully taking over as community lead and bringing the community to Ordinals. We ask what motivated that transition and speak about the opportunities that lie ahead for Ordinals and the Bitcoin ecosystem. Also, we dive deep into the mindset of a community leader attempting to foster a cult like alignment among holders to push a common cause. With memes taking front and center stage for the moment, how can NFT communities achieve the same hive mind effects to achieve greater market heights. We discuss what the upcoming Skullx Infinite collection is all about and how Knox plans to position this collection and community as a force within Ordinals that reflects the positive elements of having a Bitcoin native presence.

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235

Summary

We sit with the team at Bitmap Studios and discuss all things metaverse on Bitcoin and DMT. Bitmap Studios is launching a new avatar collection called The BitAvatars in a few days (Oct 24th) on Mscribe. This will be a UNAT collection, sharing the same element pattern as Natcats, giving the non-arbitrary supply of 8,064.BitAvatars are unique 3D models with interoperable use cases in mind. Already these avatars will be functional with FOXXI’s Bitverse, Inscribed.Space, and The NATRIX. This focus gives tremendous ability to these avatars and their access to a wider range of experiences for holders. We discuss how Avatars can serve as a killer onboarding vehicle for new users of a Bitmap. We then discuss Bitmap Studios recent developments in the NATRIX which showcase the ability for creators to leverage MML and Bitmap parcels to produce engaging and showcase worthy experiences. We go deep on DMT application within the metaverse economy and highlight how blockdrops are being leveraged to amplify the metaverse economy.

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234

Summary

We receive a very insightful question from somebody who watches this podcast who has been an active participant in the things we have been building. The question focuses on tying together $NAT, Bitmap, NATRIX, DMT NATs and UNATs into a sensible overall understanding how all these creations interplay with each other. We discuss how our thesis of metaverse maximalism has influenced just about everything in relation to what we have been building on Bitcoin. By understanding the economic requirements of the metaverse and the need to introduce digital commodities for the metaverse market on Bitcoin, $NAT and the DMT framework ws built in order to maintain non-arbitrary principles Bitmap introduced for this new asset class. NATs and UNATs all are created through the utilization of Bitcoin block data, thus giving their existence a forever association to Bitcoin as opposed to arbitrary token creations. We describe the NATRIX as the culmination of all these technologies by bringing the DMT commodities market into a composable application environment that can be hosted by Bitmap parcel owners. The real mission to increase interest in metaverse asset ownership and to kickstart a UGC economy that accelerate the proliferation of content and experience for metaverse users. We do so by leveraging $NAT as the face of the ecosystem in order to introduce the principles of DMT in the manner that poses the least friction. With $NAT token interest surging, more will discover all other DMT creation from art to the metaverse. What does this all lead to? Hopefully a metaverse economy with truly unique economic properties related to what makes Bitcoin valuable and in the end onboarding a larger user base to Bitcoin who are less interested in Bitcoin financial application, more so inclined to participate in the nascent metaverse journey.

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233

Summary

We recently initiated the first Bitmap LDE and community reaction has been quite volcanic. More than 600 parcels have been distributed from a single Bitmap and builders are already utilizing the tools of BitmapOS to build out their virtual experiences within the NATRIX. However, members of the Bitmap community feel this to be a negative for the Bitmap ecosystem due to differences in interpretations of how Bitoshi’s Bitmap Parceling standard is to be respected. We go through our reasoning and logic as to how we performed an LDE in the manner that has been done utilizing TAP protocol for a more efficient approach.

Listen to Podcast

232

Summary

We recently initiated the first Bitmap LDE and community reaction has been quite volcanic. More than 600 parcels have been distributed from a single Bitmap and builders are already utilizing the tools of BitmapOS to build out their virtual experiences within the NATRIX. However, members of the Bitmap community feel this to be a negative for the Bitmap ecosystem due to differences in interpretations of how Bitoshi’s Bitmap Parceling standard is to be respected. We go through our reasoning and logic as to how we performed an LDE in the manner that has been done utilizing TAP protocol for a more efficient approach.

Listen to Podcast