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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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231

Summary

We’ve been building for more than a year now in the Bitcoin ecosystem and are finally at a point where we are able to hone in and lock down our development roadmap in order to finalize our metaverse on Bitcoin vision. Since the beginning days of DMT we have relied on Benny’s developments on the TAP protocol to support critical functionalities. As the TAP protocol continues to evolve, our more metaverse development focused goals now seem much more feasible and a high velocity metaverse economy built on Bitmap, powered by BitmapOS and the TAP protocol. We discuss the difficulties we have faced in this journey so far in developing DMT protocol and now BitmapOS technologies to improve the developer experience for Bitmap builders.

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230

Summary

We begin our podcast talking about some of the drama within the Ordinals community around the disruptive ability for Ordinal collection founders to make alterations to what is and is not part of their collection post mint. This falls in direct opposition to what Ordinal influencers have touted as the killer benefit to owning an Ordinal art piece as opposed to an NFT. The immutability provenance associated to Bitcoin does not seem to be applied in the metaprotocol realm and we discuss exactly why this is and detail how this will be a continued issue and potential FUD vector as the Ordinals market continues forward.

We then go into more details about the NATRIX which we will likely begin LDE within the coming days without a fixed date. We break down what Bitmap is and how the NATRIX is the most true to Bitmap metaverse ecosystem roll out since the inception of Bitmap Theory. Also, we discuss how NATRIX is a showcase demonstration of how to onboard community by utilizing a single Bitmap as a super powerful tool to align community to partake in the construction process of a virtual environment. Also highlighting how the tools developed to make NATRIX a powerhouse demonstration being publicly available for all Bitmap owners to utilize in the future.

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229

Summary

As time goes on the Bitcoin development space continues to bifurcate and segment into separate ecosystems that deploy their own native solutions to Bitcoin’s biggest problem, its lack of programmability. We discuss with Fitzy from the TAP team how the current state of Bitcoin looks with so many emerging meta protocols, L2s, and Fractal chains entering into the equation as a potential viable solution. We contemplate the markets perceptions around the technical need of indexing in support of app development around Bitcoin and also question the merits of new entrants into the meta protocol space.

We also talk about some of the upcoming updates coming to the TAP protocol such as BRC20 support, Blockdrops, DMT data fields, and Bitmap support. Also rundown the history of Benny’s contributions to the Ordinals/Bitcoin ecosystem and highlight the significance of the TTP ecosystem in supporting the application of DMT.

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228

Summary

We are back after a week long pause due to illness spreading around the team. We react to some of the market drama occurring within the Ordinals and DMT space, as well as address some confusions spreading around twitter. We identify the increase in attacks towards our contributions as evidence of market significance and talk about how we are approaching this environment as builders making progress while ignoring the noise. Also, we break down some of the latest updates to DMT such as the new field 4 (block height) introduction through Trac indexing, and explore details about upcoming block drop mechanism release.

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227

Summary

We interview King, one of the pioneer builders in the DMT ecosystem who has an extensive background in NFT and Ordinal artistry. We dive into King’s early inspirations from the Ethereum NFT movement that led to identifying on-chain art on Bitcoin becoming the next major vertical of innovation for crypto artists. This realization gave King the opportunity to spawn an Ordinal collection in the early days where major infrastructure was not being provided yet. From there, the discovery of DMT through Natcats led to one of the more notable periods of DMT ecosystem development surrounding the launch of The Royals collection.

King’s ability to identify major ecosystem dilemmas contributed to the development of Privilege Authority supported by TAP protocol, to tackle some of the early day issues of UNAT minting concentration. Because of this Mscribe was able to leverage this new functionality to create new NAT distribution models such as the Blockpad. We discuss some of the drama that occurred during those development cycles and reflect on the major breakthrough of achievement as a result of this collaboration. To end we discussed the creator mindset as a successful project founder and how to handle ecosystem expansion and community alignment towards higher value goals of production. Also, we discuss what is the major opportunity DMT presents for artists and developers looking to find inspiration once again by working directly with the data substrate layer native to Bitcoin.

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