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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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221

Summary

We interview one of the key contributors and developers to ICP and dive deep into the weeds of the Internet Computer. We discuss the need for meta protocol assistance to make assets native to Bitcoin Layer 1 more functional. By using technology native to the ICP stack, developers on Bitcoin L1 can write container functions that call to the Bitcoin side to manipulate UTXO’s without having to bridge assets over. This is a major development for the TAP ecosystem which has recently announced an integration with ICP. Once developers building on TAP begin to use the tools available to leverage ICP for their apps, a new season of interesting opportunity will emerge for Bitcoin and ICP.

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220

Summary

Recent events have caused a tremendous rift in Bitcoin’s macro economic position in time. With Donald Trump’s failed assassination attempt came a tremendous uprise in Bitcoin price which is a result of sentiment growth due to a Trump second term increasing in likelihood. We discuss the speculation around Bitcoin becoming a reserve asset for the United States and how this will impact the future of the crypto industry. Also, will the ideas discussed in SoftWar apply after an official government endorsement from the Trump cabinet furthering the demand to acquire and position positively within the Bitcoin network from a nation state perspective. We then react to Casey Rodarmor’s latest mention of DMT protocol and the negative statements his team has to it.

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219

Summary

We spent some time with Stan and Chris from the DMT-Natfrogs team to discuss the origins of the collection and re-explore the chaotic early days of UNAT minting. They explain how NatFrogs started as a dead mint but transitioned into a community takeover which has made it one of the more appreciated and valued collections in the DMT UNAT market. We explore what makes DMT truly unique for artists and creators and how the Natfrog team intends to expand their ecosystem moving forward. Also, we dive into the next project of focus in NatFlyers, which aims to bring physical products to UNAT holders. In this case, a variety of UNIQUE pepe themed sneakers will be distributed in an upcoming Mscribe BlockPad on July 10th. Holders of this asset will have the ability to purchase a real world version of the sneaker unique to the parent digital version they own. This can open a massive new market for DMT phygitial products into the future.

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218

Summary

MDV has created and is launching one of the more profound UNAT collections DMT has seen yet. DMT-VESSELS is the first DMT UNAT collection that uses 3D Generative Art to bring Bitcoin’s blockchain data to life in a magnificent way. The collection showcases the immense potential when using Bitcoin block information in the generative creation process. Below are features of the collection that make it notable. We discuss with the creator his origins in the Ordinals space and his affinity toward leveraging on-chain Bitcoin data in his creative process even before DMT became standard. Also, we discuss his interpretation of the metaverse and how 3D art will play into it, along with details around the existing art metas of today and how future experimentation can take on-chain art into a new and fresh direction.

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217

Summary

We have an insanely insightful conversation with Bob Bodily PhD, Founder of Bioniq, an NFT/Ordinals marketplace built using ICP to amplify the user experience beyond anything that can exist natively to Bitcoin L1. We discuss the current state of Bitcoin ecosystem affairs with Runes and Ordinals, as well as talk about the many metaprotocols developing on top of Bitcoin L1. We then discuss TAP Protocol’s most recent announcement to partner with ICP in order to bring Bitcoin native assets to EVM/ICP smart contract environments. This will amplify the ability for developers to make cool stuff using Bitcoin and introduce new ways to improve the overall UX for users. We also discuss the differing approaches to scaling the developments happening on Bitcoin from L2s, to sidechains, to BitVM and OP_cat.

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