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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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206

Summary

Since the release of the UNAT addition to the DMT framework about 6 weeks ago, Natcats have taken the NFT space by storm by introducing for the first time a truly unique value proposition to the digital asset space. Ev, founder of Natcats was the first to deploy an art collection that fully utilized the Unique Non-arbitrary Token framework. This enables the digital asset supply existence and the artistic characteristics of the art itself to be solely determined by block data.

Up until now all NFT art collections have had arbitrary supplies, largely in the realm of a 10k supply which was a market narrative set forth by Cryptopunks in the early days of NFTs. Now, due to the introduction of DMT, non-arbitrary digital asset genesis can be produced by the Bitcoin blockchain itself by leveraging existing NAT frameworks and clever utilization of inscription native technologies such as recursion. Since the deployment Natcats has generated more than 500BTC in secondary market volume and is quickly gaining awareness among some of the biggest NFT players who are desperately seeking new innovations in the digital asset space. We break down with Ev his experience since launch and his motivations behind the creation itself, as well as future plans.

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205

Summary

We went on a bit of a rant during this podcast episode, getting into many facets of conversation. We discuss the importance of EV’s contributions as a founder in the UNAT ecosystem and the impact he has made toward showcasing ecosystem viability in the DMT space. After this we go into a discussion on our own founder experiences and the exhaustive requirements needed in order to achieve significant goals. Referencing advice from Jensen Huang, the ability to endure suffering and pain during the toughest points of a founder experience is the determining factor for success. We reflect on this message and process all of the ups and downs of our experience in crypto as we celebrate crossing the 20k subscriber mark.

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204

Summary

The world of Bitcoin grows more complex by the day and it can become challenging to know what are the true gems among the pack of developments. This is Jason Fang’s specialty as he leads the most notable VC fund in the Ordinals space. This is proven by his investments into Metagood (OnChain Monkey), TAP Protocol, Liquidium, and others. We discuss how to identify the major Ordinal market players that are worthy of investment and how the Layer 2 ecosystems to Bitcoin are massively over hyped despite their ease of acquiring investor interest. We break down the core technology of TAP and why it was chosen to support the Karma ecosystem over other token protocols like BRC20. Also, what are the expectations around Runes come Bitcoin halving.

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203

Summary

Ordinals have attracted so many new innovations in the digital art space as well as the metaverse and fungible token space. However, a new sector is emerging in the Decentralized Science space and Morgan Rockwell of Mycosoft is bringing a truly unique application to the Bitcoin Ordinals space. Mycosoft is embedding real world mushroom DNA onto Bitcoin through the utilization of Ordinal inscriptions. We discuss with the founder the intentions behind this and what future implications around this are. We also discuss with the guest of this show the parallels between Digital Matter Theory and the DNA application behind this initiative. Element registry and DNA registry through the utilization of Ordinals introduces open source data sets for creator communities, whether digital or scientific to leverage in future application use.

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202

Summary

We unpack the intricacies of crypto and meta protocols with Chad Master and Danny from Motoswap. They delve into the limitations of BRC 20 tokens and how the new CBRC 20 standard offers improved functionalities and user experiences.

The conversation covers Motoswap's innovative approach to replicating the mechanisms of Uniswap but on Bitcoin, the crypto community's propensity for price gains over protocol purism, and the influence of cryptocurrency philosophies on new developments like Ordinals.

Our guests address the challenges of liquidity, token transfer efficiency, and the need for better developer tools to propel the ecosystem forward. They discuss how Motoswap aims to overcome BRC 20's limitations, boost liquidity, and improve the crypto user experience.

The episode also entertains the potential impact of Bitcoin's market performance and the importance of infrastructure for decentralized meta protocols. Danny emphasizes running Ethereum scenarios on CBRC 20, the possibilities of Bitcoin's mempool for scaling solutions, and the future of crypto moving beyond its 'casino' beginnings to more diverse economic applications.

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