NAT Market Research
NAT Tokenomics: Supply Schedule and Miner Incentives
Deep-dive into NAT tokenomics to learn how the DMT-NAT supply schedule mirrors Bitcoin difficulty, why miners treat it as a secondary subsidy, and how traders can evaluate market cap and volume on Ordinals Wallet.
Launch Timing and Supply Origin
The NAT paper confirms that issuance started at Bitcoin block height 885,588 on 27 February 2025. From that block forward, each mined block references its bits target to calculate an exact NAT reward. This deterministic design keeps the supply schedule auditable on-chain and resistant to manipulation. No premine or retroactive mint was introduced—miners earn NAT only as they contribute hash rate.
Circulating Supply and Market Cap Signals
Ordinals Wallet surfaces circulating supply via TAP analytics so traders can compare market cap against block-by-block issuance. As NAT accrues across miners, watch these indicators:
- Circulating Supply: Updated in real time from TAP collection telemetry, revealing how quickly miners move rewards to market.
- Market Cap: Multiply circulating supply by the latest NAT/BTC price to gauge demand for Bitcoin's secondary subsidy.
- VWAP & 7d Change: Use Ordinals Wallet charts to monitor week-over-week performance and sentiment.
Miner Incentives and Economics
Because NAT tokens are minted in proportion to difficulty, miners naturally hedge against future BTC halvings. By listing NAT on Ordinals Wallet, operators can liquidate just enough tokens to cover power costs while holding exposure to upside. The NAT model therefore adds a flexible revenue stream without changing Bitcoin consensus. In the NAT paper, this positioning is framed as a “supplementary reward” raising network security.
Metrics Traders Should Track
| Metric | Why It Matters |
|---|---|
| NAT/BTC Price | Signals demand for the Bitcoin incentive layer and informs miner revenue. |
| Daily Issuance | Derived from difficulty; helps forecast supply expansion during hashrate spikes. |
| Sales Volume | Shows liquidity depth on Ordinals Wallet and highlights market participation. |
Outlook for NAT Holders
As Bitcoin’s native subsidy continues to halve, the NAT issuance curve offers a buffer for miners and a correlated asset for traders seeking exposure to network security economics. Keep monitoring the TAP DMT-NAT collection to evaluate how new entrants, hashrate growth, and market cap expansion reinforce the second-subsidy thesis outlined on NATGMI.
NAT Tokenomics FAQ
- How does NAT pricing compare with other Bitcoin runes tokens?
- NAT trades alongside runes and other layer-1 tokens, but its valuation lives and dies with Bitcoin mining incentives. When NAT price or market cap shifts, it usually tracks a change in hash rate, circulating supply, or trader appetite for a bitcoin token second subsidy.
- What data points should I review before buying NAT?
- Check the NAT token chart, circulating supply, daily issuance, and marketplace depth. Ordinals Wallet displays NAT vs. BTC volume, runes comparisons, and escrow activity so you can decide whether to trade NAT token lots or hold long term.
- Does the supply schedule react to swings in hash rate?
- Yes. Difficulty adjustments alter the bits field, which slightly changes the NAT minted per block. That’s why analysts track NAT issuance alongside BTC hash rate, VWAP, and ordinals marketplace orders.
- Is there a guide for comparing NAT with other incentive tokens?
- The NATGMI paper and Ordinals Wallet trading dashboards make it easy to weigh NAT against other bitcoin runes, TAP assets, and second subsidy tokens. Watch how miners allocate rewards between NAT, BTC, and other ordinals wallet runes trading pairs to spot trends.