Nillion

Nillion is a decentralized network designed to keep instructions, strategies, and order logic private on a blockchain until a predetermined condition is met, at which point independent nodes reveal and execute them automatically. It targets participants in onchain markets who want their actions to remain unreadable to other traders, automated agents, and the network itself right up to the moment of settlement. The core primitive, called Covenants, is what makes this condition-gated privacy possible.

A user seals an instruction to a condition and posts it onchain in encrypted form; when live data feeds confirm the condition is satisfied, a threshold of independent nodes collectively unlocks and executes it without any single node having seen the full instruction beforehand. The NIL token sits inside this system as the means of paying protocol fees when Covenants are created and resolved, as the stake that node operators must put up to participate in the network, and as the reward distributed to nodes that monitor conditions and settle results. The project also maintains supporting privacy infrastructure, including nilDB, an encrypted database that allows calculations on data while it remains encrypted across multiple nodes.

Protocol fees are generated when users create and resolve Covenants, meaning market participants who use the privacy and execution features are the payers, while node operators who monitor conditions and settle results receive rewards denominated in NIL. No specific fee rate or revenue figure is recorded in the data held on this site, so fee-based measures such as fee yield or protocol revenue cannot be calculated or displayed here. What the data does show is that roughly 49.86 percent of the total token supply is currently circulating on a point-in-time basis, with a dilution overhang of approximately 100.58 percent, meaning the amount of NIL not yet in circulation is roughly equal to the current circulating supply, and the fully diluted valuation is about 2.01 times the current market capitalisation of 26,167,942 USD.