Nillion

Nillion is a decentralized network designed to bring privacy to on-chain markets, particularly for traders and automated agents who currently must expose their orders, strategies, and logic in plain sight before execution. It addresses this by letting users seal instructions to a condition, keeping those instructions encrypted on-chain until a specified real-world data condition is met, at which point a threshold of independent nodes reveals and executes the instruction automatically. The native token, NIL, is classified under AI and decentralized physical infrastructure and sits within the Ethereum ecosystem.

The core primitive is called a Covenant: a condition-gated instruction posted on-chain in encrypted form, readable by no party including the network itself, until live data feeds satisfy the attached condition, whereupon a threshold of independent nodes jointly unlocks and settles it. NIL is used to pay protocol fees when Covenants are created and resolved, to stake for node operation, and as rewards distributed to nodes that monitor conditions and process settlements. The network also exposes two additional infrastructure layers, nilDB for encrypted distributed storage with computation on encrypted data, and nilAI for privacy-focused AI workloads, both accessible through NIL.

Fee revenue is generated when users create and resolve Covenants, with those fees paid in NIL and directed to node operators who stake the token and perform monitoring and settlement work. The data stored here does not include a measured fee figure, so no quantitative fee-based ratios are available on this page. What is recorded is that roughly 50.2 percent of the maximum possible supply is in circulation at this point in time, though no hard maximum supply is defined, and the fully diluted valuation is approximately 1.99 times the current market capitalisation of about 53.6 million USD, reflecting that roughly 99.2 percent of tokens not yet in circulation represent potential future supply overhang.