Nillion

Nillion is a decentralized network designed to keep financial instructions and strategies private until specific conditions are met, a feature it calls Covenants. It targets traders, automated agents, and developers who want to submit orders or logic onchain without exposing that information to other participants before execution. The problem it addresses is that conventional onchain markets make orders and strategies visible to anyone watching, which can disadvantage the party submitting them.

Users seal an instruction to a condition and post it onchain in encrypted form; a threshold of independent nodes monitors live data feeds and, once the condition is satisfied, collectively unlocks and executes the instruction automatically. The NIL token is used to pay protocol fees for creating and resolving Covenants, to stake in order to operate a node, and as rewards paid to nodes that perform monitoring and settlement work. The network also offers nilDB, an encrypted database split across multiple nodes that supports computation on data while it remains encrypted, and nilAI, an AI-focused privacy layer built on the same infrastructure.

Fee revenue is generated when users create or resolve Covenants, with those fees paid in NIL and directed to nodes that operate the network. The data does not provide a fee volume figure, so no fee-based yield or revenue measures can be calculated from what is stored here. On the supply side, roughly 50.3 percent of tokens are in circulation at this point in time, while approximately 98.9 percent of the total potential supply beyond current circulation remains as dilution overhang, meaning a large share of the eventual supply has not yet entered the market.