Every onchain stop, limit and trigger is public today. Nillion's Covenants seal them until a condition hits. This page measures where that stands today and models what it would be worth if the flow shows up.
Dark pools alone handled 17.7% in 2025. CME keeps your stop off the book until it triggers. Hiding intent is the default in traditional markets.
About 36% of perp DEX volume rests visibly before it fills, per @thatmarkmac's sample of 1,500 wallets. Perp DEXes did $7.9T in 2025.
You encrypt an instruction to a node committee and post it onchain. It opens only when a price or time condition is met, and no single node can read it.
Read directly from Nillion's contracts on Ethereum. Stake and node count refresh live when the page loads.
It's early, so today's price is mostly a bet on the roadmap. The rest of this page models what the token could be worth if order flow arrives and fees reach holders, and it marks the inputs that nobody can source yet.
After a rough 2025, Nillion rebuilt its leadership around protocol engineers who have shipped L1s. The current team built Covenants.
CTO of the Algorand Foundation (2022–2025) and earlier a Cardano architect at IOHK. He joined Nillion as CTO in July 2025, took over as CEO, cut burn by ~45% and published the post-mortem himself.
CTO and Chief Architect at the Algorand Foundation, previously at ConsenSys and IOHK. He now leads core technology and Covenants development. Announcement
Co-founder and chief scientist de Vega is the inventor on granted US and EU patents for messageless MPC (assigned to Sedicii). CFO Pollard (FCA) joined in Feb 2026 to fix market making.
Choose how much of each market gets sealed, what it pays, how much of that reaches the token and what multiple the market gives it. Every setting is saved in the link, so you can share a scenario.
Each cell counts only Hyperliquid's resting orders, using your fee, share-to-$NIL and supply settings. Shaded cells beat today's price. The outlined cell is the one closest to your inputs.
The 30-month buckets (ecosystem, community, protocol development) finish around March 2028. Investors and team keep unlocking about 8.5M a month until about March 2029. Emissions add about 5M a year on top, with no supply cap. The chart is estimated from published vesting terms.
Next unlock: 24 Oct 2026, about 19.5M NIL (ecosystem 6.9M, early backers 4.4M, core 4.2M, protocol 2.5M, community 1.5M). Some trackers show 16.2M a month instead.
The blue bar is $NIL's market cap divided by the fees your scenario would send to the token. A shorter bar means cheaper.
DefiLlama fees over the last 12 months and CoinGecko market caps, 13 Oct 2026. ETH, SOL and BNB revenue is burn. ZEC, XMR and BTC have almost no tracked fees.
What one NIL would be worth if Nillion traded at each project's size. Market cap divides by circulating supply, fully diluted by 1,011M NIL.
CoinGecko and DefiLlama, 13 Oct 2026. Renegade, Fhenix, Inco and Silhouette have no live token. Railgun is the only privacy protocol here with meaningful tracked fees ($4.2M over 12 months).
Covenants on Ethereum L1, staked nodes, SDK. Baseline tokenomics due.
You are hereEvery EVM chain on one node set. Stake once, earn everywhere.
More chainsObserve a condition on one chain, settle on another.
Hyperliquid reachableAny attestable feed can be a condition. Fees priced by condition class.
Beyond tradingA Covenants language and VM. Conditions private even from nodes. Slashing.
Trust gap closesPost-quantum sealing, FHE coprocessors.
DurabilityAbout 10× cheaper. Cent-level fees, stake NIL for capacity, review of the emission taper.
Holding = usageFrom nillion.com/roadmap. Delivery so far: testnet on time, the first app a week late, mainnet about a week late (5 Oct vs 28 Sep).
The 64 NIL fee goes to the treasury. There is no burn, buyback or fee share, and no tokenomics document yet.
Hyperliquid can't be reached until Skyglow. V1 is Ethereum only, with price or time conditions on BTC, ETH, SOL and USDT.
Any k nodes can read pending instructions, and nobody would know, until Neon in late 2027. The node set is 31 and mostly young.
The feed goes to nodes, then Ethereum's 12-second blocks. Reveals have taken about 78 seconds or more. On 10 Oct 2025 Hyperliquid force-closed ~$7.6B in 12 minutes, so a late fill is a bad fill.
About 19.5M NIL a month until early 2028, with circulating up ~58% by the end of 2027. The token is upgradeable and has a mint role, reportedly held by a 3-of-5 Safe with no timelock.
Zama (~$880M FDV) could ship encrypted conditional orders. Aster, Paradex and Silhouette already hide orders on their own venues. Fees tend to go to whoever runs matching.
Hyperliquid won by being fully public, and privacy-first venues lost share. Regulated flow may stay private on CME, Coinbase and Kalshi servers.
A market maker dumped ~65M NIL in Nov 2025, and the story has been reframed four times in 18 months. A new CEO cleaned house in 2026, but that trust still has to be earned back.
Implied price = Σ(market flow × share sealed) × fee × share reaching $NIL × multiple ÷ supply. Price, market cap and onchain counts load live when possible. If they can't load, the page falls back to the 13 Oct 2026 snapshot.