Late last night I was half-asleep scrolling charts and NIL kept popping up. Sitting around $0.083, market cap near $42 million, still down something like 90% from that March 2025 peak. Volume’s been heavy relative to how small the thing is. The bounce from the August lows looks decent on paper, but I keep asking myself the same question: is anyone actually using this, or is the market just pricing the story again?
The idea itself makes sense. You can’t put real high-value data on a regular blockchain without destroying what makes it valuable. Blind computation is supposed to fix that — data stays encrypted, gets split across nodes, and you can still compute on it. They’re reporting over 110k users, hundreds of millions of documents stored, 1.5 million inferences. Not nothing.
But the economics feel thin. Every month another 20–25 million NIL unlocks. Early backers and the team still have big chunks coming. Fee demand and actual token burns haven’t really shown up in a meaningful way yet. People can use the network without holding much of the token. The holders are the ones sitting with the supply risk.
Utility is there on paper — fees, staking, governance — but it doesn’t feel strong enough yet to absorb the unlocks. Moving things onto Ethereum and pushing Encrypted Markets is practical. The real test is whether paid usage starts growing faster than the new supply over the next year or so.
Interesting tech. Still unsure about the token side of it.
#nil $NIL @Nillion
The idea itself makes sense. You can’t put real high-value data on a regular blockchain without destroying what makes it valuable. Blind computation is supposed to fix that — data stays encrypted, gets split across nodes, and you can still compute on it. They’re reporting over 110k users, hundreds of millions of documents stored, 1.5 million inferences. Not nothing.
But the economics feel thin. Every month another 20–25 million NIL unlocks. Early backers and the team still have big chunks coming. Fee demand and actual token burns haven’t really shown up in a meaningful way yet. People can use the network without holding much of the token. The holders are the ones sitting with the supply risk.
Utility is there on paper — fees, staking, governance — but it doesn’t feel strong enough yet to absorb the unlocks. Moving things onto Ethereum and pushing Encrypted Markets is practical. The real test is whether paid usage starts growing faster than the new supply over the next year or so.
Interesting tech. Still unsure about the token side of it.
#nil $NIL @Nillion