I keep thinking about how much Nillion's story has changed. The Blind Computer started as a network where nodes compute on data they can't see. Now the pitch is Encrypted Markets: an order goes onchain encrypted with its trigger attached, and a threshold of independent nodes decrypts it only when that trigger fires. They call it a Covenant. Hiding intent is a real answer to front-running. But it moves the risk rather than removing it. Secrecy now depends on enough of those nodes staying honest. The usage figures I can find, over 112,000 users and 641 million documents as of April, come from the project itself and describe the earlier product. They say little about hidden orders, and they leave me unsure how much activity is organic. What I don't know yet is whether the node set is independent in practice. I'd rather see real trader fees than subsidized activity. I am watching staking distribution and whether real Covenant volume appears.
#nil $NIL @Nillion