Something felt off when I checked the numbers earlier. NIL is hanging around $0.083, circulating market cap roughly $42 million, fully diluted closer to $84 million. Volume’s been pretty strong relative to that size for days now, but the token is still more than 90% down from the levels it hit right after launch in March 2025.
The problem they’re solving is legit. Public chains were never built for the data that actually matters — private model context, trading strategies, personal records. Nillion keeps that stuff encrypted while it’s stored and computed on, mixing multi-party computation with trusted execution environments and a few other techniques. The reported stats look solid on paper: over 100k users, hundreds of millions of documents stored, more than a million private inferences. There’s clearly real experimentation going on. At the same time, a lot of that usage is hard to verify independently, and steady paid demand hasn’t shown up as quickly as the narrative makes it sound.
Unlocks are still a headwind. Big chunks held by early backers and the team keep vesting every month out to 2029, with another drop coming soon. Builders can use the privacy features without needing to hold the token long-term. The people holding NIL are the ones eating the dilution and the longer wait. Fees, staking, and governance give the token a clear role, but the gap between the story and the actual economic activity is still pretty noticeable. Private computation isn’t going away. Whether this network is the place where that demand actually sticks around is still the open question.
#nil $NIL @Nillion
The problem they’re solving is legit. Public chains were never built for the data that actually matters — private model context, trading strategies, personal records. Nillion keeps that stuff encrypted while it’s stored and computed on, mixing multi-party computation with trusted execution environments and a few other techniques. The reported stats look solid on paper: over 100k users, hundreds of millions of documents stored, more than a million private inferences. There’s clearly real experimentation going on. At the same time, a lot of that usage is hard to verify independently, and steady paid demand hasn’t shown up as quickly as the narrative makes it sound.
Unlocks are still a headwind. Big chunks held by early backers and the team keep vesting every month out to 2029, with another drop coming soon. Builders can use the privacy features without needing to hold the token long-term. The people holding NIL are the ones eating the dilution and the longer wait. Fees, staking, and governance give the token a clear role, but the gap between the story and the actual economic activity is still pretty noticeable. Private computation isn’t going away. Whether this network is the place where that demand actually sticks around is still the open question.
#nil $NIL @Nillion