Nillion is a decentralized network for Encrypted Markets. Instead of broadcasting an instruction before it executes, a user seals it to a condition and posts it onchain, where it stays unreadable — to other traders, to agents, and to the network itself — until that condition is met. At that point a threshold of independent nodes unlocks it and it executes automatically.

Covenants is the primitive behind this: condition-gated instructions sealed onchain, revealed and executed only when live data feeds satisfy the condition. It brings privacy to the parts of a market that have always run in the open — the order, the strategy, and the logic behind them.

NIL is the network's native utility token, used for protocol fees on creating and resolving Covenants, staking to run a node, and rewards to nodes that monitor conditions and settle results. NIL also gates access to Nillion's privacy infrastructure: nilDB, an encrypted database where computation happens on data that stays encrypted, and nilAI, private AI inference.