Nillion’s NIL Token Drops 12% After Mainnet Launch
Nillion, a private computation and storage network, launched its mainnet and native token NIL, which has seen a 12% market cap decline within the first 24 hours. Key details include:
- NIL debuted with a total supply of 1 billion tokens; 19.52% (195.15 million NIL) was airdropped on launch day.
- Initial market capitalization was over $165 million, now reduced to approximately $144.93 million.
- NIL trades at 74 cents on major exchanges, including Binance, Gate.io, MEXC, and Bitget.
- Bithumb announced the listing of the NIL-Korean won trading pair.
Nillion's Technology
Nillion employs Nil Message Compute (NMC) for computations on encrypted data, enhancing privacy by preventing decryption exposure. The architecture includes:
- A Coordination Layer, nilChain.
- Petnet, utilizing multi-party computation and fully homomorphic encryption.
Application in AI
Nillion aims to resolve data privacy challenges in sectors like AI and decentralized finance. Yau Teng Yan from Chain of Thought emphasized its potential impact on AI adoption, comparing its importance to SSL for web security.
Tokenomics
The NIL token serves governance and transaction purposes within the Nillion ecosystem. Its design promotes network security and burn-based demand as usage increases.