#nil $NIL @Nillion #nillion While doing the CreatorPad task for Nillion, I noticed something that made me stop and think for a moment. ๐
$NIL was trading around $0.0877 on NIL/USDT after rising roughly 239% from its September low of $0.03864, around the time of the Dusk mainnet launch on September 28.
Thatโs a pretty big move! ๐ But hereโs the thing that got me curious.
Nillion is building Encrypted Markets, where privacy is supposed to be a big part of the experience. But after reading about Covenants, I realised something interesting: the instruction can be hidden, but the fact that it exists is still visible.
Waitโฆ what? ๐ค
According to Nillionโs own explanation, people can see that a Covenant has been posted, but they cannot read whatโs inside it.
So, the actual order stays secret, but details like when it was posted, the posterโs address, and the gas fees can still be visible on Ethereum L1.
To be honest, when I first heard the words โEncrypted Markets,โ I thought even the activity around a trade would be hidden. But at the Dusk stage, that doesnโt seem to be the case.
And this got me thinkingโฆ
If a trader can hide their limit price, thatโs definitely useful. But what if someone wants to hide the fact that theyโre about to make a really big trade? If the activity is still visible, could others get clues about what might happen next?
Maybe future phases, like Darkfall planned for November, or multi-chain support, could bring more improvements. But I couldnโt find a clear answer about whether these details will also become private.
But I do have one question: Is hiding the order enough if people can still see the activity around it?
Iโm genuinely curious to hear different opinions on this. Iโm still learning about the project, and I think these are the kinds of questions worth discussing.
๐ฌ What do you think? Is hiding the instruction enough, or should encrypted markets also hide the intention behind a trade?
Letโs discuss in the comments! ๐
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