Ethena Season 4 Rewards Go Live

Synthetic dollar protocol Ethena released its Season 4 rewards today, with ENA tokens claimable by participants who have been waiting since September for their earnings.

Season 4 concluded on Sept. 24, which also kicked off Season 5, expected to run until March 2026.

Today‘s rewards drop distributes 3.5% of the total ENA supply, with 1.5% instantly claimable, an additional 1% vested for the top 2000 wallets and instantly available for smaller users, and the remaining 1% to be distributed when Hyena Trade, Ethena’s HIP-3 instance, goes live.

ENA, which initially didnt react to the news, rallied alongside the rest of the altcoin market today and is up almost 9% in the last 24 hours. Despite the surge, ENA has some ways to go before it recovers from its 10/10 selloff. The token is currently changing hands at $0.34, down 38% since Oct 10.

ENA Chart - CoinGecko

Partially fueled by ENA price action, Ethenas total value locked (TVL) is down 41% from its all-time high of $15 billion. However, it remains the sixth-largest protocol in decentralized finance (DeFi) by TVL, only trailing Aave, Lido, EigenLayer, Binance Staked ETH, and Spark.