Synthetic dollar protocol Ethena today released Season 4 rewards, and participants who have been waiting for their earnings since September can now claim their ENA tokens.
Season 4 will end on September 24th, and Season 5 will begin at the same time and will continue until March 2026.
Today’s reward drop will distribute 3.5% of the total ENA supply, of which 1.5% is immediately claimable, an additional 1% will be granted to the top 2000 wallets and immediately available to small users, and the remaining 1% will be distributed when Ethena’s HIP-3 instance, Hyena Trade, goes live.
ENA did not initially react to the news, but today it rose along with the rest of the altcoin market, rising almost 9% in the past 24 hours. Despite the surge, ENA has some way to go to recover from its 10/10 drop. The token is currently trading at $0.34, down 38% since October 10th.
ENA Chart – CoinGecko
Fueled in part by ENA’s price movements, Etena’s total value locked (TVL) is down 41% from its all-time high of $15 billion. However, it is still the sixth largest protocol in decentralized finance (DeFi) by TVL, only behind Aave, Lido, EigenLayer, Binance Staked ETH, and Spark.
