Ethena turned on Season 4 rewards today, letting eligible users claim ENA after a long wait. The drop covers 3.5% of the tokens total supply, split between immediate claims and future unlocks.
What you can claim right now
- 1.5% of ENAs total supply is available for instant claiming.
- An additional 1% is unlocked instantly for smaller wallets. For the top 2,000 wallets, that 1% is vested over time to reduce quick selling.
What unlocks later
The remaining 1% will be distributed when Hyena Trade (Ethenas HIP-3 instance) launches. This ties part of the rewards to a product milestone, which could keep users engaged until the feature goes live.
Timeline at a glance
Season 4 officially ended on Sept. 24, the same day Season 5 began. Season 5 is expected to run through March 2026.
Market reaction
ENA barely moved at first, but later climbed with a broader altcoin bounce. The token is up nearly 9% in the past 24 hours and trades around $0.34, per CoinGecko. Even with todays pop, ENA remains down about 38% since Oct. 10.
Ethenas footprint in DeFi
Ethenas total value locked (TVL) has slipped 41% from its $15 billion peak, partly reflecting ENAs price drop. Even so, it remains the sixth-largest decentralized finance (DeFi) protocol by TVL, trailing Aave, Lido, EigenLayer, Binance Staked ETH, and Spark, according to DefiLlama.
Why this matters
Reward timing can move markets. Instant claims add fresh supply that some users may sell, while the vesting for the largest wallets helps smooth sell pressure. Linking the final 1% to Hyena Trade could pull attention to Ethenas next product release and keep users active through Season 5.
For newer readers: Ethena is a synthetic dollar protocola system that aims to mirror the value of the U.S. dollar using crypto collateral and derivatives. Its ENA token is used for governance and incentives around the ecosystem.
What to watch next
- Hyena Trade launch timing: thats when the final 1% of Season 4 rewards goes out.
- ENA volatility: claim periods often bring short-term price swings.
- TVL trends: sustained inflows would signal stronger user confidence during Season 5.
For users
Use only official claim links and double-check URLs to avoid phishing. If youre a larger holder in the top 2,000 wallets, expect a vesting schedule for part of your allocation; smaller wallets receive that portion immediately.