Ethena Season 4 Rewards Go Live

Why It Matters

The reward distribution re‑engages liquidity providers and ties future incentives to the Hyena Trade launch, potentially strengthening token demand and ecosystem activity. Maintaining a top‑six DeFi ranking despite price and TVL declines highlights Ethena’s continued relevance in the synthetic‑asset market.

Summary

Ethena launched its Season 4 rewards, distributing 3.5% of the ENA token supply – 1.5% instantly claimable, 1% vested for the top 2,000 wallets and instantly available to smaller users, and the final 1% pending the launch of Hyena Trade, the protocol’s HIP‑3 instance. The payout follows the Season 4 close on Sept. 24 and the start of Season 5, which will run through March 2026. ENA rose nearly 9% in the past 24 hours, trading at $0.34, though it remains down 38% since early October and the protocol’s TVL is 41% below its $15 billion peak, keeping Ethena the sixth‑largest DeFi platform by TVL.