diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2450311f3..cf76170ef 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -13,6 +13,18 @@ parallel copies under `docs/` or `scripts/notes/`. At cut time: rename
 
 ## [Unreleased]
 
+## [0.3.4] - 2026-08-26
+
+### Telemetry
+
+- Ambient telemetry emits one parent generation per turn with aggregated tool and
+  subagent counts, rolls worker usage into one terminal event per dispatch, and
+  makes per-call spans opt-in. Ambient events use anonymous processing,
+  successful generations support sampling while failures always ship, plugin
+  loads deduplicate, and pre-usage fallback failures avoid stale provider
+  attribution. A deterministic representative fleet fixture drops from 98 to 18
+  billable events, an 81.6% reduction.
+
 ## [0.3.3] - 2026-08-25
 
 ### TUI
diff --git a/package.json b/package.json
index d31d994ec..0aac112fc 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@corbits/code",
-  "version": "0.3.3",
+  "version": "0.3.4",
   "description": "Single-process coding agent CLI built on the Interchange runtime (Bun + TypeScript)",
   "private": true,
   "license": "SEE LICENSE IN LICENSE.md",