Robinhood Chain fees have plummeted 97% from their early-September peak, falling from $8 million to approximately $230,000 daily, while trading volume declined only 32%. The sharp fee reduction stems primarily from lower transaction rates rather than diminished activity, with average costs dropping from 64 cents to just 2.6 cents per transaction. Despite the fee collapse, network fundamentals remain robust. Decentralized exchanges on the chain processed $13 billion in volume over the seven days through September 16, up 5% month-over-month, while stablecoin supply dipped only 1% to roughly $1 billion. On-chain applications generated $8 million in fees and retained $1.5 million in revenue over the past 24 hours, significantly outpacing the network's own fee collection.