Robinhood Chain faces its first stress test after ending gas subsidies on September 29, with chain revenue collapsing 98% from peak ($4M to $166K daily) while DEX volume remains stable around $1.4B daily and perpetual volume grows 25% week-over-week. The shift reveals that applications are capturing 8x more revenue than the chain itself, and sustained user activity independent of subsidies will be the key metric for ecosystem health.