Fade Chips in Apex Legends Mobile tie into the Unleash Punishment time-limited event, where earning them regularly is key to unlocking Fade’s story and earning rewards like the Unwavering Focus Fade Skin.
Similar to treasure packs in the console and PC version of the game, you are limited to how many Fade Chips you can collect each day.
This page details all Unleash Punishment event rewards in Apex Legends Mobile, explains how to get Fade Chips, and when the Unleash Punishment event ends.