Many ways to get value out of a protocol 1. Most protocols allow you to get yield by using the protocol itself (e.g supply USDC for a lending pool). Most protocols fall into this category, regardless if there is a token 2. Buyback or some fee value accrual to token (rare)

This leaves the awkward area of protocols that: 1) Do very well but cannot accrue value. I think this is the most toxic kind. Study Porter 5. This gives rise to value trap. This is where most "fee switch later" thesis falls apart 2) Does very well, but actively doesn't really pass value back to the holders