The first example of it is Maker. In case of Maker, the user locks ETH and gets PETH (Pooled ETH) token, which then gets locked into CDPs and that issues DAI (see whiteboard for more detail). At the same time DAI borrow rate accrues to MKR token holders (via burning MKR).
There is clearly in this model a way to remove MKR and just buy more ETH for the Pool, accruing value to all of Pool holders instead (also would incentivize holding CDPs longer as it now becomes a yield generating asset) Or even better, by buying and burning ETH - value would accrue to ALL ETH holders.
Similar story goes when a third-party token is used for transaction fees or as intermediate. There are no direct captures in such a token, and it can be removed by forking the contract. The most known example is Uniswap being a Bancor without their BNT token. Bancor is splitting value between liquidity providers and BNT vs in Uniswap the value only goes to liquidity providers.
Currently Ethereum’s DeFi in result is converging on the applications that don’t have their tokens and only acru value to the ETH holders. Hence “ETH is money” meme as well.
Developers though don’t actually capture much value of this. Examples like Uniswap, 1inch - VCs are willing to fund them but at the same time push them to launch their own token without clear economics that works. Instead developers actually been burned out by support and maintenance of these protocols.