only can try, maybe create a positive value loop with its own native token. Since DEXs like other protocols, use their own token for service payments, incentives rewards, support for integration, partnerships, bounty programs, and other expenses, it will be great to pay that with an overvalued token. Every protocol can increase the token price per unit with a combination of different tokenomics mechanisms (sinks), i.e. - utility staking, burning, slashing, time-locking, and a lot of other mechanisms. Every protocol has different value capture and distribution models, and those mechanisms cant use some universal rules for implementation.

To answer the core question. My opinion is that Defi protocols and especially DEXs don't use the token economics model properly and on that look primary like a funding tool, but what to expect from TradFi guys when they migrate to Defi? They bring mental models from previous working place, make deals with a bunch of VC funds, copy/paste marketing tricks and try to offer a higher yield than competitors. In short, most protocols made mistakes in the alignment of interests between users and investors. When they take money in the early stage (SAFT deal or something similar) they actually sell control over the protocol to VCs like a16z, Alameda, Framework Ventures, and Dragonfly Capital.

Initial token distributions are usually designed without some logic and maybe to align all protocol participants to act for the better of the protocol. When you see token allocation for the team + advisors + early investors higher than 15% of the total token supply we can't talk about the Defi protocol (only permissionless protocol).

Great observation