Agree that the CAPEX plays a role, also the nature of those networks with high CAPEX probably means that there's some time of initial return to be had which attracts a more professional stakeholder group which tends to be a little more resilient and long term value add.
i think it also depends on who is the audience for PMF. Example for defi, tokens make sense as the audience intuitively understands it.
But for games, maybe traditional cash driven rewards might work better as projects would want users beyond web3.
Probably its worst for L2's and a lot of infra who are yet to figure out their audience and therefore attract usually the most predatory ones.
Agree that the CAPEX plays a role, also the nature of those networks with high CAPEX probably means that there's some time of initial return to be had which attracts a more professional stakeholder group which tends to be a little more resilient and long term value add.