This really depends on what you're doing.
Check out the MANA vault for an interesting approach to fees which has created an amazing amount of APR for liquidity providers.
The best approach to a vault has been from the Purrnelopes team. The key things that the Purrnelope's team did included:
as part of the project roadmap they included the creation of a liquidity pool using a portion of the funds from the sale. This created a pool of 200+ cats and relative amounts of ETH, which the team then added more to.
they are recognising the token holders and liquidity providers in the same way as NFT holders, so any clubs/drops/free-mints they offer will also include the wallet addresses that hold tokens and provide liquidity.
Governance voting on the direction of the project is done through https://snapshot.org and recognises NFTs, Vault Tokens, and staked SLP tokens as voting mechanisms.