The Ultimate Trilemma
Choices, choices, choices. Tough decisions ahead.
Last updated
Choices, choices, choices. Tough decisions ahead.
Last updated
Puff the Dragon had reached a crucial crossroads, and the community could feel it in the air. The excitement was palpable, for a monumental week was upon them. It was time for the Ultimate Trilemma, a challenge that would force every $PUFF holder to make a tough decision, with long-term consequences for both themselves and the project.
The stage was set for a week of intense strategy, from October 15th to the 22nd, 2024. But that wasn't all. As soon as the trilemma concluded, a new era would dawn on October 23rd with the launch of $COOK, the governance token for Mantle's liquid staking (mETH) and liquid restaking (cmETH) protocol.
For those daring enough to prepare, they had to strategize wisely if they wanted to claim the grand reward: a shiny new Honda. But first, they had to master the rules.
Puff presented them with the Ultimate Trilemma, a riff on the famous Blockchain Trilemma of Security, Scalability, and Decentralization. However, in Puff's universe, the choices were far more personal:
A. Get a big $COOK allocation B. Keep your $PUFF C. Stay liquid, avoid lockup
The path forward was divided into three distinct options, each with its own rewards and sacrifices.
Option 1: The Acid Vat – Burn Your $PUFF
For the boldest of dragons, there was the option to throw their beloved $PUFF into the Acid Vat. It was a permanent goodbye to their $PUFF tokens, but in return, they would earn a coveted share of 225 million $COOK tokens, representing a hefty 4.5% of the total supply. With the burn came a hefty allocation of $COOK, unlocked on Day 1 of the Token Generation Event (TGE). $PUFF sacrificed, $COOK gained. Was it worth the cost?
Option 2: The Methlab – Lock and Leverage
For those seeking a more balanced approach, there was the Methlab option. Puff holders could lock their $PUFF for six months, securing both a share of 22.5 million $COOK tokens and a free $mETH loan. The loan, issued at a rate of 1 $mETH per 69k $PUFF came with no risk of liquidation, compliments of the Methlab's revolutionary offerings. Participants were free to use the $mETH as they saw fit, but had to return it starting April 18th to unlock their Puff. Could patience and leverage pay off in the long run?
Option 3: Standing Pat – Hold Steady
Then there were those who valued security above all else. The third option was to Stand Pat—no burns, no lockups (only during the week of the UT). They could keep their precious $PUFF and still walk away with a small prize: 2.5 million $COOK tokens to share among the steady hands. It wasn't much, but it was free. Sometimes, the best strategy was simply to do nothing.
The Multiplier Game
As with Puff's previous Cauldron games, timing was everything. The earlier participants committed to their chosen option, the bigger their rewards would be. A tempting 1.42x multiplier awaited those who acted on Day 1, but hesitation meant watching the multiplier decay to 1.0 by the end of the week. Would they get in early for the highest reward, or wait to see how the competition played out?
The Ultimate Trilemma had arrived, and Puff’s loyal community had to make their moves. Which option would they choose? Would they burn, lock, or hold? Below you can see what ended up happening:
