It is actually a bit inaccurate to describe it as three tokens. Steem Power can't be transferred so it isn't a token at all. It is just locked Steem. There are other blockchains that allow locking and no one calls those locked coins a different token. Some aspects of how this is being presented could probably be improved but if you look at the web site today, in no sense that I see is the user presented with three tokens.
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Well a "share" or "token" is stake in a "company" or "blockchain". So doesn't merkle root come into play with 3 transactions?