Activate Warren Soultrader by paying 1 life and sacrificing the persist creature.
When the persist creature dies, its persist ability and Moonlit Wake trigger.
Resolve the persist trigger, returning the persist creature from your graveyard to the battlefield with a -1/-1 counter on it.
Resolve the Moonlit Wake trigger, causing you to gain 1 life.
Resolve the Warren Soultrader ability, creating a Treasure token.
When the Treasure enters, Mm'menon triggers, putting a +1/+1 counter on the persist creature.
Repeat.
This loop transforms a creature with persist into an engine for infinite resources by exploiting a clever counter-neutralizing mechanic. When you sacrifice your persist creature to Warren Soultrader, Moonlit Wake immediately cushions the life cost by netting you 1 life upon the creature's death. As the Soultrader hands you a Treasure token, Mm'menon, Uthros Exile sees that new artifact enter the battlefield and drops a +1/+1 counter onto the returning creature. Because +1/+1 and -1/+1 counters annihilate each other state-based style, the creature is cleared of its persist penalty and ready to be sacrificed all over again.