I think all tokens on exchanges are pegs. It's not really yours until it's in your wallet. However being a DEX, steem-engine is different. All DEX have wrapped tokens because technically it's still in your wallet and is just converted or marked. For example when you send Steem to steem-engine they take 1%, however since the Steem is still yours they call it Steemp to signal that you paid your fee on that and can use it later without having credit on their system or paying the fee again. In other words it's convertef and marked but still fully in your control. I wouldn't want to keep a lot of it, but it is much better and quite different than having Steem on Binance or something.
I am very glad the price has already started to stabilize, but its still less than a week. Just wait until people who are earning start selling. There will be a little pressure, but it's going tontake a month or so before we can trulely evaluate. PAL is just getting tonthat point.