These two projects are doing a lot better than I thought they would. There seems to be consistent buying pressure and the dumping has mostly subsided. SteemLEO got away with hardly anyone dumping on the market because they not only targeted the PALNet airdrop, but filtered it even further to all the current stakeholders resulting from the PALNet airdrop. It's like a smart-airdrop within a smart-airdrop.
SteemLEO is the 'Inception' of crypto.
And have you noticed that very few whales on Steem are actually whales on these new platforms? This is decentralization at its core. New people are being given the opportunity to lead communities and bring value to them.
Personally, I can hardly believe it worked out this way. It would have cost very little for Steem whales to buy up huge portions of those dumped airdrops, but literally none of them did it. I feel like this speaks volumes. They are already in control of Steem, and they know they can't control these new centralized communities.
Instead they'd rather spend thousands upon thousands of coins on Drugwars, Nextcolony, and MagicDice (lol). The way this has all turned out really speaks volumes. I won't give my opinion on the matter; you can read between the lines.
PAL has some pretty significant buy walls in place.
5000 Steem wouldn't even price the liquidity down under 0.41 : 1
Conversely, 1000 Steem in the other direction would push the price to 0.494:1
0.5 to 1 is a large mental barrier indeed.
Just half a week ago LEO was trading at 0.07. I bought 1500 coins at this price and powered them up today. Now they are worth over double (at some points triple) that value. This airdrop had very little dump to it, and now buying pressure is pretty high.
Also, it appears that a lot of the PALNet holders aren't voting for steemleo posts. The reward pool hasn't been drained enough.
My estimated upvote is 45 coins.
Cut that in half to estimate what it will be like when people actually start getting paid out.
So lets say I make 20 coins per upvote.
200 coins per day.
6000 coins per month.
73000 coins per year.
Obviously, that's not even close to correct, as it would indicate 300% RIO per year. We have to expect that the system will settle down much lower than that & that a lot of the stake involved is sitting inactive.
A lot of the whales on both platforms (same people) clearly aren't selling much.
This situation is pretty good for everyone. PAL and LEO holders are also die-hard Steem holders. Most of the PAL and LEO coins that get sold on the open market for Steem are going to end up being powered up. If we ever buy up to either sell-wall, the coins that get bought from the sell-walls are "guaranteed" to be powered up (promised by PAL and LEO moderators).
There isn't a lot of liquidity left. PAL only has 15K coins under the sell-wall and LEO only has 17K. My personal stake is higher than that. If anyone wanted to buy more stake than I have they'd have to purchase from the sell-walls. I find this to be particularly significant. We can only decentralize from here on out. Our unique upvote model is pivotal in achieving this.
It's pretty easy to see that all the value that PAL and LEO are generating are also generating value for Steem as well. We also have to look at the 
https://steemitwallet.com/@steem-peg/transfers
My my my... isn't that pretty.
Half a million steem coins just sitting there dormant... not even powered up. And they also can't run a fractional reserve because we can see exactly how much SteemP is in circulation vs how much Steem it is collateralized by. This aint no Tether, folks.
They are also giving us the benefit of the doubt of calling it STEEMP in the first place. Look at all the other centralized exchanges. Do they call their Bitcoin BTC-pegged? No, they lie and just say it's BTC. However, this BTC is simply a representation of accounts and balances using centralized databases. At least projects like SteemEngine and Bitshares are honest about their implementations in the naming conventions. It shows integrity over trickery.
How many people on the planet know about all the developments going on here? A couple thousand? And what are we doing with this information? Checking coinmarketcap 5 times a day wondering why the price keeps going down (and more "importantly" the slide in rank in comparison to other coins).
You know what I think? I think everyone reading this right now should plan to begin consolidating Steem during the months of September and October of this year. When September and October roll around you probably won't ever remember that you read this.
I'm obviously not suggesting anyone make any rash decisions. How many "not financial advice" financial advisement encourage you to show some restraint? Technically I guess all of them expressly say it... but the underlying content implies the opposite.
SMTs
We might have the mythical SMTs by that time. Seems like a dream... maybe it is. A lot of people out there I'm sure don't want to invest in SteemEngine so close to SMTs coming out. Again, this false sense that the two projects compete is totally projected. They both help each other. They both keep each other honest. Open source code does not compete.
Conversion to SMT
If SMT becomes superior to SteemEngine, how hard is it to migrate a SteemEngine coin into an SMT? It's insanely trivial... they both exist directly on the blockchain, and I bet a lot of projects are going to run the same coin on both chains just to show the communities how secure the tech is; that both platforms can coexist and verify that all the information on chain is correct and in consensus.
Conclusion
I've never been this bullish on Steem, and I've been nothing but bullish in the past. HF21 is garbage. The new EIP is garbage... but it doesn't matter. The other fundamental developments going on here outweigh that noise by 100 fold.
I can see where this is all going, and we'll all look back and laugh at how worried you all were.