Yes, as you said.

It's soft pegged on the downside (if the ratio goes below 1:1 I'll stabilize with project funds).

I WON't If it goes up (but I'm still allowed to sell my own tokens).

For practicity you should assume it's still soft-pegged to 1. It will appreciate when it's overpegged IMHO.

(I mean, I wouldn't encourage buying it above 1, better to farm it).