The creator says that the PEP image format is meant for small, limited colour images and of course it does lossless compression.
https://nigeltao.github.io/blog/2021/fastest-safest-png-deco...
PNG decoding seems to be fast enough:
tree1 - PEP = 0.412 ms PNG = 0.25 ms
font - PEP = 0.602 ms PNG = 0.663 ms
nz_scene - PEP = 32.121 ms PNG = 3.069 ms
Anyway, PEP is interesting!