Understanding the Conversion Flow

This section describes the lifecycle of a conversion and order on the Layer1 platform, outlining the different statuses a conversion goes through from initiation, when it it first created by API request to a trading venue, to completion where your balances in a currency will be converted to another.

Conversion States

A Conversion will go through a series of statuses in the conversion workflow, with each status denoting a specific process has occurred:

Status	Description	Final state
PENDING	The conversion request is first created with the pending status	No
PLACED	The conversion order has been sent to trading venue(s)	No
COMPLETED	The successfully converted amount will be marked as completed. Any not completed will generate new orders in the placed status. This is a final state	Yes
PENDING_CANCEL	A cancelled conversion will first transition into a pending cancel state when the cancellation has been requested	No
CANCELLED	The cancelled orders will be marked as cancelled. This is a final state	Yes
FAILED	The conversion had no successfully converted amount. This is a final state	Yes

Order States

An order will go through a series of statuses in the conversion workflow, with each status denoting a specific process has occurred:

Status	Description	Final state
PENDING	The order created (from the conversion created) will start with the pending status. Order is awaiting submission to the trading venue	No
PLACED	The order has been submitted to trading venue	No
COMPLETED	The order is filled. This is a final state	Yes
FAILED	The order was unsuccessful with no financial impact. This is a final state	Yes
PENDING_CANCEL	A cancelled order or expired order will first transition into a pending cancel status	No
CANCELLED	The order has been cancelled with the trading venue. This is a final state	Yes

Now that you understand the different statuses a conversion and order goes through, you can issue your first conversion either via API or in the Layer1 Portal.