Rate pairs are comprised of a “to” and “from” currency and the rates history between those two currencies. When you activate the Conversion Extension, it automatically adds a list of global rate pairs which allow the wallet to display the value of currencies in a user’s accounts in their chosen display currency e.g. showing what their EUR account balance is in USD.
Rate pairs are always defined in relation to a base currency, which in Rehive is always USD.
Whenever a value in the wallet is converted for display in a different currency, the wallet will always use Rate pairs for this calculation. The only exception is when making a conversion transaction - that will use Conversion pairs to get the value instead.
You can override a global rate pair with a custom rate pair. With a custom rate pair, you can directly modify the rate or how the rate is calculated.
Custom rate pairs
Custom rate pairs can be used to define a rate between “to” and “from” currencies which are not included in the global rate pairs list e.g. between USD and a custom points currency. To set a custom rate for a custom points currency to be 1/100th the value of USD you would create a custom rate pair and set the rate to 0.01.
Read the full overview article to understand where rate pairs fit in to the Conversion Extension as a whole.