The DELAY-01 is a standard delay effect unit.
The rate knob changes the delay time from 50 ms to 500 ms.
The feedback knob controls the amount of output signal that is fed back into the delay input.
50 ms to 500 ms
The delay takes the incoming signal and stores it until the delay time is reached, where it then outputs the stored signal. This creates an echo type effect which adds dimension to your sound.