The Tape pedal splits your guitar signal into
3 controllable bands and soft clips each one independently for a limiter effect with soft distortion. The effect non-digitally emulates the saturation response that an old tape system might provide.
It does this by soft clipping the three audio bands with diodes that are suited to each band. At low gains it adds gentle compression with ultra-clarity, and at higher gains creates a brick wall of detailed distortion.