It could also be called “feedback mode” or “cycle recording”. It allows overdubbing on a single track by replacing what has already been recorded. The percentage of erasure, as well as the recording level, can be set by the user.
When the mix mode is On, you can record while playing the loop at any speed, forward, backward, etc. You can even use the Slicer!
When you are in MixMode, the track displays a recording head in red and a playback head in green.
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Replace mode, as the name suggests, replaces the content at the location of the recording head.
Overdub in Mix Mode and Replace Mode