Duel channel means there are two compressors in parallel so you could use stereo.
Using a compressor you set a threshold point. You also set a ratio.
What happens is when the signal goes above the set threshold point, the ratio kicks in. Say you are using a 2:1 ratio, every 2dB increase in volume would only be 1dB (the compressor was kicking in), if it was 10:1 ratio, you would need a 10dB increase to get a 1dB increase out the other side (beyond threshold).
There is a lot more to them than that, but it hopefully explains something (and im probably totally wrong

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