When the ring “moves around”, depending on which input frequency is higher, each step is a voltage. The pot sets the voltage level. Note that in between each step, the output returns to 0 so you actually get 8 steps: four voltages and four 0v. These come out of the CV output.
Here I’m using it as a sequencer, so each step is a note set with the pots: https://www.instagram.com/p/CEAU4Ugh8_P/
Here I’m using it to make a sub osc, since each step flicks back and forth between 0v and your pot you can kind of build your own waveforms step-by-step as it travels around: https://www.instagram.com/p/CEFHzwsB-Xk/
A great way to just understand what’s going on is taking the output of two oscillators that are tuned as close as you can. Beat Freq will oscillate at the beat frequency of the two oscillators slight detune. Now detune one of the oscillators and watch it spin. 