The envelope follower modulation source will output an envelope similar to the side-chain signal. The amplitude of the positive peaks of the input signal is measured and the outer shape (= envelope) is the output signal of the modulation source. You can set the Attack and Release parameters to 'smooth out the bumps'.
To add an envelope follower as a modulation source, click the + button in the source selection bar and click New Envelope Follower.

Note: The envelope follower is only useful if the plug-in is set up in the host application to receive a side chain signal. More about this in Using the side-chain.
At the top right of the source interface, the Presets button
provides access to the EF section presets. The Remove button
deletes the envelope follower. You can customize the default EF settings (used when creating a new EF) by overwriting the predefined Default section preset.
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Next: MIDI source
See Also
Modulation
Drag-and-drop modulation slots
What-you-use-is-what-you-see