Dissolves are blending transitions between timeline elements in which the first clip fades out at the same time as the second clip fades in. Wipes are non-blending transitions that use masks to hide or reveal the outgoing and incoming shots.
You can create several types of transitions, including SMPTE and axis transitions. To create a transition, you must have enough head and tail frames in the outgoing and incoming shots.
Create Wipes through the Batch or Player timeline. Create dissolves through:
Using the Dissolve Editor, you can vary the rate of the dissolve by modifying a curve. The Dissolve Editor is available from the Dissolve menu, Player timeline, and Batch timeline.
You can also create audio fades or crossfades. See Creating Audio Fades in the Timeline. Audio dissolves are linear only so you cannot modify the rate using the Dissolve Editor.