Channel cache is a simple key-value pair database associated with the channel. It can be used to store configuration parameters that change or modify the behavior of the channel. For example, you can store the name of a database or web service connection as a channel cache variable. This centralizes the configuration, making it easy to update the connection when moving a channel between environments (e.g., from testing to production) without having to modify the channel's mapping logic.
Values can be added, updated and deleted from channel node scripts. Values can also be manually added or deleted through the Channel Cache tab shown here.

Channel cache values are exported and imported with the channel. On import, if the channel cache already exists in a channel the value won’t be overwritten.
The channel cache is not thread-safe. It is designed for static configuration values. For frequently updated data, please use an external database to ensure data consistency and avoid performance issues.