So often racing on every day of major swimming meets, Tuesday marks a rare day off.

For the 27-year-old, it's a chance to reset and refocus following a superb start to her Olympic campaign.

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After winning gold and setting a world record in the women's 4x100 metres freestyle relay on Sunday, McKeon added bronze to the collection on Monday.

The Illawarra star was third in the 100m butterfly final, setting an Australian record in edging out America's Torri Huske by 0.01 seconds.

Canada's Margaret MacNeil was first, with China's Yufei Zhang second.

McKeon now has two days to prepare for Wednesday night's 100m freestyle heats, an event she is favoured to win gold.

While physical recovery will form a crucial aspect of her preparations, the swimmer said the mental process is her biggest focus during the time off.

"It's a cigar. I got a medal. I couldn't ask for more," McKeon said. "I'm pretty happy - it's the best time I've ever swum."

"I've got the rest of today off and then probably just get some good sleeps in, massage and then training again tomorrow. It's more just the mental rest than anything which will help me a lot."

McKeon has her sights set on seven medals at the Tokyo Olympics and with two in the bag, she is well on the way to achieving the historic feat.

Along with the 100m freestyle, the swimmer will contest the 50m freestyle and another three relays.

While it is a mammoth program, it could easily have been even bigger.

In order to maximise her performances, the swimmer withdrew from the 200m freestyle, a race she won bronze in Rio.

The heats for the event were held on Monday night, with semi-finals on Tuesday morning and finals on Wednesday.

With a bigger focus on the sprint distances in Tokyo, McKeon said sitting out the race was the right decision.

"I'm feeling pretty good. I've actually taken 200 free out of the program for this week so that's 600m less of racing. It'll be a bit of a lighter week than I'm used to at these meets.

"I'm excited for the rest of it. I've got a day off now so excited to rest and come back in a few days."

McKeon will remain a keen observer of the 200m freestyle race, with the final likely to see Katie Ledecky and Ariarne Titmus return for round two of their epic rivalry.

Titmus claimed the victory in the first round, swimming over the top of the American in Monday's 400m freestyle final.

The race was regarded as one of the greatest moments in Australian Olympic history, with coach Dean Boxall's epic celebration an indication of what this meant to the Dolphins squad.

"It is the biggest thing you can pull off in your sporting career, so I'm over the moon," Titmus said. "I'm trying to contain it as much as I can. I have a big programme ahead of me, but I can enjoy this afterwards.

"Honestly, at the 200m I was a bit worried, but I did not come to the Olympic Games unprepared.

"I had to trust myself and stay as composed as I could. Use the speed that I have. And all that against a woman who has an amazing back end of her race. I'm really proud."