Holden explained how the ENRZ electrical interface uses four wires to transmit three bits using the codes ±{+1, -1/3, -1/3, -1/3}. That is, any pair or wires can carry the +1 code and the other -1/3 codes travel between any other pairs of wires. At 37.3 Gbaud, ENRZ can deliver 112.3 Gbit/s as where NRZ would need 56 Gbaud to achieve the same rate, if that’s even possible with NRZ.

Martin Rowe, EDN Network