Abstract: A reference voltage is moved dynamically towards a voltage level of the last received value. The movement takes place over a predetermined fraction of a bit-time. The amount of movement is limited so that successive logical values don't result in an unusable reference voltage level. When the output of a receiver changes, a state machine sequences the selection of analog reference voltage inputs to a multiplexer to move an output reference voltage towards a steady-state signal voltage level for the value that was just received. When the sequence is complete, the state machine keeps the last value selected on the output until the output of the receiver changes value.