A method includes receiving a serial data stream at a transmitter of a serial channel, encoding the serial data stream using a quaternary pulse amplitude modulation (PAM-4) scheme into a stream of 2-bit symbols, wherein a particular symbol is represented as a signal at one of four signal levels provided for a unit interval of time, determining that a first symbol of the encoded serial data stream is represented as a highest state of the PAM-4 scheme, and, in response, providing a first output signal on an output of the transmitter, wherein the first output signal includes a first portion at a first voltage level associated with the highest state for a first half of a first unit interval of time associated with the first symbol, followed by a second portion at a second voltage level associated with a de-emphasized highest state of the PAM-4 scheme for a second half of the first unit interval of time.