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1. Multi-vt cells are realized just by changing thickness of gate oxide layer to alter subthreshold voltage of a MOS transisitor.
2. In Substrate biasing, the fourth terminal of MOS is used to vary subthreshold voltage(VT) of a MOS transistor. Here you need extra power rail to control VT. This technique is complex when compared to 1).
you can analyse these 2 techniques from various perspective
1. Die area / design cost / silicon cost :
sub-strate biasing need control logics to be added in design.so it is complex design and need extra circuitry. more circuit --> more devices-- > extra die area -> extra silicon cost
but multi -Vt are fairly easy to implement as compared to sub-strate biaising
2. Performance :
substrate biasing has a much finer performance than Multi-Vt designs.
so this is also a typical cost vs performance scenario.
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