a question about transformer

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sxb416

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when we use ethernet phy chip,we use a isolation trasformer between the chip and cable,the tranformer has a ct pin.
the ct connnet vdd or gnd,but the baseline of the waveform from the transformer is vdd ,gnd or another value??
if it is vdd how the chip work when the value of the waveform extend the vdd??
 

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