One embodiment of the present invention provides a system that facilitates multiplexing low-speed Ethernet channels onto a high-speed channel. During operation, the system receives a number of low-speed Ethernet channels. Next, the system derives N bit streams from the number of low-speed Ethernet channels, and feeds each bit stream to an input of a serializer, which is conventionally used to serialize bits from a single channel. Each input of the serializer comprises one bit of an N-bit-wide parallel input bus, and the data rate of the serializer output matches the data rate of the high-speed channel. The system then transmits the output of the serializer onto the high-speed channel.