How to generate a Uniform(3) distribution if we have access to a Uniform(2) source (i.e., a coin)? The most straightforward strategy is a rejection sampling:
This suggests that each attempt to generate a Uniform(3) distribution costs 2 bits. And the probability of success is $3/4$, so the expected cost is $2 / (3/4) = 2.67$ bits. Can we do better? Yes; notice that $3^5 = 243 < 256 = 2^8$.
This strategy costs 8 bits per attempt, and the probability of success is $243/256$, so the expected cost is $(8/6) / (243/256) = 1.69$ bits. Following this idea, we can see that the exchange rate is $\ln(3) / \ln(2)$ bits per symbol, and this quantity can be achieved by