DAC Choices - $5,000 to $7,000


What are the current top DAC choices in the approximately $5-$7K price range (new or used) that I should look at as possible upgrades to my current Metrum Adagio?  Having an on-board volume control is not a factor as I can operate my system either way.   If I wanted to spend more I would look at Totaldac, Rockna Wavedream Signature, or one of the other top-end contenders, but I selected the price range to achieve a sound quality that is consistent with the rest of my system and because I don't want to spend more due to the still evolving nature of digital technology.  I do like the more natural sound (to my ears) of NOS R2R DACs.  So far, I have considered the three below, but none seem to be a slam-dunk upgrade from the Adagio, which still sounds pretty good in my system.  The decision is complicated by having to "buy to try" so that I can hear one in my system.  Maybe now is not the time for an upgrade.  Any thoughts?

  • Denafrips Terminator w/DSP board - Reportedly has the full body/dense tone type of sound I like, but also has a high'ish output impedance 
  • Holo May KTE - Reportedly measures great for an R2R DAC and has strong reviews 
  • Rockna Wavelight - Some reviewers like it but others put it in the middle of the pack for the price
mitch2
Even considering a less than optimal set up, the Mystique V3 is sounding pretty darn good over here.  Sort of a hard call vs. the Metrum Adagio since my system is currently set up for the Adagio DAC, using its own internal volume control.  My current digital set up prior to the Mystique V3 goes like this:
  • Hardwired Ethernet from Orbi router to Bonn switch, then TP link optical isolators, then into the Antipodes DX L3
  • Ethernet from Antipodes DX to Metrum Ambre (Roon Endpoint) 
  • I2S from Ambre to Metrum Adagio DAC with internal VC
  • Balanced cables from Adagio to SMc Audio preamp with VC removed (currently a unity gain active buffer)
  • Balanced cables from preamp to SMc Audio monoblocks
With the Mystique V3, currently running:
  • Same as above then Canare rca digital cable from Ambre to Mystique V3
  • Balanced outputs from Mystique to Goldpoint Attenuator (i.e., VC)
  • Balanced cables from Goldpoint to SMc preamp/buffer (still without volume control)
  • Balanced cables from preamp to SMc monoblocks
I believe the Canare cable and Goldpoint attenuator are weak points but not sure about S/PDIF vs. USB inputs and whether one is better than the other on this DAC - Benjamin was not definitive on this point.  Therefore, I plan to try:
  • First, taking the preamp/buffer out of the signal path and running balanced cables directly from the passive Goldpoint volume control to the SMc amps, and then
  • Second, moving the Mystique closer to the Antipodes DX L3, which I can use as both Roon Core and Endpoint and therefore output USB directly from the DX to the Mystique V3.  I have both Curious and Totaldac USB cables here to try along with W4S recovery and ifi stuff I can use in-line if I want.  When I used USB, my preference was simply the Totaldac cable.  I will still need the Goldpoint sitting over by the amps to control volume and can try this approach both with or without the preamp/buffer.
The other thing I can do is to reattach the VC in my SMc preamp so I can try the same things listed above without the Goldpoint unit in the signal path - one less box.  I am in the process of figuring out how to implement a remote controlled volume control with display in my preamp and am considering both Khozmo and Tortuga units.

The other possibility is to try a different endpont with a USB output, such as the SOtM trio that I used to own.

I would like to get this figured out since the Mystique is possibly good enough to consider trading in on one of the new EVO models, which will be going up in price in January.  I will not yet say the Mystique V3 is flat out better than the Adagio but it plays harder and fuller in the bass and has perhaps a bit more tonal color over all.  So far, what I would call it is a very musically addictive DAC.
Sounds promising, even if not a revelatory change so far. Looking forward to the next update...
Wow sounds very VERY complicated with so many connections. Isn't there some one box solution you could try? Less can be more.
I hear you on all the connections. The system was optimized for the Adagio, which is different from the Mystique in two significant ways, the Adagio uses an I2S input and it has a lossless internal volume control.  Since the Mystique has neither an I2S input or a volume control, I now have to sort out whether S/PDIF or USB input sounds better and a method of controlling volume.  I am going to try it connected directly to my Antipodes DX server, which can perform duties of both the Roon Core and Endpoint when used through its USB output.  I will get it figured out. 
Gosh, this thread could drive you nuts.

Suggestions all over the map without any regard for what speakers one is using or the overall sound of one's system.

Still gets down to listening in your home.

If buying without hearing, then the question should be how does a particular DAC sound in the context of the system in which it is being used compared to the DAC it replaced.

Otherwise, it is just masturbation is it not?

Sorry, my wife has tested positive for Covid19 and the quarantine is starting to get to me.

Thanks for listening,

Dsper