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
@mitch2, can you explain the differences you hear between the V3's SPDIF and USB interface?   I've been using SPDIF (with a Shunyata Anaconda ZTRON cable) for years, and the Mystique V3 is the first DAC I've tried with USB.    I actually prefer the SPDIF (fed from a Bricasti M5).   I find the SPDIF to offer more detail and excitement while the USB to be more recessed and mellow.  If my system was more forward or bright, I maybe would prefer the USB.   To be fair I have no idea how my Luna Orange USB cable compares with my Shunyata cable as I've not compared it with any other USB cables.   The M5 might just sound better with SPDIF too.   It's nice having a streamer with multiple outputs but it is extra work to find the best match with your current DAC, not counting cable differences...

Cheers
@ddafoe There are so many variables, I would not be much help.  In my system, for USB I come directly out of the USB port of the Antipodes DX G3 server with a 1M USB cable.  For S/PDIF, I run 9 feet of Ethernet from the DX to a Metrum Ambre converter/endpoint and then a short S/PDIF cable to the DAC.  There are some handicaps in that my S/PDIF cables are not of the same caliber as my USB cables and my better S/PDIF cable (Oyaide DB-510) has BNC terminations, so I am using BNC/RCA adaptors at each end of the cable.  OTOH, with the USB input I position the DAC closer to the DX server so I have to use a longer pair of interconnects.  Too many trade-offs to make a consistent judgement, except that as you pointed out, I too lose a little edge (detail and excitement?) through the USB input.  When I get the EVO, I plan to spend more time figuring out how to optimize the sound through its upgraded S/PDIF input, probably using AES/EBU, but but I will certainly try USB as well.
@mitch2 Perhaps you've found it doesn't matter with your gear, but best practice is to have your spdif cables be 1.5m (or longer) to prevent digital signal reflection induced smearing. At < 1.5m you run a small risk of having a signal go down the cable, reflect back to the source, and then reflect back to the output time aligned with the next part of the digital signal.
Thank you @cal3713 for the information and reminder on digital cable length.
I don't want to go too crazy with changes just now with the EVO coming in month or so but I am interested in hearing recommendations for both digital cables and Ethernet converters so that I can stay away from using USB.  Best case for me would be that my Metrum Ambre (Ethernet input and outputs for everything except USB) would sound good particularly with the improved S/PDIF input on the EVO.  I assume and hope the improvements apply to the AES/EBU input too since I have always found it to sound bolder than S/PDIF through RCA or BNC.
I will certainly be trying all combinations to optimize the sound from the EVO and while I don't want to spend thousands on a converter, I will consider options that clearly enhance the performance of the EVO.  I have so far not gone crazy on digital cables (because I was enjoying I2S with my Adagio) so my current best AES/EBU is the Triode Wire Labs digital XLR cable. 
@cal3713 would same digital cable length suggestion apply to digital coax?

Specifically, for digital coax BNC-BNC to provide an external 10MHz clock signal to a DAC?

Or not?  Thx in advance if you know,