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
I have a Benchmark DAC3B. I will be getting a Matrix Audio Mini-I 3 Pro DAC tomorrow to pair with either a Topping A90 preamp (got it today) or my existing Benchmark HPA4 preamp. The better DAC will go with the HPA4 system.

Hopefully early next year, I am looking at either the AudioByte VOX | HUB | ZAP stack (1 power cord for all 3 units) or the Halo Audio May Level3. To pair with the HPA4. It will replace either the Matrix or Benchmark DAC3B.

The AudioByte and Rockna are from the same guy. The AudioByte stack seemed technically more adventurous than the Rockna Wavelight.
I had an older Wyred 4 Sound DAC 2 and it just didn't work for me. It sounded dull and flat in my system - not engaging at all. I suspect the newer ones have improved a lot, but it could have just been a bad match for my system. I replaced it with the Yggy A2 which worked much better. I still have the Yggy in my workshop system and think it's a solid performer at it's price point. 
@tvad Whoops, yes, the M3. I might have bought the one on usam if it already had the streamer board. Congrats on the new dac and thanks for the details. I read about some people preferring it to the M1SE even...
Bricasti m3. I have listened to a lot of dacs, all the chords, dcs, audio research. The dcs was the best to my ears but very expensive. Bricasti m3 was so close to the dcs that it was hard to tell the difference. I thought the chord sounded harsh and sometimes had a 'glare ' to it. I was listening to the hugo with the upsampler.
In that price range and in non oversampling with tube stage i think you should definitely take a good look at 
Audio Note DAC 4.1x 
Or SW1X DAC III or IV
I have the audio jote dac 4.1x and really enjoy it.
Both of these dac's share the same design philosophy 
Cheers