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
Thaluza, do you know what capacitors will be upgradable in the future? The Mojo site states that the output is direct-coupled, which eliminates output coupling caps. Diode snubbers might be considered an upgrade. However, I would like to see more companies implement film decoupling caps for ’lytics into circuit boards. CuTF is my favorite electrolytic bypass cap. This upgrade is easy to implement in point to point wiring. It's possible to do on PCBs if they're elevated enough or if you use small/thin caps and solder them under the board. 
@cal3713 6 - My communication from Benjamin was that lead time would be 6-8 weeks if ordered prior to the holidays and as much as 8-12 weeks if ordered after.  It sounds as if the wide range is 6-12 weeks, depending on demand.  If somebody is interested in ordering one, I suggest contacting Benjamin directly so he can provide the most recent backlog update.
The Mystique V3 is posted on the website again. It appears that many owners are trading in their DAC for the EVO. 
@c_avila1 

It is my understanding that the PCB's were re-designed to allow for capacitor upgrades. The PCB's are supposed to be stiffer, for one thing, and if I remember right, he said they were going to be elevated, but I might be wrong. Benjamin said he is going to try several types of capacitors, including "exotic" ones. That's all I remember. That said, I'm guessing that any capacitor on the circuit board can be upgraded.