"This DAC is simply without flaws. It sets the standard not only at its retail price but it’s one of the finest DACs that I have heard irrespective of the cost. Whether or not you will like its super-transparent and ultra-precise rendering of the music is a personal matter but I will say that it’s rare for an audio component with such extreme levels of precision to remain refined and nuanced while also being musically appealing and emotionally engaging. Direct competitors in order of ascending retail prices are the Mola Mola Tambaqui, the Aqua Formula xHD, and the CH Precision C1. All three offer different facilities and provide different tonal- and spatial presentations. But these differences are not nearly as large as one might suspect based on the cost. Most impressively, none of the other DACs manage greater levels of transparency, detail retrieval, or overall precision."
https://www.hifi-advice.com/blog/review/digital-reviews/spdif-dac-reviews/denafrips-terminator-plus/