@audioman58,
My opinion is that DAC preferences are very much system, music and room dependent along with personal preferences for presentation. I have not heard the Denafrips Terminator 2, but have read a number of positive user reviews along with positives for Holo May and others. I have more DACs than the ones I mentioned above. They all present differently. It's ok to prefer one over another, but your choice may not be the same as someone else. We fortunately are in a period where there are a good number of very fine performing DACs and many are far less money than would be expected for their performance just a few years ago.
My experience with the X1 is that it really needs several hundreds of hours to settle in. Lumin is very responsive on various forums with advice and problem solving for customers. Lumin is also very fast on software enhancements as needed.
I communicated extensively with a gentleman not in the US about my impressions on Mola-Mola vs the Lumin X1. He has very fine speakers and associated equipment and his DAC had been an unmodified DAVE along with M Scaler. He was looking to simplify his system while not sacrificing sound quality. He was able to work with 2 dealers to provide him a Tambaqui and an X1 at the same time for him to home audition and evaluate. Both dealers knew the situation and allowed him to keep both for extended audition knowing his intentions were real. He used same cabling on both and diligently worked to minimize extraneous variables. He was not initially impressed with the X1, but I advised him to get to at least 200 hours of run time on it, with 400 hours being even better before deciding. It truly was interesting reading his ongoing evaluations. Based on his early impressions, I thought he would end up with the Tambaqui. He, however, ended up purchasing the X1. For his system, room, music, and his objectives, the X1 was preferred. Someone else could have very well picked the Tambaqui, and he nearly did. I have found both are very good for me, but are different. I very much like both.
I respect your purchasing decision, but others may not make the same decision. As our systems evolve with other pieces, including cabling, isolation, etc., what had been superior in our opinion may also evolve.
Enjoy