VerdantAudio’s comments are true having experienced it myself with my own system having recently owned FPGA , dac chip and R2R dacs from the likes of AudioByte Vox , PS Audio , Rockna , Denafrips Terminator 2 , Holo Audio May currently I am absolutely thrilled with a chip based dac from Merason .
Interesting, as I switched from a Pontus II to the Merason in my system, and really wanted to like it. I found to be pleasing, and particularly good with older, less than optimal recordings, but at the same time lacking in the details retrieved by high-quality R2R DACs. I auditioned an AQUA La Scala, found it to be clearly superior to the Merason, and now own one.
My point, however, is not that everyone would likely have the same result in their systems, but rather that system synergy is extremely important when assessing DACs. I could see the Merason being perfect for a system that leans to the clinical, and/or bright side, as it would likely smooth out some of the harshness. Etc.