I hear some major difference between 3 DACs. 1st, the listener needs to know the sound of the original music.
Steven Wilson - Perfect Life /// Mr. Beasley (unplugged)
These recordings are dubbings. Not live recording and there is no sound from speakers. All 3 DACs have thick veils and those veils will be much thicker with using power amps and speakers. This shows the veil sound started already from the source in hi-end audio.
To my ears,
(best sound) Denafrips Venus II ($4k),
(2nd best) Terminator Plus (10k), and
(3rd) Ares II ($1k).
More expensive DAC is not the better sound because Denafrips company or any audio company don’t know what makes better sound. I hear same veils from $100k dcs DAC combo.
Alex/Wavetouch