The Pagoda has a chip - it's the PCM1704 R-2R. However, it's a different kind of chip than delta-sigma DACs.
A great balanced R2R ladder DAC: Mhdt Lab Balanced Pagoda
After reviewing balanced DACs that cost right around $5000 for the Stereo Times website, I received scores of Emails from Gon members requesting if I could find and review a truly balanced ladder R2R DAC for less then $2,500. Well, my review on the Mhdt Lab Balanced Pagoda just went up on the Stereo Times website. It will give you all the details why I put it on the " 2020 Most Wanted Component List". The Balanced Pagoda easily matched the overall performance of the twice more expensive, highly regarded DACs. The only caveat to get its best performance you most run it through the XLR analog outputs, not its single-ended RCAs, into another balanced preamplifier. Hope, you take a look at the review, if you are looking to get a balanced DAC to run in your system.