DAC Choices - $5,000 to $7,000


What are the current top DAC choices in the approximately $5-$7K price range (new or used) that I should look at as possible upgrades to my current Metrum Adagio?  Having an on-board volume control is not a factor as I can operate my system either way.   If I wanted to spend more I would look at Totaldac, Rockna Wavedream Signature, or one of the other top-end contenders, but I selected the price range to achieve a sound quality that is consistent with the rest of my system and because I don't want to spend more due to the still evolving nature of digital technology.  I do like the more natural sound (to my ears) of NOS R2R DACs.  So far, I have considered the three below, but none seem to be a slam-dunk upgrade from the Adagio, which still sounds pretty good in my system.  The decision is complicated by having to "buy to try" so that I can hear one in my system.  Maybe now is not the time for an upgrade.  Any thoughts?

  • Denafrips Terminator w/DSP board - Reportedly has the full body/dense tone type of sound I like, but also has a high'ish output impedance 
  • Holo May KTE - Reportedly measures great for an R2R DAC and has strong reviews 
  • Rockna Wavelight - Some reviewers like it but others put it in the middle of the pack for the price
mitch2
Aqua La Voce or La Scala might be up your alley and bracket your budget. They are R2R/FPGA DACs. I have no actual experience with them, but find the implementation and approach intriguing. Some day.
I was at your place few months ago.  I had a Metrum Onyx.  I researched basically the same models.  I got the Totaldac core d1, which is in your price range.  I wanted NOS R2R.  I figured I did not want to put much towards DSD as that takes out the NOS R2R.  No regrets, wonderful sounding.  Very clear, good bass and highs, good imaging and soundstage.
I would definitely considered a professional built Auto Note Kit (ANK) DAC either their 4.1 or 5.1 -- great sound - great value - 
Can we merge this with the cable thread and ask why a DAC is so expensive? It is after all just a chip.
Surely you jest!

J.Chip
A 2nd recommendation to check out the Mojo Audio Mystique EVO dac.  R2R, $6k for base model that can be upgraded in a lot of ways.  Good review here:

https://www.audiophilia.com/reviews/2020/5/21/sigmanmojoevodac

I've owned it for a couple months.  Loving it.