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
@mitch2 

A few weeks ago, I brought my EVO to a fellow Agon members home so he could hear it in his system.  He also uses a DX L3 and @grannyring 's "double-smoked" USB cable.   Th EVO sounded *excellent* in this member's system - which is very nice:  Berning tube amp, vintage Tanoy speakers with super tweeters.  

In my own system, I use SPDIF via AES - currently using a 2 meter Black Cat Digit 110.  I'm extremely happy with it.  Previous SPDIF cable was a Sablon.

Regarding IC's with the EVO, I recently switched  from Audience AU24 SX to Cerious Graphene Matrix.  The Cerious cables are significantly better than the Audience in my system.

In my experience, the EVO is very revealing of cable changes - IC's maybe a bit more than digital.

Congrats on your Mojo EVO.
@mitch2 - Wondering if you sealed the deal and if you went for the older aluminum chassis, (which is being offered with a 10% discount off the entire purchase), or if you went for the new ferrous chassis (no discount offered)?

As for me, I have owned a balanced v.3 for the past two years and I am about to trade it in for a new B4B21. As you might know, the "21" is the new model, and the price of the "21" is close to what a 2020 EVO Pro sold for. I was going to buy the base 2020 B4B model, but the good trade in value he gave me for my balanced v.3 helped nudge me to the "21" model, as did the 10% discount on the total price that Benjamin was offering for agreeing to build my dac in the discontinued aluminum chassis. He described the sound differences between the two chassis types as subtle at best, so it made sense to save some of my money where I could.

I passed on the ferrous chassis, but I am going to fork out the big bucks so I can get the "21" circuit boards. I was not expecting the new circuit boards to be offered to me - as I stated I was intending to buy a base 2020 B2B model - but it made sense to pay more for the circuit boards as it will allow for capacitor upgrades in the future. Apparently, it is very hard if not impossible to upgrade caps with the older, more fragile, circuit boards. With the new boards, Benjamin’s next move is to experiment with capacitors. I am really looking forward to his listening impressions.
Mitch, any idea what your V3 had in it ?  Hammond vs. Lundahl, other upgrades, etc.; was the balanced version of the V3 somehow different than the current EVO model with balanced outputs?    To Thaluza's post, it's funny to think in a few years when people are selling these here it will be like Audio Note speakers...  Selling a Mojo Mystique B4B21 Fe Chassis with Lundahl in the Analogue stage, upgraded SPDIF, non-ceramic boards, etc., etc.  I think it's great, shows a designer never resting on their laurels. 
@thaluza - It sounds like we are getting pretty much the same thing and the same deal.  I did not want to add a bunch more upgrade options since there are several of the former 2020 model upgrades that come stock with the 2021 model, but I am adding the Class A output stage upgrade.  I believe I would like the look of the new chassis as Benjamin described it to me but, given the option, I appreciate that I can get the price break by using the 2020 chassis.  The ferrous chassis will provide better shielding from EMI fields that can result from other components which are located in close proximity or stacked on top but if that is not an issue then the aluminum chassis should work just as well and may provide a better resonance characteristic.
@jimmy2615  - My balanced V3 has Hammond chokes and no upgrades that I am aware of.  However, it sounds wonderful and so it was a hard decision to upgrade from that.  It will be a great deal for somebody who wants most of the EVO sound at half the price.  I am hoping the EVO B4B21 offers sonic improvements in the range of 10 to 20 percent over the V3 and then I will also have the benefits of better boards and modularity to allow for easier future upgrades, such as the cap upgrades.  The S/PDIF input is also supposed to be a significant improvement as is the grounding scheme and a few other features.
Thanks Mitch.  It will be interesting to see what you think of the upgraded chokes and SPDIF upgrades.  I have a B4B on order also.  Like you I wanted to try before committing to the expense of the Evo; in my case I tried a V2 to see if I could glean what the general character or house sound, if you will, was of the Mojo DACs.  Even with the simpler product I really enjoyed the overall presentation.  Musical flow, tone, overall balance were very much to my liking.  
I have worked things out with Benjamin and have taken the plunge on a new Mojo Mystique EVO B4B 21 (in the 2020 chassis). The wait would be more difficult except that he is letting me keep my Mv3 trade-in unit until after I receive the new EVO DAC, which I appreciate. I understand the EVO is likely to be an evolutionary (rather than revolutionary) improvement over the Mv3, because the basic design has not changed. However, I have heard what is possible from evolutionary improvements through my SMc Audio gear so I will be excited to hear the EVO when it gets here.
There hasn’t been any activity on the previously linked EVO thread since September so not sure if that means nobody here has received a new EVO unit since then or if they are all too happy enjoying their new EVOs to post. The only professional review I have found so far is the one on Audiophilia although The Sound Advocate was supposed to have reviewed an EVO in December.
@mitch2 Congrats!  Really looking forward to reading your impressions.  Obviously you greatly enjoyed the MV3 given that you upgraded.  Interested to read about how much of a change the new unit is.  Glad you'll have the old one on hand so you can do a little A/Bing.
Been playing with USB cables here.  
After using I2S for so long, I forgot how much USB "stuff" I had accumulated that I could try.  Cables by Totaldac, Curious, and Wireworld, plus the dual run Gemini cable by ifi.  I also have the W4S Recovery, ifi USB filter, and the ifi iPower that can be used to separate the power leg of a USB cable, particularly the Gemini.  My Antipodes DX G3 server has both powered and unpowered USB ports so I can use the Gemini cable without the iPower by connecting the power leg to the powered USB port and the signal leg attached to the unpowered port, so the signal does not travel in proximity of the power, or I can use the iPower but that requires another short USB cable between the powered port of the DX to the iPower (I have very short USB cables by both Curious and Wireworld for that purpose).

No clear winner yet.... 
Curious (yellow) - Really nice body, good tone, smooth, a little "thick" sometimes
Wireworld Starlight 7 - Smooth but maybe a little thin sounding
ifi Gemini - Good but not great across the board, a little recessed, competent
Totaldac d1 - Clear, good tone, near-neutral on the thick/thin scale, quite musical

I am starting to remember why I didn't like USB...none are perfect (at least yet) and while differences are mostly subtle, I do hear differences.  So far, I think the best two are either Totaldac d1 (probably first place) and Curious with or without the Recovery and with or without the ifi USB filter.  I think the benefit of the Recovery may be a little greater with the Curious but the benefit of using the Recovery and/or the ifi USB filter are subtle at best, and maybe a wash, so I need to listen more to be certain.

Interesting that Benjamin has discussed with me how much better S/PDIF can sound through a good Ethernet to XLR, AES/EBU, or S/PDIF converter, which is why he has included the S/PDIF signal path upgrades on all future EVOs, including the one I am getting.  I know on my Metrum Adagio, the I2S input from the Ambre converter sounded best, but was very closely followed by AES/EBU from the same converter, which was a little bolder with great bass.   I will be very interested in hearing AES/EBU out of the Ambre and into the EVO. 
@mitch2, can you explain the differences you hear between the V3's SPDIF and USB interface?   I've been using SPDIF (with a Shunyata Anaconda ZTRON cable) for years, and the Mystique V3 is the first DAC I've tried with USB.    I actually prefer the SPDIF (fed from a Bricasti M5).   I find the SPDIF to offer more detail and excitement while the USB to be more recessed and mellow.  If my system was more forward or bright, I maybe would prefer the USB.   To be fair I have no idea how my Luna Orange USB cable compares with my Shunyata cable as I've not compared it with any other USB cables.   The M5 might just sound better with SPDIF too.   It's nice having a streamer with multiple outputs but it is extra work to find the best match with your current DAC, not counting cable differences...

Cheers
@ddafoe There are so many variables, I would not be much help.  In my system, for USB I come directly out of the USB port of the Antipodes DX G3 server with a 1M USB cable.  For S/PDIF, I run 9 feet of Ethernet from the DX to a Metrum Ambre converter/endpoint and then a short S/PDIF cable to the DAC.  There are some handicaps in that my S/PDIF cables are not of the same caliber as my USB cables and my better S/PDIF cable (Oyaide DB-510) has BNC terminations, so I am using BNC/RCA adaptors at each end of the cable.  OTOH, with the USB input I position the DAC closer to the DX server so I have to use a longer pair of interconnects.  Too many trade-offs to make a consistent judgement, except that as you pointed out, I too lose a little edge (detail and excitement?) through the USB input.  When I get the EVO, I plan to spend more time figuring out how to optimize the sound through its upgraded S/PDIF input, probably using AES/EBU, but but I will certainly try USB as well.
@mitch2 Perhaps you've found it doesn't matter with your gear, but best practice is to have your spdif cables be 1.5m (or longer) to prevent digital signal reflection induced smearing. At < 1.5m you run a small risk of having a signal go down the cable, reflect back to the source, and then reflect back to the output time aligned with the next part of the digital signal.
Thank you @cal3713 for the information and reminder on digital cable length.
I don't want to go too crazy with changes just now with the EVO coming in month or so but I am interested in hearing recommendations for both digital cables and Ethernet converters so that I can stay away from using USB.  Best case for me would be that my Metrum Ambre (Ethernet input and outputs for everything except USB) would sound good particularly with the improved S/PDIF input on the EVO.  I assume and hope the improvements apply to the AES/EBU input too since I have always found it to sound bolder than S/PDIF through RCA or BNC.
I will certainly be trying all combinations to optimize the sound from the EVO and while I don't want to spend thousands on a converter, I will consider options that clearly enhance the performance of the EVO.  I have so far not gone crazy on digital cables (because I was enjoying I2S with my Adagio) so my current best AES/EBU is the Triode Wire Labs digital XLR cable. 
@cal3713 would same digital cable length suggestion apply to digital coax?

Specifically, for digital coax BNC-BNC to provide an external 10MHz clock signal to a DAC?

Or not?  Thx in advance if you know,
Sorry I'm not sure about the application to clock signals. Steve @ empirical audio would know though and would probably respond quickly if you emailed or PMd him. Can't quite remember his agon user name unfortunately...
PS Audio DirectStream was declared equal to the Dave. Both slightly different

PS audio Direct Stream they release software updates that keep your equipment current and up to date


I’ve owned the DSSr. for just over a year with Windom installed. I’ve done a head to head comparison betwen it and the Denafrips Terminator. I’ve also listened to the Holo May DAC Kitsune Edition on another friends system that’s better than mine. My vote will always always go to the non Resistor to Resistor Ladder DAC DSSr. Why, because they all sound the same except on certain music tracks, the FPGA based/Transformer Coupled Outputs of the DSSr. always seems to edge out the old school R2R’s. But they do keep up and give the venerable (6 years now) DSSr. quite the run for it’s money and it’s made here in the U.S. You can always find them used for around $3k.
@rajugsw I'm not trying to invalidate anything you've said, but I've had the Directstream (and May, and a number of other dacs) in my system and they've all sounded quite different.

Not sure why, but the DSDsr just didn't work for me. I actually tried it twice over the years and resold both times. Just something about it and my ears I guess. 

As always, every review is so incredibly biased by the associated ears and equipment. Always a good lesson to remember. Obviously you and many others find the PS Audio dac superlative. My only take away is that we all hear different and everyone is "right."
Thaluza, do you know what capacitors will be upgradable in the future? The Mojo site states that the output is direct-coupled, which eliminates output coupling caps. Diode snubbers might be considered an upgrade. However, I would like to see more companies implement film decoupling caps for ’lytics into circuit boards. CuTF is my favorite electrolytic bypass cap. This upgrade is easy to implement in point to point wiring. It's possible to do on PCBs if they're elevated enough or if you use small/thin caps and solder them under the board. 
@cal3713 6 - My communication from Benjamin was that lead time would be 6-8 weeks if ordered prior to the holidays and as much as 8-12 weeks if ordered after.  It sounds as if the wide range is 6-12 weeks, depending on demand.  If somebody is interested in ordering one, I suggest contacting Benjamin directly so he can provide the most recent backlog update.
The Mystique V3 is posted on the website again. It appears that many owners are trading in their DAC for the EVO. 
@c_avila1 

It is my understanding that the PCB's were re-designed to allow for capacitor upgrades. The PCB's are supposed to be stiffer, for one thing, and if I remember right, he said they were going to be elevated, but I might be wrong. Benjamin said he is going to try several types of capacitors, including "exotic" ones. That's all I remember. That said, I'm guessing that any capacitor on the circuit board can be upgraded.
Okay...

I have to ask even though this is supposed to be a $5K to $7K DAC Discussion. Please bear with me.

Has anyone tried a Topping DAC?

They seem to be all the rage in some circles. Audio Science Review rates its measurements of the D90 very highly:  (https://www.audiosciencereview.com/forum/index.php?attachments/best-usb-dac-review-and-tested-2020-p...) and one very respected tube amp designer from a northern state apparently is using an E30 ($150 brand new) and says it sounds pretty good.

Now, I can understand that power supplies and analog out design are critical and lead to higher cost; but if you can afford a $7,000 DAC, don't you owe it to yourself to try one a cheap one just in case?

Heck, you probably spend more than that taking your significant other out to dinner for no especially special occasion. 

I mean no disrespect, but if you do not try something, how do you know? Otherwise, is it not like Primaluna suggesting that, because their Preamp weighs 50 pounds, it is better than an ARC, BAT, CJ, Don Sachs, VTL, etc.?

Please accept this question as an honest ask.

Thanks for listening,

Dsper 


@dsper I keep thinking about buying that dac for a computer system and would certainly put it in the main rig for testing if I had.  That said, I did try another ASR darling, the Matrix X-Sabre Pro and found it kind of grey, boring, and uninvolving.  I had four dacs on home trial at the time and it was the only one I didn't want to listen to.  It wasn't bad per se, it just didn't move me.  
Obviously that doesn't say anything about the Toppings, but that is my experience in relying solely on measurements to make a purchasing decision.
@dsper, I did exactly as you suggested last year; sold my Bricasti M3 and tried the ASR darlings RME ADI2 FS and Topping D90.  I don't have anything bad to say about either of them; for the money I would recommend either.  The RME was my favorite of the two and I almost decided to keep it longer term until I was lucky enough to stumble on a Mystique V3 Balanced.   

In my system the D90 offered great dynamics, a black background, and amazing resolution.    As a device to simply analyze every last bit of detail on my favorite recordings it was great.  That being said, for my musical tastes and system preference (Pass Amp, Spendor Speakers) I found the D90 to be too forward and fatiguing for my tastes; I had to lower my listening levels and ultimately my listening time when using it.   I had problems enjoying the music through all of the analytical detail on the majority of the recordings I listen to.  Other folks who prefer that type of sound get a killer deal for its MSRP.

In comparison, I find the Mystique V3 simply plays music in my system and that is what it's all about for me and am happy to pay the difference.   Yes, I A/Bed the Mystique and RME in my system (I returned the D90) and preferred the Mystique enough to pony up the $$.  Again these are my tastes and experiences in my system...    If I need a reasonably priced musical sounding DAC again in the future between upgrades or for a different system, I would be very happy to bring the RME back into my house.
Thanks for sharing your experiences and comments. They have restored my faith in audiophiles and I will reread this thread in a more accepting manner to learn more!

Have been thinking about a new DAC and was wondering if $6,000 gets a lot more than $3,000.

In the meantime, I continue to enjoy my Theta ProBasic III that I bought for $600 a couple of years ago. It was a big improvement when I was getting tired of trying ESS DAC's that were too analytical and fatiguing with my Thiel CS5i's. 


I continue to enjoy my Theta ProBasic III
This is already a good dac..... i think that perhaps you would better do to invest more time, and less money in the controls of your room acoustic, and in the cleaning of the electrical noise floor of your house and perhaps even in the controls of vibrations from the speakers...

But audiophile experience is for me synonymus with a controlled acoustic, not with the choice of a dac mainly....

It is only my very limited experience but very convincing one for me....

My actual dac sound limited in my non controlled room and is not the same at all in my new controlled room.... The dac has not changed a bit, my evaluation of it has.....Upgrading it then seems pointless now for me ....


Sound in an abstract way is equally wave or bits, but in a concrete room sound is mostly only specific space and waves for specific ears, not bits....

 And at the end you will be better prepared to upgrade if necessary  after an acoustical optimal installation...Or even after an electrical grid controls, etc

@dsper I also wouldn't paint every ESS dac with that same brush the Matrix X-Sabre Pro I tried has a top of the line ESS chip and wasn't bright or fatiguing at all.  Very smooth actually.
I tried to live with the ASR darling Topping D90 for more than a month. Detailed, sharp, uninvolving, non-musical. Period. 
@mitch2 I was planning on buying the AudioByte VOX | ZAP | HUB for $6K but my new Krell integrated has a built-in DAC (no choice for me). So I am not going to get the AudioByte in the near term. You should check it out.

I was also considering the Holo May, T2+, and the Wavelight but the AudioByte stack just impressed the heck out of me with the tech inside it. You can also use the AudioByte firmware to tailor the sound.  Currently there is only 1 flavor of the firmware, 2 more are planned and each will have a different sonic signature. Same guys as Rockna.
mahgister wrote
Sound in an abstract way is equally wave or bits, but in a concrete room sound is mostly only specific space and waves for specific ears, not bits....

You are certainly correct about that!

I have installed bass traps in the front wall corners and acoustic panels along the walls to tame treble reflections. When I am seriously listening, I cover the big screen TV with a blanket.

I have not spent the time to understand and analyze noise in the electric line and what are the typical ways to address this.

Another area I want to understand better is the relationship between the DAC output impedance relative to the preamp input impedance, and how much of that can you hear...

While the Theta DAC is better in terms of mids, highs and soundstage depth than my old Hegel HD25 DAC; the Hegel mid bass was better. That sort of indicates to me that I should continue to experiment with DACs.

I also want to experiment with balanced outputs to the preamp from the Theta, which I believe is fully balanced. I have read taking advantage of that will improve the sound.

As I reread this thread, the Mojo Audio Mystique V3 DAC looks interesting. Just so many good reviews and I appreciate the design philosophy. Right now they have a refurbished V3 balanced for $4K with two year warranty.

The only problem with balanced is the need to change from my CJ 17LS2 preamp, which is single ended only, and why I am contemplating a Don Sachs preamp. Don and I have been trading emails and he assures me that his preamp will seem like a veil has been lifted from my speakers compared the CJ. He seems like a straight forward person who shares what he believes and is willing to challenge his customers.

Thanks for listening!

Dsper .



@dsper Unless you want your dac quest into having to rebuild your entire system, maybe best to stick to choices that will work well with your existing components that you already own and like. Also every dealer and manufacture will claim their product is superior, I wouldn't take that at face value without getting independent references from those who have made a direct comparison between two products. Even then everyone's system, ears and preferences are different, there is no substitute for hearing it in your own room.
@yyzsantabarbara - Thanks for the AudioByte recommendation but the DAC ship has sailed for me, at least for now.  I sold my Metrum Adagio and like  @ddafoe, I am currently enjoying the Mojo Mystique V3 Balanced.  I actually like it so much that I will (hopefully soon) be receiving a new Mojo EVO B4B DAC.  Benjamin at Mojo is helpful with trade-ins so I can keep the V3 until I receive and try out my new EVO. 

At the same time as I await my new EVO DAC, Steve McCormack is building me an SMc Audio UltraDAC G (or whatever he will call the highest level he can do with the McCormack DAC-1), which will include the new board they have made for the McCormack DAC-1 and also their Gravity Base.  The UltraDAC will be limited to Redbook resolution but some folks believe it sounds outstanding within that limitation.  Since probably 95% of what I listen to is Redbook quality, and since I trust the results of  Steve's work, I will keep an open mind.  It doesn't hurt that I need two DACs so I can keep both. 

@dsper - FYI, no need to rebuild anything as the Mojo Mystique V3 Balanced also has single-ended inputs - and so does their new EVO DAC.  I run my gear balanced so I have not tried the single-ended inputs but you could maybe take a look at the reviews and whether any of the reviewers tried it through the single-ended inputs.  You could always contact Benjamin and ask his opinion as to the sonic differences between using the balanced and single-ended inputs.  He is quite responsive to questions.
I have the EVO and use RCA SPDIF connection, very musical to my ears. Whether or not the balanced connection sounds even better I can not say , but from my experience the single ended connection is very satisfying
For people still shopping, another contender seems to be the Sw1x dacs. R2R with tube output stages. I've seen nothing but praise. I think that's the next one I'll try (either the III or IV).
@facten  - Thanks for the tip on EVO inputs. I had previously been using the Metrum Ambre as a Roon endpoint and I can output either RCA SPDIF or AES/EBU from that. I can also use USB directly from my Antipodes DX, which is how I am listening to the Mystique V3.  With the Adagio, I liked either the I2S or the AES/EBU.  With the gear I have here I can try all three of those input options with the EVO, so it will be interesting. 

@cal3713 - the Sw1x DACs look interesting and remind me a little of Audio Note.

@divertiti Unless you want your dac quest into having to rebuild your entire system, maybe best to stick to choices that will work well with your existing components that you already own and like...

You are certainly correct. I think I have the amp and speakers settled although I want to try tube amps at which point I will need higher ohm speakers.

In the meantime, I keep aiming for a more live sound, which I think can come from more transparency and "presence" for my system.

That has led me to thinking about DAC and Preamp Upgrades.


You might consider the DAC's from Simaudio. Great reviews, and my personal experience with their products has been very positive. 
Right now I am listening to  a RME ADI2 dac fs and an PS Audio DStream latest model with Windom program. Lot of good features on the PS, but also on the RME. Great bass on the RME, very good sound stage. I stream only thru a Blusound. Rest of the year is  new ARC LS28SE, Parasound A21+, GE Triton Reference. I really can't see keeping the PS for the 5k difference.
Dagogo just came out with a review of the DAC III. It matches my impressions of my DAC II Special which hopefully, within a month, will be swapped out for an incoming DAC III Balanced. It should be noted that the balanced version doubles the price from 6K to 12K. Also, am much as I impressed by the product, I will warn prospective buyers that they need to be patient. Each time I have ordered, the estimated delivery time has doubled. Expect 2-3 months. Slawa personally sound-tests each and every unit before it leaves his doors and if he hears anything amiss, it gets held back for further adjustment. These are the opposite of mass produced products-they are assembled by hand and constantly evolving. That will surely draw some flack from those of you out there who judge-and if you find this lack of consistency a turn-off, SW1X is not for you. Unless you were to listen to music with one.....
Thanks @facten for posting the review of the B4B.  I hope the reviewer got it right because what he described is what I hear from the Mystique V3 and exactly why I ordered a B4B:
It sounds organic. It sounds Natural. It sounds like music. The detail and resolution are all there, but never highlighted or overt. Pace and rhythm, toe-tapping yes oh yes. High-frequency extension and low-end oomph? You betcha! How about stage depth, image density and localization, and overall presence? Consider yourself chillin' in the jazz hall, dressed to the nines at the Symphony, or stoned out of your mind from second-hand smoke at the stadium. The DAC belies reviewing because as a digital source, it just doesn't sound digital. Every time I sat down with my notepad to take notes and critically analyze the damn thing, I just ended up listening to music.
@fsonicsmith Thanks for the heads up.  I get more intrigued by the day. 

I'm sure the Mojo's are great given the number of positive reviews, but I'm leaning towards the SW1X.  I e-mailed Mojo to ask about the unit's distortion profile (not amount) and they refused to give me an answer.  Was looking to find out what the second and third harmonics looked like but only could get information about how great the power supply is.  Clearly it's a great dac, but it was frustrating not getting a relevant answer.

Btw, here's the SW1X DAC III review referenced:  https://www.dagogo.com/sw1x-audio-design-dac-iii-review/
I highly recommend the wyred for sound 10th anniversary dac, it's the most analog sounding dac that I've ever had in my system and I put it up against the Sim audio DAC for $15,000 and the 10th anniversary dac left it in the dust. Darko also did a review of this dac and he said it was better than the PS audio stream chord and a few others. And another reviewer said it was the most analog sounding dac that they've had in their system I totally agree.
I would say the VEGA G2.1 will be one of the top performers on this price range due to its jitter free operation (internal record and replay with it's own clocking) and the r2r volume control.
@ddafoe
@ddafoe@dsper, I did exactly as you suggested last year; sold my Bricasti M3 and tried the ASR darlings RME ADI2 FS and Topping D90...

@d@divertiti@dsper Unless you want your dac quest into having to rebuild your entire system, maybe best to stick to choices that will work well with your existing components that you already own and like. 
I finally made some moves with DACs instead of just talking about it. First, I bought a Soekris 1341 DAC (unbalanced) for $900. This replaced my Theta ProBasic III. The only difference I truly heard was a bit more detail but not necessarily a better sounding DAC.

Then, I made a decision to try a more expensive DAC. With the Mystique EVO getting all the recent press, I was able to buy a Mystique V3, which was a $5500 DAC when new, at a good price.

It is an ear opener.

The V3 brings more bass to my system such that I can now hear the 25 Hz test tone on the Stereophile Test CD-2. Never could hear this before.

More importantly, the Mystique has awakened my Thiel CS5i's. Dynamic contrast is better and the sound seems to flow better. The imaging and soundstage has improved. I am not sure how to describe this exactly but the Thiel's are disappearing in a new way for me. I can look right at a speaker and "see" an instrument in front of the speaker. It is fleshed out like it is right there in the room.

Whoppee!

Thanks for listening!

Dsper
Speaking or Auralic Vega G2.1, which is right at the boundary of OP’s $5-7k range, has anyone done a comparison of that streamer/dac versus those discussed in this thread (Mojo, Holo May, PS Audio, Chord Dave, Denefrips, etc.)?

TIA
FWIW...

A quick update on the Mojo Audio Mystique V3 compared to a Soekris 1421 and Theta ProBasic III.

I have been playing all three DACs in my system for about two weeks now. Perfectwave Transport, CJ 17LS2 preamp, DNA-500 amp, and Thiel CS5i speakers.

Musicality: Mystique is the most musical as I catch myself listening into the music and not the sound. It has the best pace/beat and is toe tapping; followed by the Theta, and then the Soekris. 

Emotion: Mystique blows the other two away in this this category. Sort of ties in the with musicality for me.

Space: Mystique does space well with lots of ambient clues. Best depth of soundstage followed by Theta and then Soekris or Soekris and then Theta depending on recording. Hard to describe this.

Soundstage (or Imaging?): The Mystique can make me think there is an instrument distinctly in front of the speaker and it is extending sound to the outside of the speakers. This does not happen with the Soekris or the Theta. 

Detail: Soekris and Mystique are pretty much a tie. The Theta is slightly behind. This shows up in the treble for me as the Theta can sound slightly more harsh than the other two on bright recordings. I am thinking it is not giving enough detail to the Thiel tweeters, which can be a pain if not fed properly.

Dynamics: Mystique and Soekris are very close followed by the Theta.

Bass: Mystique is the most textured and nuanced followed by Theta and then Soekris. Deepest bass is maybe the Soekris followed by the Mystique. Theta is very close to the other two. 

Sorting out vocals and instruments: Mystique followed by Soekris. Theta, is not that far behind the Soekris.

Summary: I think the better power supply and whatever the Mojo Audio folks are doing in the output stage makes the Mystique sound the most real with live presence to me. The Soekris, at 1/6th of the retail price of the Mystique, is a good DAC but it is not as musical and nuanced, which are real important to me. The Theta, $2700 when new, stands up pretty well for a twenty year old DAC.. Depending on your priorities and system, you might prefer it to the Soekris. 

YMMV.

Thanks for listening,

Dsper