I just got an Ayon Stealth and am amazed by he improvement. I also have the Oppo/Modwright 105d and am surprised by the improvement. I just run DSD direct and love the Oppo presentation. I have always preferred attenuation through a robust system (Aesthetix Callisto eclipse) then the cheaper implementations that are usually accompanied in the DAC
HoloAudio May Dac, New King of dacs? Stereophiles review on it?
Could be, got a very good review and bench test.
And yes it’s R2R!! and only $5k (wish it had a volume control though)
https://www.stereophile.com/content/holoaudio-may-level-3-da-processor
Cheers George