Bottomline: Both DACs present the qualities of “They’re in the room” in different ways.
The Terminator does so more with spatial clarity, vividness, and air. You hear deeper into the trinkets, layers, and grooves of the sound. From the leading edges of a violin, drum skin flex, and finger movement on a trumpet. All are placed in plain view with uncanny control and speed. It just sounds more tonally “elegant” and agile.
The DAVE takes a more naturalistic approach. Its greatest strengths are timbre and coherence – a formidable combo. From endless experimentation with DACs, I’ve discovered that timbre is something that’s very difficult to mitigate post-DAC with cables and other components. Although not the warmest sounding DAC, the DAVE relays accurate tonal color. Especially off brass, finger snaps, and rapid scaling of piano notes. There’s just more metal, chest & throat, and blood flowing through the layers of the music. It can’t dissect the music as cleanly as the Terminator – but layers in tonal variations very well.
I personally enjoy the more down-to-earth and truer colors of the DAVE, especially with vocalists. I also really enjoy the built-in preamplifier (much better transparency), the convenience of a remote, and the performance when used with the Hugo M Scaler. Keep in mind, the Chord Electronics DAVE is more than triple the price of the Denafrips Terminator. And the Hugo M Scaler is another $5,000.
That being said, the level of clarity, energy, and envelopment the Denafrips Terminator provides is undeniable. It’s especially insane with large ensembles, live rock, and some electronic music.
The PS Audio DirectStream DAC (DSD) is undeniably musical and easy to listen to – especially with its Snowmass firmware. What the DSD lacks in comparison is higher resolution, depth, and tighter delineation. It can’t match the detail or focus but is undeniably competent. Especially in regards to tonality. It also has upgradable firmware and a volume control – which comes in handy.
If you prioritize a sweeter, more romantic tone, go with the PS Audio DirectStream DAC. It’s popular for its tonal character. Otherwise, the Denafrips Terminator simply dominates on soundstage, clarity, depth, air, and most everything else. It sounds clean and minty fresh in comparison.
The Lumin S1, to my ears, is more tonally satisfying versus the Denafrips Terminator – but isn’t as dimensional or dynamic. For what it’s worth, no DAC on this list could beat the expansive soundscape and low-level resolution of the Denafrips Terminator. Period. I believe this is the primary reason for the attention it’s getting.
But the other DACs all seem to have a more natural color – while the Terminator tilts towards treble. Not too much of a surprise as this is the “typical tradeoff” for all that is Terminator.
In conclusion, if you mostly value transparency, soundstage, and resolution – the Denafrips Terminator is superior. It’s the most detailed sounding standalone DAC I’ve heard so far. As such, the Terminator will probably complement a warmer/darker system. On the flip side, if the tone is non-negotiable – you may prefer the Lumin S1.
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Fantastic review, great descriptions.
I try! Thank you, Craig.
I'm not even in the market for another DAC but your review just kept me reading. Much like you describe the delicate line toed by the Denafrips between detail and fullness, your use of engaging language whilst still conveying the technicalities is a rare combination. This is the gold standard for reviews.
Thank you for your kind words! Describing sound is difficult - but I find if you write as you listen (not after the clip ends), it's more authentic and easier to articulate.
Great review Jay. Thanks! I've got a couple of questions. In your comparisons with the Chord Dave (or TT), it wasn't clear to me always when the M Scaler was used or not. I've found the M Scaler to make a big difference for me. Do you use the full (2 SPDIF cable, 7xxKHz upscale) 1M taps mode or just one cable at less than full upscale capacity when used with the Chord Dave? I note that the Denafrips cannot handle a 7xxKHz input signal at all. I ask this as I find a big difference with my setup (Chord Dave, M Scaler, PS Audio Perfect Wave power center and AC12 power cord, Focal Utopias with special silver cable from Norne audio) with and without full M Scaler use. In any case this Denafrips sounds like a great DAC I may want for other systems I have. On another related note, here's a belated thanks to you for your Boomslang (and other SPDIF cables) review (I did more testing of the Boomslangs for Jonny and also could not get them to work in my Dave/MScaler system either regardless what I tried - lots of things). But I ended up with some Black Cat Tron SPDIF BNC cables (best I've ever heard yet). Wow! If you can get those for review you might enjoy the experience. The folks at the Cable Co don't have those to lend because no one ever returns them once they hear them!
As an upscaling aside, here's a great and not very commonly seen article on how almost no product (except Chord, although they're of course biased) is likely doing realtime upscaling correctly - as per Shannon's sampling theory https://chordelectronics.co.uk/wp-content/uploads/2018/07/The-theory-behind-M-Scaler-technology.pdf. Chord is doing it right (to 16 bit resolution) with the M Scaler - So it's not surprising that NOS sounds in many ways better on many DACs.
So again, many thanks for all you do - I really appreciate the information and style of your reviews!
To be fair, I was using a straight USB input for all DACs (from the Innuos server). I only used the M Scaler to test optical and coaxial performance (USB was SO much better with the Denafrips). I've written quite a few notes about the M Scaler in the process (for an upcoming review) - one being that even in passthrough mode, the M Scaler made all the Chord DACs sound significantly better (tonality, resolution, body, everything). It also seems like the "blue" mode strikes a tonal balance that works for me (less than a million taps). The HMS changes the game.
I did have a few hiccups with the Boomslangs in dual BNC mode but I did this weird thing where I plugged one into the S/PDIF first, played some music and changed some M scaler modes, then swapped it into the BNC #2, and haven't had hiccups since. Unfortunately, I don't know what the exact steps were. I've unplugged and replugged them and they seem to be working fine - zero dropouts for months. Really odd. I'll have to give the Black Cat Tron a listen. I actually requested a cable for the review but they said they weren't interested at the time. I would highly recommend a listen to the WAVE High Fidelity STREAM cables if you get the chance.
FWIW, the OS mode on the Terminator is better than having Roon do it - but that's not much of a surprise I guess. You're paying for the hardware.
The M Scaler is indeed a beast! I've found the same - that even in bypass mode (no upsampling) but with dual SPDIF to the Dave, things sound better than straight into the Dave via USB. Interesting about the Boomslangs. I tried lots of dual cable connections (the only way I want to use it) and could never get anything to work beyond ~192KHz rate. As to other SPDIF cables, they do seem to make quite a difference!
Thanks Jay for this nice review. I understand there is an upgrade coming this year for the DSD module...
It would have ben interesting to compare a) USB input with the Amanero module inside versus b) using a good quality DDC like singxer SU1 or SU6 (that one has same clocks than terminator) AND the I2S HDMI connection (advantage: separation of data and clock signals + no extra conversion needed). Aren't you curious?
One question: if you use an appropriate power cord like the furutech one you have + black magic USB cable on terminator, how does it compare then with the more tonaly satisfyings DACs you tested? Can you get the best of both worlds?
A friend owns the Chord Blu Mk2 and Terminator. And we have compared the various upsampling modes from Blu Mk2 (it has a switch at the back to select upsampling levels) into the Terminator playing CDs. Speakers are Vivid Kaya 45, amp is Esoteric F-03A (class A 30 watts)
Each time we switched to a higher level, the spatial cues, and accuracy of the sound/tone goes up, and instruments and imaging becomes more “real” & holographic and better tone. The difference between ‘medium’ and ‘high’ upsampling is surprising significant.
Blu Mk2 in “Upsampling High” mode into Terminator NOS mode (through BNC cable) is a force to be reckoned with. You kinda get the best of both worlds from Chord and Terminator.
I was rather surprised you didn't find the M-Scaler with Terminator NOS to be a great combo.
I completely agree with you - your impressions are spot on. I think NOS with M Scaler is a great combo - and many will prefer the M Scaler at its maximum upsampling mode. That thing just works miracles. However, in my setup, I believe that coaxial input robs some of the intrinsic soul of the recording (I listen to mostly vocals). It comes off a little anemic, even in passthrough mode. At that point, the M Scaler does its job, but that warmth is forever gone. My ears tell me that the coaxial input is holding it back. It has been a while so I'll give it another listen and update if needed. Thank you for your comments.
"Unfortunately, I could not test the I2S input"
IMO this is very unfortunate and impacts veracity of the review in total since it is said that I2S is the preferred input on this DAC. Would add much value if you can compare it to the rest of your findings.
Due to heavy interest, Mike's sending me an I2S adapter. I'll update the review with my findings.
Thanks for the detailed review. I am toying with upgrading my current DAC. My question is this: How did the Denafrips rate comparatively with regard to timbrel accuracy? Or to put it another way: If you played a solo cello - which dac sounds closest to a real cello? (Actually any acoustic instrument but strings have the most complex waveform and are the hardest to recreate. )
Thanks again for the thoughtful review Jay.
Great question. Accurate timbre involves a few traits - including resolution, tone, timing, weight, etc. The Denafrips excels in the resolution portion, and perhaps timing. But the rest of the DACs here do better with color and weight. Tuning with power cords and USB cables does help the Terminator's case a bit. The Chord Electronics TT 2 and DAVE have enough of these traits to be the most accurate I've heard so far - especially with a Hugo M Scaler. Digital has never more real.
That's really insightful. Thanks for detailing the character of DT and comparing with other DACs is really helpful. This review came in right time as I am undecided between Denafrips vs Hugo TT2. I do not have chance to audition Denafrips, but I will get chance to review TT2 soon. I did consider Mytek Brooklyn DAC+ as it really great DAC which one of my friend has. It's very musical, dynamic, mids are thick and has muscle. Later I heard about Denafrips, since I couldn't get chance to audition this, I am now waiting to audition TT2. From review it looks like Denafrips has sound stage, dynamic and immersive sound. I give preference to musicality over clarity or naturalness. Hence, it would be great help if you can share your thoughts on musicality. Which one is more musical of both. Thanks, Soma
Thanks Jay for this nice review. I understand there is an upgrade coming this year for the DSD module…
It would have ben interesting to compare a) USB input with the Amanero module inside versus b) using a good quality DDC like singxer SU1 or SU6 (that one has same clocks than terminator) AND the I2S HDMI connection (advantage: separation of data and clock signals + no extra conversion needed). Aren’t you curious?
One question: if you use an appropriate power cord like the furutech one you have + black magic USB cable on terminator, how does it compare then with the more tonaly satisfyings DACs you tested? Can you get the best of both worlds?
Mike will be sending me a USB to I2S converter this week. I'll update the review with my findings.
These power cords and USB cables, IMO, give it a better tonal balance but trades resolution, stereo imaging, focus, and spatial clarity. This is an expected tradeoff and some will be completely happy with that. Many are just fine with the Terminator sound out of the box. The only way to know is to hear it for yourself (many of these cable companies offer 30 day trials).
The beauty of the Denafrips Terminator is its ability to provide incredible insight into a recording with "lifelike resolution."
The Iconoclast OFE speaker cables bring the Terminator closer in tone to the other DACs. Still less warm but, to my ears, more natural sounding. It does exchange focus and air though.
Hey Jay, mind telling us the difference between the Dave & the PS Directstream?
In your comparison, you made it clear the Dave & the DS were more tonally warmer tonally than the Terminator, but how do they compare against each other in those aspects?
Your review made it seem like they share a similar sound signature, but the Dave is nearly 3 times the price.
The DAVE has much more resolution, more lifelike articulation, super analog, quieter, and has more accurate timbre. The DAVE's biggest advantage is timing. You're able to hear reflective and ambient cues more naturally - and transients have a tangibility to them. In short, it just sounds more real. To my ears, it's the perfect "digital foundation" to build a digital playback system on. But yeah, it's much pricier.
That said, the DSD is definitely warmer and denser sounding than the DAVE. A very musical sounding DAC regardless.
Great review which helped me in my decision to order the 2020 version Terminator, thank you. I have to say my experience of the service provided by Alvin at Vinshine has been exceptional, I wonder if he ever sleeps.
I’m really interested to compare the Terminator against my current Yggdrasil A2. What puzzles me is, I had a home loan of the DAVE, which was clearly better than the Bluesound Vault 2 integral DAC, but I could not discern any difference whatsoever between DAVE and the integral DAC in my Mcintosh C2500 pre. I even spoke with Chord, who were very helpful, to ensure I’d got it set up correctly, to no avail. The Yggdrasil however was the straw that broke my vinyl systems back and sent me fully digital. Present day, with Auralic Aries G2, Mutec, another company with excellent service, MC3 + and REF10, Levinson 523 pre & 33H/Audio Music AM833S amps, with Focal Maestro Utopia/Quad 2905 speakers, I’m hoping the 2020 vision Terminator can really shine and maybe get another loan of DAVE and see if my view of it has changed.
Great Review Jay. As a current happy owner of Terminator I concur with your findings. When listening to it I find myself much more apprecating dynamics and information of music (thus the movement and action of musicians ) rather than the timbre of different instruments. It's also a musical dac but musical in an very differnet way compared to a Dave or a DCS. I suspect the tonality issue ( a little bit rounded in midrange and not as differentiating as other great dacs) is due to its isolation foot and unique output stage (not tube, not opamp), but who can tell:) It's still a great value
Thank you for your kind words. I think you've pointed out the trade-offs quite accurately - and it's aligned to what I hear. In any case, definitely great bang for your buck.
Hi Jay, please try to get the new terminator DSP then re-evaluate. I just recieved mine. Its a major change for the better!