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
I highly recommend the MSB Analog DAC with the separate power supply. Pricey when new, probably in your price range now, used.  I use it with the updated Renderer 2 module.  Sounds great, and handles DSD and MQA, and with the volume control, I no longer use a preamp either (although I know some people like to keep a preamp in the mix).
I hope to be understood right...

When we change an electronic component, amp,dac or speakers, we hear a difference in many aspect of S.Q.

Having said that i can say what i want to say and being understood...

In my actual audio system i dont have the impression that nothing is lacking much and more than that the music sound natural and my impression is that my speakers, dac, and amp. has NO sound of their own, no color, no emphasis on certain range of frequencies, and more important the instrument timbre sound right....

For sure my audio system has his personality so to speak, but when his personnality disapear for me and only the music is there the goal is reached....

The reason for that miracles is not coming from my choice of dac only, or amplifier, or speakers, however good they are; the reason is a rightful mechanical,electrical and acoustical embedding....

Then before throwing too much money in upgrade think about vibration control, decreasing the house noise floor, and controlling the acoustical dimension of your room.... If not, like said an acoustical engineer, no speakers can beat the room anyway; i will add no amplifier and no dac can defeat bad embeddings of the audio system either..

If you want to upgrade it must be for the good reason...

Myself i dont want, it is no more necessary...... :)
@mitch2 
That's interesting. I ran both of those DAC's through a Primaluna Dialogue Premium preamp.
That's how I was able to A/B them in real time. They sound very similar other than the differences I listed.
But thin sounding? Far from it.

Agree with @tvad the M3 is a very even full sounding dac. If you are looking for more bottom end or softening of the top end (my Lampi Big 6 did that) look elsewhere. 
@grannyring Hey Bill, do you know why it's desirable to have class a/b opamps on the dac output (as in the Mojo Evo)?

After reading so much about the benefits of class a in amplifier design, I have trouble figuring out why a/b would be more desirable on the i/v stage of the dac? Not criticising at all, just trying to understand the design decision...