Denafrips Terminator DAC Review

Located in Guangzhou, China’s third-largest city and the birthplace of Cantonese culture and language, Denafrips is focused on developing high-end-audio equipment at competitive price points. Since its inception in 2012, the company has grown to over 40 employees. The owner and founder, Mr. Zhao, has managed to assemble a team with deep knowledge of both analog and digital circuits. Almost everything is done in-house with full control over product quality and manufacturing costs. Global sales and marketing are handled by Alvin Chee of Vinshine Audio in Singapore, who also provides direction regarding specifications and quality control. Denafrips is best known for its own line of R-2R DACs, in which the $4498 Terminator currently sits second from the top, eclipsed only by the Terminator-plus. 

For PCM digital-to-analog conversion, the choice of an R-2R design fits perfectly with Denafrips’ philosophy of emphasizing sound quality over measurements. According to Mr. Zhao, total harmonic distortion at levels lower than 0.003% has almost no perceptible effect; indeed, excessive pursuit of low distortion levels per se may have an adverse effect on sound quality. Therefore, his first priority is to minimize digital-conversion artifacts without exceeding this distortion guideline. The end result sought is smooth, analog-like sound quality. 

The R-2R resistor ladders are discrete and contain about five hundred 0.005% precision resistors per channel for 26-bit resolution. The Terminator is capable of reproducing PCM up to 1.536MHz and DSD up to 45.2MHz (DSD1024) in native mode. The PCM digital-to-analog conversion scheme is based on sign-magnitude technology, which was introduced in the early 1990s by Burr-Brown in chip form. Such designs have also been referred to as “push-pull,” since there are two identical DAC sections per channel, with negative and positive polarity digital words being handled by separate sections. The net effect is to add and subtract voltage from the resistor ladder starting from the zero-crossing point, thereby resulting in smaller steps as bit switches are turned on and off. On average, the smaller step sizes result in less transient-induced noise and greater precision at low-levels. Execution is critical, so no expense was spared in the Terminator, as in deploying Crystek FEMTO clock oscillators designed specifically for high-resolution audio applications to ensure that the DAC clock is independent of the input signal. 

Native DSD decoding is performed via a programmable FPGA and represents a complete break from the constraints imposed by traditional chip-based DSD bitstream decoding. All of the advanced number crunching, including oversampling and filter functions, is performed by a STMicroelectronics microcontroller running an ARM computer processor. The microcontroller is also used to implement a proprietary USB decoder, which, based on my listening tests, is far superior to the industry-standard XMOS solution. And that is great news, since the bulk of my digital files stream off my laptop through the USB input.

This is one beefy DAC, weighing in at 42 pounds. Essentially, all the weight is due to a massive linear power supply, featuring dual toroidal power transformers and ultra-low-ESR capacitors. The power supply is enclosed in a thick metal-alloy enclosure located underneath the DAC board, with an additional steel-plate divider between supply and DAC. There is a full gamut of digital inputs on the back panel, including USB, I²S, and every SPDIF type known to man. Both RCA and balanced XLR analog outputs are provided

The front panel is logically laid out. Selections are made via a series of pushbuttons. In addition to input source selection, mute, and phase reversal, oversampling (OS) or non-oversampling (NOS)modes can be toggled on and off.  In OS mode, oversampling takes place up to 1.536MHz. DSD is converted in its native resolution with no upsampling. One of two digital filters (slow and sharp) may be selected for PCM playback via the mode button, though the initial default selection is the slow filter. There is no volume control or remote control. I didn’t object to having to change settings on the front panel manually, but with my limited vision, I found the status-indicator LEDs way too small and faint for comfort.

The first order of business was to assess the sonics of the OS setting in the context of Red Book CDs. I’m generally a fan of the somewhat heretical NOS (no oversampling) mode, so I was surprised that there were clear instances when I preferred 8x OS with the slow filter setting, mainly due to the enhanced purity of the treble range. However, as good as Denafrips’ implementation of OS is, there were far more instances where my preference reverted to NOS because of its greater tonal color saturation and increased spatial impression. My advice is to experiment in this regard, ignore dogmatic thinking, and be unafraid to boldly go off in a new direction.

Unusually, the DAC outputs the analog voltage signal directly, without a buffer or gain stage. That puts the responsibility of providing adequate gain and drive signal on the matching preamp. As a consequence, what you think of this DAC will largely depend on your associated preamp. I did try several buffer stages and preamps, and proper matching turned out to be critical to extracting a full tonal color palette, as well as a convincing dynamic range. High input impedance, preferably in the form of a tube preamp, turned out to be optimal in my playback system. A solid-state buffer failed to elicit the sort of midrange liquidity I had become accustomed to with my ANK 2.1 Signature DAC, which features a tube output stage. 

I recently re-tubed my Supratek Chardonnay preamp with a pair of new old stock 7N7 octals (adapters required). These 6SN7 equivalents resulted in a much more vivid and dynamic midrange. In no way did the Terminator add to or subtract from the sound of the preamp. It was as neutral as DACs come. As I cycled through my collection of tube preamps, I could easily discern the sonic attributes of each unit. The Terminator was never the weak link in the chain.

Before switching to USB input, I listened again to a few CDs with iFi’s SPDIF iPurifier2 connected between the transport and SPDIF input. This combo resulted in a wonderfully transparent soundstage that was wide and layered, and a presentation gushing with low-level detail. Bass-range definition was superb, highly resolving of a drum kit from kick drum up to delicate brush work. 

My enthusiasm for the Terminator only increased when I started streaming files off my laptop through its USB input. It was consistently capable of extracting exquisite tonal colors without a hint of digital harshness or brightness. There’s no better way to assess tonal colors than violin tone. I was primarily focused on Mozart’s Violin Concerto in D Major, and enjoyed the DSD128 free download (Allegro movement) off the 2L Music website of Marianne Thorsen and The Trondheim Soloists, truly an audiophile recording with sumptuous textures and brilliant tonal colors. One of the really nice things about Qobuz streaming is the ability to access multiple albums or tracks of a particular work. Thus, both David Oistrakh conducting the Berlin Philharmonic and Conrad Vonder Goltz and the Munich Symphony Orchestra were able to join the proceedings, in 16/44 CD quality. Aside from recording quality, when it came to the performance’s passion and persuasiveness, I was leaning toward Oistrakh’s interpretation, which offers a sublime blend of power and tonal delicacy. But it was Goltz who sealed the deal for me with a much more regal reading, being a full 46 seconds slower than Thorsen in the Allegro. Throughout these listening sessions, the Terminator conducted itself as a true reference component, allowing me to simply enjoy the music without any sonic editorializing.

Since my library of DSD files is quite limited, I reached out for help to comrade Steven Stone, who had made several live concert recordings of the Boulder Philharmonic Orchestra at Macky Auditorium on the campus of the University of Colorado, using a pair of Schoeps Colette mics in coincident mid-side configuration. Of the DSD128 files Steve kindly sent me, I particularly enjoyed Richard Danielpour’s song cycle “A Woman’s Life” with soprano Angela Brown, and the Ravel Concerto in G Major performed by pianist Benjamin Hochman. Both of these recordings sounded superb through the Terminator. Steven also sent me transcoded versions (24/192 and 16/44) of the original DSD128 files. In general, I preferred the DSD128 originals to the transcoded 24/192 versions because of their cleaner and faster transients and greater sense of space, meaning more air around instruments. 

True to its name, the Terminator eliminated all the other DACs in my collection from serious competition. It is more dynamic and revealing than any DAC I know of at even twice its asking price. It’s fair to say that the Denafrips Terminator offers compelling musical reproduction of both PCM and DSD digital data at an attractive price point. The fact that its analog output is direct and unbuffered, minus the sonic signature of either a solid-state or tube output stage, makes for a neutral sonic presentation. It is up to the end user to spice up the sound to his liking. A tube preamp worked well for me and may for you, if like me you’re after a vivid and dynamic midrange. A true reference and my favorite DAC for now.

Specs & Pricing

Type: Balanced 26-bit R-2R + 6-bit DSD
PCM: 24-bit/44.1, 48, 88.2, 96, 176.4, 192kHz on all inputs; 1536kHz on USB and I²S inputs
DSD: DSD64-DoP on all inputs; DSD1024 on USB and I²S inputs
Digital inputs: 75-ohm coax and BNC, TosLink, AES/EBU XLR, USB, I²S inputs (x3)
Analog output: Single-ended RCA at 2.3Vrms/625 ohms;  balanced XLR at 4.6Vrms/1250 ohms
Frequency response: 20Hz–40kHz (-0.2dB)
THD+N: 0.001%
S/N ratio: 124dB
Dynamic range: >132dB
Stereo crosstalk: -110dB
Dimensions: 43 x 10.5 x 38cm
Weight: 19.0 kg
Price: $4498 (S$5998 Singapore Dollars)

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Associated Equipment
Loudspeakers: Fleetwood Sound Company DeVille, Tannoy System 1000, Watkins Audio Gen Four
Digital front end: Audirvana 3.5 software, Alldaq ADQ-USB 3.0 isolator, audiolab 6000CDT transport, ifi SPDIF iPurifier2
Power amplifiers: Linear Tube Audio ZOTL40 Reference, Red Dragon Audio S500, Manley Reference Series 100/200 monoblocks, Air Tight ATM-300R SET
Preamplifiers: PrimaLuna EVO 400, Supratek Chardonnay, Blue Circle Audio BC21.1, Manley Labs Jumbo Shrimp, Experience Music AVC, Ed Schilling’s The Truth
Cables: Mogami and Kimber KCAG interconnects; Analysis Plus Oval 12, FMS Blue, & Take Five Audio Cryo treated Mogami 3103 speaker cable
Accessories: Sound Application CF-X & TT-7 power line conditioners