A big shout out to @Thenewerguy009 for making this happen! MEASUREMENTS HERE: https://www.superbestaudiofriends.org/index.php?threads/denafrips-terminator-dac-measurements.7828/ The Denafrips Terminator was fed coaxial SPDIF from a modified Marantz CDP. It's not the best CD transport that I have, which is the Theta Data III, but it's good enough to tell me how any DAC will perform. Note that I do not use USB and all my comments regarding DACs in the past few years utilize either one or both of same CDPs, unless otherwise indicated. Note that the Terminator was evaluated on my DAC blind test rig and compared to other existing DACs (Convert-2, Gungnir A2, etc.) with matched volume levels. I'm not too sure where to start. If we believe everything that we hear on the Internets, that the Terminator is a transcendent experience, that it parts the clouds and allows us to hear the sound of angels, then we will be disappointed. This is not to say that the Terminator is a bad sounding DAC. But all means no. It's a solid DAC which excels in many areas. The Terminator took a few days to warm up. When cold, the bass sounded congested and the highs slightly strident. This behavior seems common with many R2R DACs, so I knew at least two days or more of warm up would do. The DAC really started to hit its stride after ten days of being left on (I do not turn off my multi-bit DACs). In terms of bass articulation, grip, and pitch differentiation, the Terminator is not quite up to the Convert-2 (best in this category) or Gungnir "A2", but it's close enough. I don't think this difference would be noticeable on speakers with inferior bass quality (not many drivers are going to beat a near 0.20 QTS 18" woofer in a big ported box). Slam seems to be a little bit behind Yggdrasil A2, better than Gungnir A2, around X-Sabre Pro. Actually, the bass does remind me of the X-Sabre Pro's bass. Very good heft, near but not quite the tops for transients, grip, and pitch. Before I say more, the OS (oversampling mode) just sounded off. I can't even describe it, other than it seemed to make worse all its weaknesses (stated above and will be stated going forward). This isn't unlike other members' experiences with the Holo Spring L3 DAC which went along the lines of OS sounded like ass - NOS is where it's at. NOS has specific effects of the soundstage for better or worse, which I don't want to go into for the tenth time. The soundstage isn't too upfront though, so there's no feeling of claustrophobia. I can't say for sure how this will affect headphone listeners. The tonal balance, timbre, and transients of the Terminator are much like the higher-end Soekris DACs, except with a little more low end. A little more bass and warmth. As for notes, the higher-end Soekris DACs don't have much density. They are rendered cleanly without the stereotypical vintage R2R thickness. This is not to be confused for tonal balance. It's more a matter of overtones. For example, a recording without much bass content will sound denser and thicker on a Metrum or even a Gungnir A2 compared to a Soekris, Terminator, or X-Sabre pro. Because of this, there does seem to be a sense of clarity. However, the Terminator still does have a veil, particular in the lower registers. This isn't too different from the veil on the Convert-2 (where it is across the entire audio band; however, this veil does seem to be more evident than the Convert-2's where it is barely noticeable. Lastly, the one Achilles heel of Terminator is that is just isn't all that involving. The microdynamic rendering is rather poor, the instantaneous changes in volume levels, not the big ones, but the little gradations just aren't quite there. You have heard me say this time and again where it sounds like a cliche, but it's flat and boring. The Terminator does a lot of things right. But I just don't want to listen to it. Honestly, if like this kind of presentation, a Soekris DAC1521 with EQ shelf below 150Hz +0.5db will get you very close with slightly lesser macrodynamics but better microdynamics. Yeah, I expect a lot of people to be pissed off or outraged.