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SPDIF DAC Reviews, USB DAC Reviews

Denafrips Ares II, Pontus II, Venus II, and Terminator Plus

Christiaan Punter 15 March 2022 35 Comments
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Review samples supplied by Vinshine Audio

Retail prices including 21% VAT:
Ares II: 915 euro
Pontus II: 1951 euro
Venus II: 3308 euro
Terminator Plus: 7.055 euro

For this review, I will be comparing the Ares II, Pontus II, Venus II, and Terminator Plus directly to one another. The only DAC missing in this list is the older original Terminator. All four DACs use Denefrips’ proprietary discrete R2R conversion technique and all use a high-quality linear power supply, even the most affordable Ares II. With similar design goals and even similar specs, this might lead one to wonder just how exactly these DACs differ from one another. And perhaps more to the point, whether the performance of each successive model up the ladder actually justifies spending the extra money. Well, this is precisely what I intend to find out!

From top to bottom: Ares II, Pontus II, Venus II, and Terminator Plus

Basic Specifications

Below, I have published the most important specs. As you will see, on the surface, there seem to be only small differences between the models. So, as it often is in matters audio, the proof of the pudding will be in the eating.

Ares II

Inputs: 2x Coax, 2x TOSlink, USB
Outputs: Balanced/Unbalanced

Proprietary R2R + DSD Architecture
True balanced 24BIT R2R + 6BIT DSD (32 steps FIR Filters)
Low Thermal Effect, High Precision Hand-Matched 0.01% Resistors
FEMTO Crystal 45.1548MHz, 49.152Mhz
Low Noise Power Supply
FIFO Buffer
Digital Signal Processing via FPGA
Licensed Thesycon USB Driver For Windows Platform

Pontus II

Inputs: Coax, BNC, 2x AES/EBU, TOSlink, I2S on HDMI, USB
Outputs: Balanced/Unbalanced

Proprietary R2R + DSD Architecture
True balanced 24BIT R2R + 6BIT DSD (32 steps FIR Filters)
Low Thermal Effect, High Precision Hand-Matched 0.01% Resistors
FEMTO Crystal 45.1548MHz, 49.152Mhz
Encapsulated Ultra Low Noise Power Supply
Adaptive FIFO Buffer Reclocking
New Improved DSP Digital Signal Processing FPGA Code
DSD1024, PCM1536 Supports On USB & I²S Input
Proprietary USB Audio Solution via STM32F446 Advanced AMR Based MCU
Licensed Thesycon USB Driver For Windows Platform

Venus II

Inputs: Coax, BNC, 2x AES/EBU, TOSlink, I2S on HDMI, USB
Outputs: Balanced/Unbalanced

Proprietary R2R + DSD Architecture
True balanced 26BIT R2R + 6BIT DSD (32 steps FIR Filters)
Low Thermal Effect, High Precision Hand-Matched 0.005% Resistors
Encapsulated Premium Ultra Low Noise Power Supply
TCXO – Temperature-Compensated Crystal Oscillator
Adaptive FIFO Buffer Reclocking
New Improved Digital Signal Processing FPGA Code
DSD1024, PCM1536 Supports On USB & I²S Input
Proprietary USB Audio Solution via STM32F446 Advanced AMR Based MCU
Licensed Thesycon USB Driver For Windows Platform

Terminator Plus

Inputs: Coax, 2x AES/EBU, TOSlink, I2S on HDMI, 2x I2S on RJ45, USB
Clock in/out: 49.152Mhz/45.1584Mhz
Outputs: Balanced/Unbalanced

Proprietary R2R + DSD Architecture
True balanced 26BIT R2R + 6BIT DSD (32 steps FIR Filters)
Matched Precision Thin Film 0.005% R-2R Network Arrays
Encapsulated Flagship Ultra Low Noise Power Supply
High-end Oven Controlled Crystals OCXO
Total isolation of Digital and R-2R Boards
Adaptive FIFO Buffer Reclocking
New Improved Digital Signal Processing FPGA Code
DSD1024, PCM1536 Supports On USB & I²S Input
Proprietary USB Audio Solution via STM32F446 Advanced AMR Based MCU
Licensed Thesycon USB Driver For Windows Platform

Clock Mode

When looking in the Terminator Plus manual regarding Clock Mode,  I found two options that seemed similar: COAX (No clock output) and I2S-A (Clock out disable). Upon checking with Vinshine Audio, Alvin Chee kindly confirmed that there is no difference between the two options and that the extra entry is simply a placeholder in the FPGA program yet to be utilized.

Review Context

This review will be split into two parts. First, I will start with my most neutral digital source which is the Grimm MU1 server (set to no internal hardware oversampling), connected via a Jorma RCA digital cable. While I am aware that many users will use USB, I have found that the results with this connection vary greatly in response to the implementation of the interface on either end. For that reason, in spite of the theoretical disadvantage of being inherently synchronous, will I start with the tried-and-trusted S/PDIF format.

In all my tests so far, the Jorma AES/EBU cable yields the best sound quality but because the Ares II does not offer an AES/EBU input, I will use the second-best S/PDIF RCA version of the Jorma cable so that we have equal circumstances for all DACs.

Second, I will employ the Antipodes K50 server and its USB output, to assess the differences with S/PDIF and to see how the DACs respond.

As a reference, I will use the Aqua Formula xHD DAC. All DACs, including the Aqua, are connected using the very neutral and refined Driade Flow Link Reference 808 RCA interlink. For the four Denafrips DACs, I started with a stock power cable and carried out my first comparisons. After that, I substituted the stock cables for Belden 19364 cables with Oyaide C-004 IEC and Bals schuko connectors, which are the same cables that power all my other equipment.

The rest of the system consists of the CH Precision L1 preamp, connected to the A1.5 power amp using an AudioQuest Fire RCA interlink. The speakers are Magico S1 MkII, connected with Jorma Trinity speaker cable.

NOS and Phase

As I have already found as part of earlier Denafrips reviews that I prefer the NOS setting (no oversampling and no filter), I will be using all four DACs in this mode.

Note that the manuals for three of these DACs mention that a lit Phase LED means Positive Phase while the Ares II manual deviates by mentioning that Phase LED Off means Positive Phase. Going by ear, it sounds like in actuality this is reversed and thus in line with the operation of the other three DACs. Perhaps it will be good if Denafrips checks this and amends the online manual accordingly.

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Wadia 27ix GNSC DAC and Mark Levinson no.360S DAC
Page 1 of 4
Aqua Denafrips
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Christiaan Punter Owner of Hifi-Advice.com

35 Comments

  1. Will Gibbons says:
    16 March 2022 at 19:53

    Christiaan,

    I very much appreciate your review methods and style as well as the content. I am not currently in market for another DAC, but this review, for me, paints the best picture of system interplay for Denafrips I have read. Well done!

    Reply
    1. Christiaan Punter says:
      17 March 2022 at 12:24

      Thanks Will!

      Reply
  2. Vasco says:
    16 March 2022 at 21:21

    Hi Christiaan, great review of the Denafrips lot. I end up buying the Pontus II and I am truly happy with it. It delivers a more “real” sound than my previous Chord Qutest. Amazing job :once again 🙂

    Reply
    1. Christiaan Punter says:
      17 March 2022 at 12:23

      Thanks for the feedback Vasco!

      Reply
  3. Tchuyev says:
    20 March 2022 at 18:30

    Older Terminator II? That must be a mistake as this one has just been released. Also, I2S is the best input for TII and Terminator Plus

    Reply
    1. Christiaan Punter says:
      20 March 2022 at 22:45

      I meant “original Terminator”. Now corrected. Yes, I2S is technically best, please see my separate Terminator Plus review for a report on this interface.

      Reply
      1. Tchuyev says:
        20 March 2022 at 22:57

        Thank you Christiaan for clarifying. Any chance to review the Terminator II anytime soon? That would be nice to compare it against the Venus II and the Terminator Plus

        Reply
        1. Christiaan Punter says:
          20 March 2022 at 22:58

          I think chances are slim, but in any event, there are no plans for this.

          Reply
  4. Andreas says:
    20 March 2022 at 18:42

    Epic review, bravo! I have Pontus II and i like it a lot. Based on your review i think that i would prefer it over the more expensive models even if they are technically better. I tried Ares II in the past and wasn’t that impressed to be honest but Pontus II is not going anywhere. I combine it with Iris DDC.

    Reply
  5. Steven says:
    20 March 2022 at 19:08

    I just purchased the AresII about a month ago. I use it with a Schiit Jot2 amp, and my Audeze LCD-2C headphones, and I absolutely love it! Tho I know it’s good, this was a great article to explain how the other DACS compare. Invaluable! Great job!

    Reply
  6. Ken S. says:
    20 March 2022 at 23:18

    Can you compare the Terminator Plus to the latest Aqua La Scala? I’m interested in bypassing the internal DAC in my Trinnov. I’m running a pair of subs which will still use the analogue outs on the Trinnov and am crossing my Quads over at 50 Hz so the external DAC would be working from 50 Hz up.

    Reply
    1. Christiaan Punter says:
      20 March 2022 at 23:40

      Hi Ken, While I don’t have the Scala available for a direct comparison, I remember how it compares to the Formula xHD. Do note that while there are large differences between external DACs, comparing one to a built-in DAC can be tricky. Also, I wonder if you’d be lowering the coherence if the subs receive their signal from a different DAC than the main speakers.

      That said, the La Scala with its tube output stage sounds fuller, richer, sweeter, and slightly more sonorous than the Formula. However, the latter sounds significantly more linear, refined, detailed, and transparent. The Termninator Plus goes even further in that same direction. In a nutshell, for the highest precision, the Terminator Plus is your best bet, but it won’t offer any of the rich tube-goodness that the La Scala does.

      Reply
  7. Rig Vader says:
    21 March 2022 at 00:10

    Thank you for this. I owned the Ares and did not gel with its tonal character in my system (indeed to lean and a bit sharp at times). Several dealers confirmed that the Pontus has the same character, why I had decided to move in from Denafrips. Maybe I should yet give the Pontus a try 🤔

    Reply
    1. Christiaan Punter says:
      21 March 2022 at 01:00

      If accuracy and transparency (and not smoothness or forgiving warmth) are what you are after, then I would definitely give the Pontus a try. It shares the general Denafrips house sound but is fuller-sounding nonetheless.

      Reply
      1. Rig Vader says:
        21 March 2022 at 16:12

        Thanks Christian! I think I would like to try something in the more smooth/forgiving camp tbh 😊 Am considering the Spring DAC, but not sure it’s the way to go either. Would like something that is a big step up from the Ares II/Rega DAC that I have been using. Full lower mids welcome 🤗

        Reply
  8. Ken S. says:
    21 March 2022 at 00:22

    Thanks Christiaan. I’ll have to run the Trinnov room correction again with the external DAC. Latency could also be a problem but the Trinnov is so capable I’m confident it can make it work.

    Reply
    1. Christiaan Punter says:
      21 March 2022 at 01:04

      The Trinnov sure is a fantastic piece of gear but it’s hard to forecast how the combination with another DAC will work. That said, I’m pretty confident that the Terminator Plus will outperform the built-in DAC in quite a few important areas. Ultimately, I’m afraid it remains a matter of just trying it out.

      Reply
  9. Stefano says:
    21 March 2022 at 19:18

    Hi Christiaan,
    really compliments for your style, the precision in the descriptions (above all, as far as I’m concerned, in the highlighting of the different sonic nuances), really appreciated by us fans and for this reason even more fun to read.
    Reading your personal comments about the Terminator brought me back to a very similarly priced product that you tested: the APL DSD.AR.
    The curiosity to read your comment about the pros and cons of the Terminator compared to the DSD-AR (at least indirectly but with the same references) is killing me!
    Please let me know what’s your opinion about these two dacs and whether you consider them overall more or less competitive !
    Kind regards
    Stefano

    Reply
    1. Christiaan Punter says:
      22 March 2022 at 15:54

      Hi Stefano, thanks for the compliment! Regarding the APL DSD, as I don’t have it at hand for a direct comparison, I can’t make any hard claims but one thing that I’m sure of is that the APL is sweeter, fuller, and more relaxed, less tight, but with more flow. I recall it as being quite precise, detailed, articulate, and transparent but I think if I were to now put it up against the Terminator Plus, then the latter will outperform it in these areas, and probably by quite a margin. Are they competitive? Well, I’d say yes if we consider the overall sound quality. But I would say no if one is looking for a particular sound since these two DACs really sound quite different.

      Reply
  10. Jon says:
    25 March 2022 at 05:08

    Hey Christian I’m a bit late seeing this review but as usual fantastic job! A really thorough comprehensive comparison of a very popular line of Dacs. This should prove invaluable information for lots of folks looking for a new Dac. I am not in the market and still enjoyed the heck out of reading the review.
    Cheers,
    Jon

    Reply
    1. Christiaan Punter says:
      27 March 2022 at 17:54

      Thanks Jon!

      Reply
  11. Drew says:
    13 May 2022 at 20:26

    I really was reading these notes seriously until the audiofoolery vomitted out. I can point out specifics, but it is too far gone to bother with.

    Reply
  12. Francis Lewis says:
    24 July 2022 at 17:16

    Amazing review, as always Hifi-Advice.

    I´m going to try one of this amazing Dacs. I have only a question because i hate warm sound:

    Are this Dacs with Neutral tone?.
    Big Hug!

    Reply
    1. Christiaan Punter says:
      25 July 2022 at 10:54

      Hi Francis, Denafrips DACs are amongst the most neutral DACs that I have heard. Only the Pontus DAC could perhaps be said to have a dash of warmth, but mostly, I see this as more full-bodied and tonally fuller than for instance the Venus, I don’t see it as warmth. I am currently reviewing two Denafrips preamps and these too are very very neutral, with no warmth.

      Reply
  13. Marc M. says:
    31 August 2022 at 22:19

    Christiaan,

    You say the Pontus II “sounds more spacious and the soundstage has more depth”. I’m a huge fan of soundstage… you could say holographic soundstage. Its why I’m on my 4h set of Martin Logans. I LOVE soundstage, lol. How would you rate the Pontus on this sound feature? How much deeper, larger a soundstage does it create say compared to your usual implementation of a delta sigma design?
    Thank you! -Marc

    Reply
    1. Marc M. says:
      31 August 2022 at 22:27

      By “usual”, I mean, “average”, aka…similar price range.

      Reply
      1. Christiaan Punter says:
        1 September 2022 at 11:13

        Sorry Marc, I can’t really answer that question.

        Reply
  14. Marc M. says:
    1 September 2022 at 14:38

    Guessing that means you haven’t reviewed the average to make the comparison. How about just in terms of what you’ve seen out there compared to the Pontus in terms of overall soundstage performance? Does it perform well in this area against the DACs you’ve used? What brand would you say does it best, is it a huge margin?

    Reply
    1. Christiaan Punter says:
      2 September 2022 at 13:43

      Soundstage depth is as much a function of the source as the DAC, as well as depending greatly on the interface (USB/etc). All things being equal, the Pontus has great soundstage depth and I don’t recall other DACs in its price range beating it in this regard.

      Reply
  15. Marc M says:
    2 September 2022 at 17:50

    Thanks Christiaan! Pontus it is. Now have to figure out pre.

    Reply
  16. Matt says:
    9 September 2022 at 06:22

    Literally burst out laughing when I read your comments about stacking components.

    How exactly would stacking components with no moving parts have any effect on sound quality?

    Reply
  17. Nebojsa says:
    11 September 2022 at 00:27

    Good evening Christiaan, one quick question please:
    Audio GD R8 or Denafrips Pontus II? if you had to choose, what would it be? I know it’s not simple, I have R8 (2020). Thank you in advance..

    Reply
    1. Christiaan Punter says:
      11 September 2022 at 16:01

      Both are very capable DACs, and honestly, I wouldn’t know which to choose without listening to the R8 again and having it side by side with the Pontus. I think maybe the Pontus is airier and more refined and the R8 is perhaps earthier and less analytical. But I’m pulling this comparison out of my hat and I might be wrong. In any case, it’ll mostly be a matter of taste.

      Reply
  18. Rafal says:
    10 October 2022 at 11:49

    Very nice review . Thank you. it helps a lot. Could you please tell me how many % of the terminator do we get with the Pontus in your opinion ¿
    Many say for instance that you get 70-80% of chord Hugo tt2 with the qutest , is that the case with the terminator and pontus¿ thank you

    Reply
    1. Christiaan Punter says:
      10 October 2022 at 14:53

      Sorry, I feel it is impossible to put this into a percentage. For me, Terminator has part of Pontus and part of Venus, yet is better than both.

      Reply

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