Denafrips Ares II, Pontus II, Venus II, and Terminator Plus
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.
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!
Thanks Will!
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
Thanks for the feedback Vasco!
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
I meant “original Terminator”. Now corrected. Yes, I2S is technically best, please see my separate Terminator Plus review for a report on this interface.
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
I think chances are slim, but in any event, there are no plans for this.
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.
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!
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.
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.
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
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.
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 
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.
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.
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
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.
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
Thanks Jon!
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.
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!
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.
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
By “usual”, I mean, “average”, aka…similar price range.
Sorry Marc, I can’t really answer that question.
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?
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.
Thanks Christiaan! Pontus it is. Now have to figure out pre.
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?
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..
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.
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
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.
Good morning Christiaan
I love your Website and all of your knowledge!
You are the Pro of the Pro’s
I’ve got a little question about my audio setup:
Denafrips Hades
Denafrips Thallo
Matrix X-Sabre Pro
Boenicke W5
What do you think about the DAC Matrix X-Sabre Pro vs one of the line «Denafrips», maybe a Venus II or Terminator II?
Do you think an upgrade to the Denafrips is a big thing or just a little «nuance»?
It would be more than great to hear from you.
I wish you a beautiful day.
Best regards from Zurich
Aldo Wipfli
Hi Aldo, thank you for the kind words:-) I’ve reviewed the Matrix X-Sabre pro on this site (do have a look) and I feel that with the exception of the Enyo and Ares, the Denafrips DACs outperform it. It’s more than nuances but depending on what you are looking for it may also not be a major difference. For instance, the Matrix is plenty explicit and direct and you’re not going to find that the Denafrips DACs open previously closed curtains or something to that effect. But you will find that there can be much more refinement and retina-like resolution, fluidity, air, and transparency. Certainly the Terminator is a beast of a DAC, one of the best I heard, with competition only in the 10K+ range.
Hi, I often read your reviews, and like the way you test, but I really have my reservations about denafrips.
I’ve had a Pontus II and found it to be a dead sounding dac, artificial (lying on top) highs, rather thin in the lows and too present in its screamy mids, compared to the many other dacs I’ve owned. In addition, the USB port is unusable due to all kinds of sync problems, the DAC will distort every few hours (kind of pink noise effect). The overall sound image of the Pontus II is smooth, lack of dynamics, but especially the lack of real presence of the instruments / voices, there is a kind of misty tinge to the music. The only thing you can learn from Denafrips is marketing, which is fantastic, how do you create myth with followers without a serious product. Unscrew one of these and see, cheap plastic junk, I really wonder if they send testers the same thing that the consumer gets?
I feel confident in saying whomever wrote this has mental issues. You really think the material a shelf is made out affects the tonality of a component? Dear god this is a mental health crisis
This is a model review. Detailed, intelligent comparisons on otherwise the same equipment.
A Pontus II 12th-1 is in transit for delivery this week.
Thanks for the kind words!
Good review!
I am looking at used gear.
Denafrips Pontus Ii or 12th (NOT 15th)
OR Wadia di322?
Hi Brandon, I’ve not heard the Wadia di322. It should be noted that its design is no longer “classic” Wadia, and it will likely sound very different from the older Wadias. As can be read in the review, I regard the Pontus very highly. I’ve yet to hear a Denafrips DAC that does not sound good. Even the entry-level models are surprisingly good given their price bracket. With that in mind, I would opt for a Denafrips over a Wadia.
Thanks for this nice review. How would you see a LAB12 vs a La Scala? Or some other idea with valves?
Please see the Aqua La Scala review for more info. I have not heard the LAB12.
Excellent review and helped me decide on acquiring a Pontus ii
Hello . I have B & W 706 s2 speakers which I find sometimes bright . Someone recommended R2R DAC to me to reduce the brightness . Which of the denafrips DAC would you suggest ?
If the aim is to reduce brightness, Denafrips may not be the ideal brand for you. All their DACs sound super-accurate and neutral, not smooth, warm, forgiving, or dark. I’m not sure why you were recommended R2R DACs to reduce brightness, as in my experience so far, all such DACs are crisp an clear sounding. DACs using Classic Philips converters such as TDA1541/TDA1543 and a few others, might be more fit for that task. In any case, from the Denafrips lineup, I would recommend the Pontus as it has the most robust, full-blooded, and least bright sound.
Anyone know what happened between the Denefrips and Vinshine (their dealer and customer service)? Fallout from cultural and/or business differences?
I have no more information than what was published by Vinshine, but it looks to me that Denafrips is simply looking to increase their margins by going factory-direct.